10-Q Filing

AVERY DENNISON CORP CIK: 8818 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001104659-18-029350`
Period End Date	20180331
Filing Date	20180501
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	avy-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 31 Cash Flow Statement 60 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$29.20M	USD	Point-in-time
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$36.20M	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`	$195.10M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$294.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$224.40M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$187.50M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Trade accounts receivable, less allowances of $29.2 and $36.2 at March 31, 2018 and December 30, 2017, respectively	`AccountsReceivableNetCurrent`	$1.24B	USD	Point-in-time
Trade accounts receivable, less allowances of $29.2 and $36.2 at March 31, 2018 and December 30, 2017, respectively	`AccountsReceivableNetCurrent`	$1.18B	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	88.02M	shares	Point-in-time
Inventories, net	`InventoryNet`	$678.20M	USD	Point-in-time
Inventories, net	`InventoryNet`	$609.60M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	88.01M	shares	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.10M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	36.12M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	36.11M	shares	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$6.30M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$225.50M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$217.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.24B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.33B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.10B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.12B	USD	Point-in-time
Goodwill	`Goodwill`	$985.10M	USD	Point-in-time
Goodwill	`Goodwill`	$1.01B	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$167.20M	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$166.30M	USD	Point-in-time
Non-current deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$215.50M	USD	Point-in-time
Non-current deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$196.30M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$442.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$453.40M	USD	Point-in-time
Total assets	`Assets`	$5.28B	USD	Point-in-time
Total assets	`Assets`	$5.14B	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and capital leases	`DebtCurrent`	$370.30M	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and capital leases	`DebtCurrent`	$265.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.06B	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$248.50M	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$173.10M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$473.60M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$450.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.97B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.08B	USD	Point-in-time
Long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligations`	$1.32B	USD	Point-in-time
Long-term debt and capital leases	`LongTermDebtAndCapitalLeaseObligations`	$1.34B	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$596.50M	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$629.30M	USD	Point-in-time
Non-current deferred and payable income taxes	`NonCurrentDeferredAndPayableIncomeTaxes`	$170.20M	USD	Point-in-time
Non-current deferred and payable income taxes	`NonCurrentDeferredAndPayableIncomeTaxes`	$173.30M	USD	Point-in-time
Commitments and contingencies (see Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 31, 2018 and December 30, 2017; issued - 124,126,624 shares at March 31, 2018 and December 30, 2017; outstanding - 88,015,267 shares and 88,011,541 shares at March 31, 2018 and December 30, 2017, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 31, 2018 and December 30, 2017; issued - 124,126,624 shares at March 31, 2018 and December 30, 2017; outstanding - 88,015,267 shares and 88,011,541 shares at March 31, 2018 and December 30, 2017, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$848.40M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$862.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.65B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.60B	USD	Point-in-time
Treasury stock at cost, 36,111,357 shares and 36,115,083 shares at March 31, 2018 and December 30, 2017, respectively	`TreasuryStockCommonValue`	$1.86B	USD	Point-in-time
Treasury stock at cost, 36,111,357 shares and 36,115,083 shares at March 31, 2018 and December 30, 2017, respectively	`TreasuryStockCommonValue`	$1.89B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-680.50M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-639.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-712.50M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-751.90M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.09B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$5.28B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$5.14B	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.57B	USD	1 Quarter
Net sales	`Revenues`	$1.78B	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$1.29B	USD	1 Quarter
Cost of products sold	`CostOfRevenue`	$1.13B	USD	1 Quarter
Gross profit	`GrossProfit`	$483.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$442.40M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$295.00M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$279.80M	USD	1 Quarter
Other expense, net	`OtherExpenseNet`	$6.50M	USD	1 Quarter
Other expense, net	`OtherExpenseNet`	$12.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$16.70M	USD	1 Quarter
Interest expense	`InterestExpense`	$13.20M	USD	1 Quarter
Other non-operating expense	`OtherNonoperatingExpense`	$3.50M	USD	1 Quarter
Other non-operating expense	`OtherNonoperatingExpense`	$3.30M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$135.90M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$159.10M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$33.30M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$23.70M	USD	1 Quarter
