10-Q Filing

AVERY DENNISON CORP CIK: 8818 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000008818-23-000009`
Period End Date	20230331
Filing Date	20230502
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	avy-20230401_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 28 Cash Flow Statement 58 Comprehensive Income 12

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$34.40M	USD	Point-in-time
Trade accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$33.90M	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 (in shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$351.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$167.20M	USD	Point-in-time
Trade accounts receivable, less allowances of $33.9 and $34.4 at April 1, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$1.37B	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Trade accounts receivable, less allowances of $33.9 and $34.4 at April 1, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$1.37B	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Inventories	`InventoryNet`	$1.01B	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	80.81M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	80.83M	shares	Point-in-time
Inventories	`InventoryNet`	$1.05B	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	43.29M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	43.32M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$218.20M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$230.50M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.78B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.99B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.57B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.54B	USD	Point-in-time
Goodwill	`Goodwill`	$1.89B	USD	Point-in-time
Goodwill	`Goodwill`	$1.86B	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$833.10M	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$840.30M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$115.10M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$118.30M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$810.50M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$828.60M	USD	Point-in-time
Total Assets	`Assets`	$7.95B	USD	Point-in-time
Total Assets	`Assets`	$8.22B	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and finance leases	`DebtCurrent`	$648.30M	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and finance leases	`DebtCurrent`	$598.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.24B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.34B	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$188.00M	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$228.50M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$571.20M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$633.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.64B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.80B	USD	Point-in-time
Long-term debt and finance leases	`LongTermDebtAndCapitalLeaseObligations`	$2.91B	USD	Point-in-time
Long-term debt and finance leases	`LongTermDebtAndCapitalLeaseObligations`	$2.50B	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$367.50M	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$367.10M	USD	Point-in-time
Deferred tax liabilities and income taxes payable	`DeferredAndPayableIncomeTaxes`	$247.90M	USD	Point-in-time
Deferred tax liabilities and income taxes payable	`DeferredAndPayableIncomeTaxes`	$257.40M	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 1, 2023 and December 31, 2022; issued 124,126,624 shares at April 1, 2023 and December 31, 2022; outstanding 80,833,507 shares and 80,810,016 shares at April 1, 2023 and December 31, 2022, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized 400,000,000 shares at April 1, 2023 and December 31, 2022; issued 124,126,624 shares at April 1, 2023 and December 31, 2022; outstanding 80,833,507 shares and 80,810,016 shares at April 1, 2023 and December 31, 2022, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized 400,000,000 shares at April 1, 2023 and December 31, 2022; issued 124,126,624 shares at April 1, 2023 and December 31, 2022; outstanding 80,833,507 shares and 80,810,016 shares at April 1, 2023 and December 31, 2022, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$850.80M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$879.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.49B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.41B	USD	Point-in-time
Treasury stock at cost, 43,293,117 shares and 43,316,608 shares at April 1, 2023 and December 31, 2022, respectively	`TreasuryStockCommonValue`	$3.06B	USD	Point-in-time
Treasury stock at cost, 43,293,117 shares and 43,316,608 shares at April 1, 2023 and December 31, 2022, respectively	`TreasuryStockCommonValue`	$3.02B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-361.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-364.00M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.04B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.03B	USD	Point-in-time
Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$8.22B	USD	Point-in-time
Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$7.95B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.35B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.06B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.71B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.52B	USD	1 Quarter
Gross profit	`GrossProfit`	$542.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$641.30M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$355.00M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$334.40M	USD	1 Quarter
Other expense (income), net	`OtherExpenseIncomeNet`	$-1.60M	USD	1 Quarter
Other expense (income), net	`OtherExpenseIncomeNet`	$17.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$19.60M	USD	1 Quarter
Interest expense	`InterestExpense`	$26.40M	USD	1 Quarter
Other non-operating expense (income), net	`OtherNonoperatingIncomeExpense`	$4.60M	USD	1 Quarter
Other non-operating expense (income), net	`OtherNonoperatingIncomeExpense`	$1.40M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$168.30M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$269.70M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$71.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$47.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$121.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$198.20M	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$2.41	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$1.50	USD	1 Quarter
Net income per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$1.49	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`	80.90M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	81.50M	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	`NetIncomeLoss`	$121.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$198.20M	USD	1 Quarter
Depreciation	`Depreciation`	$43.80M	USD	1 Quarter
Depreciation	`Depreciation`	$44.80M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$27.50M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$28.20M	USD	1 Quarter
Provision for credit losses and sales returns	`AccountsReceivableCreditLossExpenseReversalAndSalesReturns`	$10.60M	USD	1 Quarter
Provision for credit losses and sales returns	`AccountsReceivableCreditLossExpenseReversalAndSalesReturns`	$16.10M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$10.50M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$11.10M	USD	1 Quarter
Deferred taxes and other non-cash taxes	`DeferredIncomeTaxesAndTaxCredits`	$-4.50M	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`	$-10.10M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$218.30M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$179.60M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.90M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$126.20M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$49.70M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.50M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$5.30M	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`	$300.00K	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$200.00K	USD	1 Quarter
Proceeds from insurance and sales (purchases) of investments, net	`PaymentsForProceedsFromInvestments`	$3.50M	USD	1 Quarter
Proceeds from insurance and sales (purchases) of investments, net	`PaymentsForProceedsFromInvestments`	$-1.80M	USD	1 Quarter
Payments for acquisitions, net of cash acquired, and venture investments	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$43.50M	USD	1 Quarter
Payments for acquisitions, net of cash acquired, and venture investments	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$33.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-86.60M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.60M	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`	$42.90M	USD	1 Quarter
Additional long-term borrowings	`ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet`	$394.90M	USD	1 Quarter
Additional long-term borrowings	`ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet`	-	USD	1 Quarter
Repayments of long-term debt and finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.90M	USD	1 Quarter
Repayments of long-term debt and finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.40M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$56.20M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$60.80M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$50.70M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$151.50M	USD	1 Quarter
Net (tax withholding) proceeds related to stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$24.90M	USD	1 Quarter
Net (tax withholding) proceeds related to stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$23.60M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.50M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$299.80M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-55.10M	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-1.00M	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-100.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$184.10M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-15.60M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$351.30M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$167.20M	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`	$147.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$351.30M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$167.20M	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`	$147.10M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$121.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$198.20M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$20.30M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$400.00K	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-800.00K	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$200.00K	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$2.80M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$1.80M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$22.90M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$221.10M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$124.20M	USD	1 Quarter

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