Avery Dennison Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Avery Dennison Corp. has submitted its 2023 annual report (10-K), providing a comprehensive overview of its financial performance and position.</b>

AI Summary

Avery Dennison Corp (AVY) filed a Annual Report (10-K) with the SEC on February 21, 2024. Avery Dennison Corp. filed its 2023 Form 10-K on February 21, 2024, reporting for the fiscal year ending December 30, 2023. The company's principal business address is 8080 Norton Parkway, Mentor, OH 44060. Avery Dennison Corporation was formerly known as Avery International Corp. and Avery Products Corp. The filing includes financial data for the fiscal years ending December 30, 2023, December 31, 2022, and January 1, 2022. Key financial statement items such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Treasury Stock are detailed for the reporting periods.

Why It Matters

For investors and stakeholders tracking Avery Dennison Corp, this filing contains several important signals. This 10-K filing provides investors with the company's audited financial statements, management's discussion and analysis, and risk factors for the fiscal year 2023, crucial for assessing the company's health and future prospects. The detailed financial data, including balance sheets and statements of operations over multiple years, allows for trend analysis and comparison against industry benchmarks.

Risk Assessment

Risk Level: medium — Avery Dennison Corp shows moderate risk based on this filing. The company's financial health and future performance are subject to market and operational risks inherent in the converted paper and paperboard products industry, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Avery Dennison's performance and potential challenges.

Key Numbers

• 2023-12-30 — Fiscal Year End (Reporting period)
• 2024-02-21 — Filing Date (Date of submission)
• 0000008818 — Central Index Key (SEC identifier)
• 2670 — Standard Industrial Classification (Industry code)

Key Players & Entities

• Avery Dennison Corp. (company) — Filer name
• 2024-02-21 (date) — Filing date
• 2023-12-30 (date) — Fiscal year end
• 8080 Norton Parkway, Mentor, OH 44060 (address) — Business address
• Avery Dennison Corporation (company) — Former company name
• Avery International Corp. (company) — Former company name
• Avery Products Corp. (company) — Former company name
• DE (state) — State of incorporation

FAQ

Industry Context

Avery Dennison Corp. operates in the converted paper and paperboard products industry, specifically excluding containers and boxes.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Review the detailed financial statements for fiscal year 2023.
2. Analyze the risk factors section for potential business challenges.
3. Compare the reported financial data with previous years to identify trends.

Key Dates

• 2024-02-21: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-30: Fiscal Year End — End date of the reporting period.

Year-Over-Year Comparison

This filing represents the annual report for fiscal year 2023, providing updated financial information compared to previous filings.

Key Financial Figures

• $1 — ange on which registered Common stock, $1 par value AVY New York Stock Exchange
• $231 million — ese 2023 acquisitions was approximately $231 million. In 2022, we acquired TexTrace AG ("Tex
• $35 million — TexTrace and Rietveld was approximately $35 million. During 2023, we also made one venture

Filing Documents

• avy-20231230.htm (10-K) — 2486KB
• ex-21avyx20231230.htm (EX-21) — 100KB
• ex-23avyx20231230.htm (EX-23) — 2KB
• avy-20231230xex311.htm (EX-31.1) — 9KB
• avy-20231230xex312.htm (EX-31.2) — 9KB
• avy-20231230xex321.htm (EX-32.1) — 4KB
• avy-20231230xex322.htm (EX-32.2) — 5KB
• ex-97avyx20231230.htm (EX-97) — 32KB
• avy-20231230_g1.jpg (GRAPHIC) — 96KB
• 0000008818-24-000003.txt (&nbsp;) — 14914KB
• avy-20231230.xsd (EX-101.SCH) — 91KB
• avy-20231230_cal.xml (EX-101.CAL) — 114KB
• avy-20231230_def.xml (EX-101.DEF) — 509KB
• avy-20231230_lab.xml (EX-101.LAB) — 1258KB
• avy-20231230_pre.xml (EX-101.PRE) — 857KB
• avy-20231230_htm.xml (XML) — 2638KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 17 I tem 1C. C ybersecurity 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. Reserved 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other Information 82 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 82 PART III Item 10. Directors, Executive Officers and Corporate Governance 83 Item 11.

Executive Compensation

Executive Compensation 85 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accountant Fees and Services 85 PART IV Item 15. Exhibit and Financial Statement Schedules 86 Item 16. Form 10-K Summary 90

Signatures

Signatures 91 Power of Attorney 92 Table of Contents Safe Harbor Statement The matters discussed in this Annual Report on Form 10-K contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which are not statements of historical fact, contain estimates, assumptions, projections and/or expectations regarding future events, which may or may not occur. Words such as "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "foresee," "guidance," "intend," "may," "might," "objective," "plan," "potential," "project," "seek," "shall," "should," "target," "will," "would," or variations thereof, and other expressions that refer to future events and trends, identify forward-looking statements. Our forward-looking statements, and financial or other business targets, are subject to certain risks and uncertainties, which could cause our actual results to differ materially from the expected results, performance or achievements expressed or implied by such forward-looking statements. We believe that the most significant risk factors that could affect our financial performance in the near term include: (i) the impacts to underlying demand for our products from global economic conditions, political uncertainty, and changes in environmental standards and governmental regulations; (ii) competitors' actions, including pricing, expansion in key markets, and product offerings; (iii) the cost and availability of raw materials; (iv) the degree to which higher costs can be offset with productivity measures and/or passed on to customers through price increases, without a significant loss of volume; (v) foreign currency fluctuations; and (vi) the execution and integration of acquisitions. Certain risks and uncertainties are discussed in more detail under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report o

BUSINESS

Item 1. BUSINESS Company Background Avery Dennison Corporation ("Avery Dennison" or the "Company" and generally referred to as "we" or "us") was incorporated in Delaware in 1977 as Avery International Corporation, the successor corporation to a California corporation of the same name incorporated in 1946. In 1990, we merged one of our subsidiaries into Dennison Manufacturing Company ("Dennison"), as a result of which Dennison became our wholly-owned subsidiary and in connection with which we changed our name to Avery Dennison Corporation. You can learn more about us by visiting our website at www.averydennison.com. Our website address provided in this Annual Report on Form 10-K is not intended to function as a hyperlink and the information on our website is not, nor should it be considered, part of this report or incorporated by reference into this report. Business Overview and Reportable Segments We are a global materials science and digital identification solutions company that provides a wide range of branding and information solutions that optimize labor and supply chain efficiency, reduce waste, advance sustainability, circularity and transparency, and better connect brands and consumers. Our products and solutions include labeling and functional materials, radio-frequency identification ("RFID") inlays and tags, software applications that connect the physical and digital, and a variety of products and solutions that enhance branded packaging and carry or display information that improves the customer experience. We serve an array of industries worldwide, including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive. Our reportable segments for fiscal year 2023 were: Materials Group; and Solutions Group In 2023, our Materials Group and Solutions Group reportable segments comprised approximately 69% and 31%, respectively, of our total net sales. In 2023, international operations consti

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View this 10-K filing on SEC EDGAR