Equity method investment net losses	`IncomeLossFromEquityMethodInvestments`	$-600.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$125.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$112.20M	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$1.42	USD	1 Quarter
Net income per common share (in dollars per share)	`EarningsPerShareBasic`	$1.27	USD	1 Quarter
Net income per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$1.25	USD	1 Quarter
Net income per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$1.40	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.41	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.45	USD	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.40M	shares	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	88.00M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	89.60M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	90.00M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$112.20M	USD	1 Quarter
Net income	`ProfitLoss`	$125.20M	USD	1 Quarter
Depreciation	`Depreciation`	$34.30M	USD	1 Quarter
Depreciation	`Depreciation`	$28.80M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$10.20M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$15.80M	USD	1 Quarter
Provision for doubtful accounts and sales returns	`ProvisionForDoubtfulAccounts`	$11.50M	USD	1 Quarter
Provision for doubtful accounts and sales returns	`ProvisionForDoubtfulAccounts`	$12.90M	USD	1 Quarter
Net losses from impairments, sales of assets, and investment settlements	`NetLossesFromImpairmentsSalesOfAssetsAndInvestmentSettlements`	$9.80M	USD	1 Quarter
Net losses from impairments, sales of assets, and investment settlements	`NetLossesFromImpairmentsSalesOfAssetsAndInvestmentSettlements`	$200.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.40M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.60M	USD	1 Quarter
Loss from settlement of pension obligations	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	$-500.00K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$8.00M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-3.40M	USD	1 Quarter
Other non-cash expense and loss	`OtherNoncashExpense`	$14.20M	USD	1 Quarter
Other non-cash expense and loss	`OtherNoncashExpense`	$15.20M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$190.50M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$178.80M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.90M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.30M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.60M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$6.90M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$7.30M	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$6.90M	USD	1 Quarter
Sales of investments and proceeds from insurance, net	`PaymentsForProceedsFromInvestmentsAndProceedsFromInsurance`	$-300.00K	USD	1 Quarter
Sales of investments and proceeds from insurance, net	`PaymentsForProceedsFromInvestmentsAndProceedsFromInsurance`	$-1.20M	USD	1 Quarter
Payments for acquisitions, net of cash acquired, and investments in businesses	`PaymentsToAcquireBusinessNetOfCashAcquiredAndEquityMethodInvestments`	$74.60M	USD	1 Quarter
Payments for acquisitions, net of cash acquired, and investments in businesses	`PaymentsToAcquireBusinessNetOfCashAcquiredAndEquityMethodInvestments`	$100.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-110.60M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-35.80M	USD	1 Quarter
Net increase (decrease) in borrowings (maturities of three months or less)	`ProceedsFromRepaymentsOfShortTermDebt`	$-256.80M	USD	1 Quarter
Net increase (decrease) in borrowings (maturities of three months or less)	`ProceedsFromRepaymentsOfShortTermDebt`	$104.30M	USD	1 Quarter
Additional long-term borrowings	`ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet`	$526.70M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.00M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$800.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$39.60M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$36.40M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$51.60M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$34.60M	USD	1 Quarter
Proceeds from exercises of stock options, net	`ProceedsFromStockOptionsExercised`	$16.40M	USD	1 Quarter
Proceeds from exercises of stock options, net	`ProceedsFromStockOptionsExercised`	$200.00K	USD	1 Quarter
Tax withholding for stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$31.60M	USD	1 Quarter
Tax withholding for stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$19.80M	USD	1 Quarter
Payments of contingent consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$2.50M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.80M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$194.70M	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.80M	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashAndCashEquivalents`	$4.70M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$99.80M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-36.90M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$195.10M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$294.90M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$224.40M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$187.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$195.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$294.90M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$224.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$187.50M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$125.20M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$112.20M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$34.30M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$35.50M	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-5.70M	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-4.70M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$900.00K	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-800.00K	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$39.40M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$40.90M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$151.60M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$166.10M	USD	1 Quarter

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