10-Q Filing

AVERY DENNISON CORP CIK: 8818 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001104659-20-055617`
Period End Date	20200331
Filing Date	20200501
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	avy-20200331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 30 Cash Flow Statement 57 Comprehensive Income 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$46.30M	USD	Point-in-time
Trade accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$27.10M	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, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$225.70M	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`	$232.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$742.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$253.70M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Trade accounts receivable, less allowances of $46.3 and $27.1 at March 28, 2020 and December 28, 2019, respectively	`AccountsReceivableNetCurrent`	$1.22B	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	124.13M	shares	Point-in-time
Trade accounts receivable, less allowances of $46.3 and $27.1 at March 28, 2020 and December 28, 2019, respectively	`AccountsReceivableNetCurrent`	$1.21B	USD	Point-in-time
Inventories, net	`InventoryNet`	$723.30M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	83.32M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	83.37M	shares	Point-in-time
Inventories, net	`InventoryNet`	$663.00M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	40.76M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$225.80M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$211.70M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	40.81M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.91B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.34B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.21B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.23B	USD	Point-in-time
Goodwill	`Goodwill`	$930.80M	USD	Point-in-time
Goodwill	`Goodwill`	$1.03B	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$126.50M	USD	Point-in-time
Other intangibles resulting from business acquisitions, net	`IntangibleAssetsNetExcludingGoodwill`	$197.60M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$225.40M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$224.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$654.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$664.80M	USD	Point-in-time
Total assets	`Assets`	$5.49B	USD	Point-in-time
Total assets	`Assets`	$6.26B	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and finance leases	`DebtCurrent`	$440.20M	USD	Point-in-time
Short-term borrowings and current portion of long-term debt and finance leases	`DebtCurrent`	$832.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.07B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.03B	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$189.20M	USD	Point-in-time
Accrued payroll and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$220.40M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$507.80M	USD	Point-in-time
Other current liabilities	`OtherAccruedLiabilitiesCurrent`	$527.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.25B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.56B	USD	Point-in-time
Long-term debt and finance leases	`LongTermDebtAndCapitalLeaseObligations`	$1.99B	USD	Point-in-time
Long-term debt and finance leases	`LongTermDebtAndCapitalLeaseObligations`	$1.50B	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$421.40M	USD	Point-in-time
Long-term retirement benefits and other liabilities	`LongTermRetirementBenefitsAndOtherLiabilities`	$416.50M	USD	Point-in-time
Deferred tax liabilities and income taxes payable	`NonCurrentDeferredAndPayableIncomeTaxes`	$122.90M	USD	Point-in-time
Deferred tax liabilities and income taxes payable	`NonCurrentDeferredAndPayableIncomeTaxes`	$110.30M	USD	Point-in-time
Commitments and contingencies (see Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 28, 2020 and December 28, 2019; issued - 124,126,624 shares at March 28, 2020 and December 28, 2019; outstanding - 83,321,087 shares and 83,366,840 shares at March 28, 2020 and December 28, 2019, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 28, 2020 and December 28, 2019; issued - 124,126,624 shares at March 28, 2020 and December 28, 2019; outstanding - 83,321,087 shares and 83,366,840 shares at March 28, 2020 and December 28, 2019, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 28, 2020 and December 28, 2019; issued - 124,126,624 shares at March 28, 2020 and December 28, 2019; outstanding - 83,321,087 shares and 83,366,840 shares at March 28, 2020 and December 28, 2019, respectively	`CommonStockValue`	$124.10M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$874.00M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$852.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.06B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.98B	USD	Point-in-time
Treasury stock at cost, 40,805,537 shares and 40,759,784 shares at March 28, 2020 and December 28, 2019, respectively	`TreasuryStockCommonValue`	$2.43B	USD	Point-in-time
Treasury stock at cost, 40,805,537 shares and 40,759,784 shares at March 28, 2020 and December 28, 2019, respectively	`TreasuryStockCommonValue`	$2.46B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-348.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-412.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-359.40M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-682.00M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.20B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.17B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$5.49B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$6.26B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.74B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.72B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.27B	USD	1 Quarter
Cost of products sold	`CostOfGoodsAndServicesSold`	$1.24B	USD	1 Quarter
Gross profit	`GrossProfit`	$485.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$465.40M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$281.00M	USD	1 Quarter
Marketing, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$276.30M	USD	1 Quarter
Other expense, net	`OtherExpenseNet`	$7.50M	USD	1 Quarter
Other expense, net	`OtherExpenseNet`	$4.90M	USD	1 Quarter
Interest expense	`InterestExpense`	$18.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$19.50M	USD	1 Quarter
Other non-operating expense, net	`OtherNonoperatingIncomeExpense`	$500.00K	USD	1 Quarter
Other non-operating expense, net	`OtherNonoperatingIncomeExpense`	$-446.50M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-284.40M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$180.90M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-138.40M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$46.30M	USD	1 Quarter
