10-Q Filing

AVERY DENNISON CORP CIK: 8818 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001104659-14-034520`
Period End Date	20140331
Filing Date	20140505
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	avy-20140329.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 38 Cash Flow Statement 54 Comprehensive Income 16

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$33.00M	USD	Point-in-time
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$31.60M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$205.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$207.70M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$235.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$351.60M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Trade accounts receivable, less allowances of $33 and $31.6 at March 29, 2014 and December 28, 2013, respectively	`AccountsReceivableNetCurrent`	$1.02B	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Trade accounts receivable, less allowances of $33 and $31.6 at March 29, 2014 and December 28, 2013, respectively	`AccountsReceivableNetCurrent`	$1.09B	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	95.73M	shares	Point-in-time
Inventories, net	`InventoryNet`	$494.10M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	96.18M	shares	Point-in-time
Inventories, net	`InventoryNet`	$547.60M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	27.95M	shares	Point-in-time
Current deferred and refundable income taxes	`CurrentDeferredAndRefundableIncomeTaxes`	$103.40M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	28.39M	shares	Point-in-time
Current deferred and refundable income taxes	`CurrentDeferredAndRefundableIncomeTaxes`	$101.30M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleCurrent`	$1.30M	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleCurrent`	$1.30M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$124.90M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$131.50M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.09B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.07B	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$2.70B	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$2.73B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.81B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.78B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$922.50M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$919.00M	USD	Point-in-time
Goodwill	`Goodwill`	$760.00M	USD	Point-in-time
Goodwill	`Goodwill`	$751.10M	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$89.70M	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$96.00M	USD	Point-in-time
Non-current deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$263.40M	USD	Point-in-time
Non-current deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$261.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$488.00M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$485.80M	USD	Point-in-time
Total assets	`Assets`	$4.59B	USD	Point-in-time
Total assets	`Assets`	$4.61B	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and capital leases	`DebtCurrent`	$76.90M	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and capital leases	`DebtCurrent`	$167.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$889.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$887.30M	USD	Point-in-time
Current deferred and payable income taxes	`CurrentDeferredAndPayableIncomeTaxes`	$35.50M	USD	Point-in-time
Current deferred and payable income taxes	`CurrentDeferredAndPayableIncomeTaxes`	$49.30M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$538.40M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$449.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.54B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.55B	USD	Point-in-time
Long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligations`	$950.40M	USD	Point-in-time
Long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligations`	$950.60M	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$469.10M	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$476.40M	USD	Point-in-time
Non-current deferred and payable income taxes	`NonCurrentDeferredAndPayableIncomeTaxes`	$137.30M	USD	Point-in-time
Non-current deferred and payable income taxes	`NonCurrentDeferredAndPayableIncomeTaxes`	$136.30M	USD	Point-in-time
Commitments and contingencies (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 29, 2014 and December 28, 2013; issued - 124,126,624 shares at March 29, 2014 and December 28, 2013; outstanding - 95,734,525 shares and 96,178,411 shares at March 29, 2014 and December 28, 2013, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 29, 2014 and December 28, 2013; issued - 124,126,624 shares at March 29, 2014 and December 28, 2013; outstanding - 95,734,525 shares and 96,178,411 shares at March 29, 2014 and December 28, 2013, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$812.30M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$803.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.01B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.05B	USD	Point-in-time
Treasury stock at cost, 28,392,099 shares and 27,948,213 shares at March 29, 2014 and December 28, 2013, respectively	`TreasuryStockValue`	$1.17B	USD	Point-in-time
Treasury stock at cost, 28,392,099 shares and 27,948,213 shares at March 29, 2014 and December 28, 2013, respectively	`TreasuryStockValue`	$1.21B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-291.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-281.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-277.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-278.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.50B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.49B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$4.59B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$4.61B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.55B	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.50B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.10B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.14B	USD	1 Quarter
Gross profit	`GrossProfit`	$407.20M	USD	1 Quarter
Gross profit	`GrossProfit`	$401.70M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$300.90M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$296.70M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$12.20M	USD	1 Quarter
Other expense, net	`OtherExpenseNet`	$7.50M	USD	1 Quarter
Other expense, net	`OtherExpenseNet`	$7.30M	USD	1 Quarter
Income from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$87.80M	USD	1 Quarter
