Avery Dennison Corp. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Avery Dennison Corp. filed its Q1 2024 10-Q, detailing financial performance and balance sheet information.</b>

AI Summary

Avery Dennison Corp (AVY) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Avery Dennison Corp. reported financial results for the quarter ended March 30, 2024. The company's fiscal year ends on December 28th. Key financial data includes total assets and total debt figures. The filing details various liabilities, including current other accrued liabilities. Senior Notes due in 2025 are denominated in both USD and EUR.

Why It Matters

For investors and stakeholders tracking Avery Dennison Corp, this filing contains several important signals. This filing provides investors with the latest quarterly financial snapshot, crucial for assessing the company's performance and financial health. Understanding the company's debt structure, including senior notes and credit facilities, is important for evaluating its financial risk and liquidity.

Risk Assessment

Risk Level: medium — Avery Dennison Corp shows moderate risk based on this filing. The filing contains detailed financial statements and disclosures, but lacks specific forward-looking guidance or significant operational changes that would strongly indicate a bullish or bearish outlook.

Analyst Insight

Review the detailed balance sheet and segment performance to understand the company's current financial position and operational trends.

Revenue Breakdown

Key Numbers

• 2024-03-30 — Period of Report (Quarterly filing date)
• 2023-12-31 — Previous Balance Sheet Date (Year-end balance sheet date)
• 2023-01-01 — Start of Prior Period (Start date for comparative period)
• 2023-04-01 — End of Prior Period (End date for comparative period)

Key Players & Entities

• Avery Dennison Corp. (company) — Filer
• 2024-03-30 (date) — Period of Report
• 2024-04-30 (date) — Filed as of Date
• 2670 (industry_code) — Standard Industrial Classification
• DE (state) — State of Incorporation
• 1228 (fiscal_year) — Fiscal Year End
• 001-07685 (sec_file_number) — SEC File Number
• 24896997 (film_number) — Film Number

FAQ

Risk Factors

• Financial Statement Disclosures [medium — financial]: The filing includes detailed financial statements and notes, which are standard for a 10-Q filing.
• SEC Filing Compliance [low — regulatory]: The company is complying with SEC reporting requirements by filing a 10-Q.

Key Dates

• 2024-03-30: Quarterly Period End — The end date for the financial reporting period covered by this 10-Q.
• 2024-04-30: Filing Date — The date this 10-Q report was officially filed with the SEC.
• 2023-12-31: Prior Balance Sheet Date — The end date of the previous fiscal year, used for comparative balance sheet data.

Key Financial Figures

• $1 — ange on which registered Common stock, $1 par value AVY New York Stock Exchange

Filing Documents

• avy-20240330.htm (10-Q) — 861KB
• avy-20244030x10qex101.htm (EX-10.1) — 16KB
• avy-20240430x10qex311.htm (EX-31.1) — 11KB
• avy-20240430x10qex312.htm (EX-31.2) — 11KB
• avy-20240430x10qex321.htm (EX-32.1) — 5KB
• avy-20240430x10qex322.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 113KB
• 0000008818-24-000009.txt (&nbsp;) — 5423KB
• avy-20240330.xsd (EX-101.SCH) — 36KB
• avy-20240330_cal.xml (EX-101.CAL) — 52KB
• avy-20240330_def.xml (EX-101.DEF) — 148KB
• avy-20240330_lab.xml (EX-101.LAB) — 460KB
• avy-20240330_pre.xml (EX-101.PRE) — 320KB
• avy-20240330_htm.xml (XML) — 799KB

FINANCIAL INFORMATION (UNAUDITED)

PART I. FINANCIAL INFORMATION (UNAUDITED) Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets as of M arch 30, 202 4 and December 3 0 , 202 3 2 Condensed Consolidated Statements of Income for the Three Months Ended M arch 30, 202 4 and A pril 1, 202 3 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended M arch 30, 202 4 and A pril 1, 202 3 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended Marc h 30, 202 4 and April 1, 202 3 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Non-GAAP Financial Measures 16 Overview and Outlook 17 Analysis of Results of Operations for the First Quarter 18 Results of Operations by Reportable Segment for the First Quarter 20 Financial Condition 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28 Exhibits Table of Contents Safe Harbor Statement This Quarterly Report contains "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 our 2023 Annual Report on Form 10-K filed on February 21, 2024. Act

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS ( Unaudited ) (Dollars in millions, except per share amount) March 30, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 185.7 $ 215.0 Trade accounts receivable, less allowances of $ 34.6 and $ 34.4 at March 30, 2024 and December 30, 2023, respectively 1,478.0 1,414.9 Inventories 972.5 920.7 Other current assets 250.6 245.4 Total current assets 2,886.8 2,796.0 Property, plant and equipment, net 1,598.2 1,625.8 Goodwill 1,993.7 2,013.6 Other intangibles resulting from business acquisitions, net 823.8 849.1 Deferred tax assets 115.5 115.7 Other assets 837.2 809.6 $ 8,255.2 $ 8,209.8 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings and current portion of long-term debt and finance leases $ 1,170.5 $ 622.2 Accounts payable 1,301.5 1,277.1 Accrued payroll and employee benefits 203.4 213.4 Other current liabilities 632.8 586.8 Total current liabilities 3,308.2 2,699.5 Long-term debt and finance leases 2,069.9 2,622.1 Long-term retirement benefits and other liabilities 418.5 500.3 Deferred tax liabilities and income taxes payable 254.6 260.0 Commitments and contingencies (see Note 10) Shareholders' equity: Common stock, $ 1 par value per share, authorized – 400,000,000 shares at March 30, 2024 and December 30, 2023; issued – 124,126,624 shares at March 30, 2024 and December 30, 2023; outstanding – 80,597,091 shares and 80,495,585 shares at March 30, 2024 and December 30, 2023, respectively 124.1 124.1 Capital in excess of par value 834.0 854.5 Retained earnings 4,809.1 4,691.8 Treasury stock at cost, 43,529,533 shares and 43,631,039 shares at March 30, 2024 and December 30, 2023, respectively ( 3,141.2 ) ( 3,134.4 ) Accumulated other comprehensive loss ( 422.0 ) ( 408.1 ) Total shareholders' equity 2,204.0 2,127.9 $ 8,255.2 $ 8,209.8 See Notes to Unaudited Condensed Consolidated Financial Statements 2 Table

View Full Filing

View this 10-Q filing on SEC EDGAR