Equity method investment losses	`IncomeLossFromEquityMethodInvestments`	$-400.00K	USD	1 Quarter
Equity method investment losses	`IncomeLossFromEquityMethodInvestments`	$-900.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-146.90M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$134.20M	USD	1 Quarter
Net income (loss) per common share (in dollars per share)	`EarningsPerShareBasic`	$1.61	USD	1 Quarter
Net income (loss) per common share (in dollars per share)	`EarningsPerShareBasic`	$-1.74	USD	1 Quarter
Net income (loss) per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$-1.74	USD	1 Quarter
Net income (loss) per common share, assuming dilution (in dollars per share)	`EarningsPerShareDiluted`	$1.60	USD	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	83.30M	shares	1 Quarter
Common shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	84.30M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	84.10M	shares	1 Quarter
Common shares, assuming dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	84.30M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$134.20M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-146.90M	USD	1 Quarter
Depreciation	`Depreciation`	$36.80M	USD	1 Quarter
Depreciation	`Depreciation`	$34.90M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$10.70M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$9.60M	USD	1 Quarter
Provision for credit losses and sales returns	`ProvisionForDoubtfulAccounts`	$31.20M	USD	1 Quarter
Provision for credit losses and sales returns	`ProvisionForDoubtfulAccounts`	$14.80M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.30M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$7.60M	USD	1 Quarter
Pension plan settlements and related charges	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1`	$-446.90M	USD	1 Quarter
Deferred taxes and other non-cash taxes	`NoncashIncomeTaxes`	$6.40M	USD	1 Quarter
Deferred taxes and other non-cash taxes	`NoncashIncomeTaxes`	$-172.80M	USD	1 Quarter
Other non-cash expense and loss (income and gain), net	`OtherNoncashIncomeExpense`	$-3.30M	USD	1 Quarter
Other non-cash expense and loss (income and gain), net	`OtherNoncashIncomeExpense`	$-4.40M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$225.60M	USD	1 Quarter
Changes in assets and liabilities and other adjustments	`IncreaseDecreaseInOperatingCapital`	$162.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.40M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$35.40M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.20M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.80M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$6.20M	USD	1 Quarter
Purchases of software and other deferred charges	`PurchaseOfSoftwareAndOtherDeferredCharges`	$5.50M	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$7.30M	USD	1 Quarter
Proceeds from insurance and sales (purchases) of investments, net	`PaymentsForProceedsFromInvestments`	$300.00K	USD	1 Quarter
Proceeds from insurance and sales (purchases) of investments, net	`PaymentsForProceedsFromInvestments`	$-4.50M	USD	1 Quarter
Payments for acquisition, net of cash acquired, and investments in businesses	`PaymentsToAcquireBusinessNetOfCashAcquiredAndEquityMethodInvestments`	$6.50M	USD	1 Quarter
Payments for acquisition, net of cash acquired, and investments in businesses	`PaymentsToAcquireBusinessNetOfCashAcquiredAndEquityMethodInvestments`	$245.90M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-285.60M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.00M	USD	1 Quarter
Net (decrease) increase in borrowings (maturities of three months or less)	`ProceedsFromRepaymentsOfShortTermDebt`	$-106.00M	USD	1 Quarter
Net (decrease) increase in borrowings (maturities of three months or less)	`ProceedsFromRepaymentsOfShortTermDebt`	$155.40M	USD	1 Quarter
Additional borrowings under revolving credit facility	`ProceedsFromRevolvingLinesOfCredit`	$500.00M	USD	1 Quarter
Additional long-term borrowings	`ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet`	$494.40M	USD	1 Quarter
Repayments of long-term debt and finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.80M	USD	1 Quarter
Repayments of long-term debt and finance leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$1.10M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$48.40M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$43.90M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$88.70M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$45.20M	USD	1 Quarter
Net (tax withholding) proceeds related to stock-based compensation	`ProceedsTaxWithholdingRelatedToStockBasedCompensation`	$-20.00M	USD	1 Quarter
Net (tax withholding) proceeds related to stock-based compensation	`ProceedsTaxWithholdingRelatedToStockBasedCompensation`	$-20.10M	USD	1 Quarter
Payments of contingent consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$1.60M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$773.70M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-700.00K	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-4.20M	USD	1 Quarter
Effect of foreign currency translation on cash balances	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.30M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$488.30M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$225.70M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$232.00M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$742.00M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$253.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$225.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$232.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$742.00M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$253.70M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-146.90M	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$134.20M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-68.60M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$22.10M	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-600.00K	USD	1 Quarter
Pension and other postretirement benefits	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-300.70M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$4.10M	USD	1 Quarter
Cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-200.00K	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$322.60M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-63.90M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$70.30M	USD	1 Quarter
Total comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$175.70M	USD	1 Quarter

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