Income from continuing operations before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$81.10M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$14.30M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$16.20M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$66.80M	USD	1 Quarter
Income from continuing operations	`IncomeLossFromContinuingOperations`	$71.60M	USD	1 Quarter
Loss from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-9.00M	USD	1 Quarter
Loss from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-400.00K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$71.20M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$57.80M	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.74	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.67	USD	1 Quarter
Discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$-0.09	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$0.74	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$0.58	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.73	USD	1 Quarter
Continuing operations (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.66	USD	1 Quarter
Discontinued operations (in dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	$-0.09	USD	1 Quarter
Net income per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$0.73	USD	1 Quarter
Net income per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.27	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.29	USD	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	100.10M	shares	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	96.10M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	98.00M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	101.50M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$71.20M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$57.80M	USD	1 Quarter
Depreciation	`Depreciation`	$33.60M	USD	1 Quarter
Depreciation	`Depreciation`	$35.00M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$16.40M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$16.50M	USD	1 Quarter
Provision for doubtful accounts and sales returns	`ProvisionForDoubtfulAccounts`	$5.50M	USD	1 Quarter
Provision for doubtful accounts and sales returns	`ProvisionForDoubtfulAccounts`	$7.30M	USD	1 Quarter
Net loss from asset impairments and sale/disposal of assets	`AssetImpairmentGainOnSaleOfProductLineAndNetLossOnSaleDisposalOfAssets`	$800.00K	USD	1 Quarter
Net loss from asset impairments and sale/disposal of assets	`AssetImpairmentGainOnSaleOfProductLineAndNetLossOnSaleDisposalOfAssets`	$400.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$9.20M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.00M	USD	1 Quarter
Other non-cash expense and loss	`OtherNoncashExpense`	$14.70M	USD	1 Quarter
Other non-cash expense and loss	`OtherNoncashExpense`	$11.80M	USD	1 Quarter
Change in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$204.80M	USD	1 Quarter
Change in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$255.10M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-108.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-65.70M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.00M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$38.70M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$8.90M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$7.80M	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$900.00K	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$100.00K	USD	1 Quarter
Sales of investments, net	`PaymentsForProceedsFromInvestments`	$-100.00K	USD	1 Quarter
Sales of investments, net	`PaymentsForProceedsFromInvestments`	$-100.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-47.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-28.80M	USD	1 Quarter
Net increase in borrowings (maturities of 90 days or less)	`ProceedsFromRepaymentsOfShortTermDebt`	$135.10M	USD	1 Quarter
Net increase in borrowings (maturities of 90 days or less)	`ProceedsFromRepaymentsOfShortTermDebt`	$90.40M	USD	1 Quarter
Payments of debt (maturities longer than 90 days)	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$300.00K	USD	1 Quarter
Payments of debt (maturities longer than 90 days)	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$400.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$27.80M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$27.10M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$61.80M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$59.20M	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsExercised`	$26.40M	USD	1 Quarter
Proceeds from exercise of stock options, net	`ProceedsFromStockOptionsExercised`	$12.50M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-6.20M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.20M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.30M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$66.10M	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashAndCashEquivalents`	$700.00K	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.40M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.70M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-146.50M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$205.10M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$207.70M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$235.40M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$351.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$205.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$207.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$235.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$351.60M	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$71.20M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$57.80M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-18.00M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-900.00K	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax`	$-6.10M	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax`	$-5.50M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax`	$-100.00K	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax`	$900.00K	USD	1 Quarter
Other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-11.00M	USD	1 Quarter
Other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$4.50M	USD	1 Quarter
Income tax expense related to components of other comprehensive income (loss)	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$2.30M	USD	1 Quarter
Income tax expense related to components of other comprehensive income (loss)	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$1.20M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-13.30M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.30M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$44.50M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$74.50M	USD	1 Quarter

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