Avery Dennison Corp. Files 10-Q for Q2 2024

TL;DR

Avery Dennison's Q2 2024 10-Q is in. Check financials.

AI Summary

Avery Dennison Corp. filed its 10-Q for the period ending June 29, 2024. The filing details financial performance and operational updates for the company, which is involved in converted paper and paperboard products. Key financial data and segment performance are presented for the reporting period.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational status of Avery Dennison, a key player in the paper products industry.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 20240629 — End of Fiscal Period (The date through which financial information is reported.)
• 20240730 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Avery Dennison Corp. (company) — Filer of the 10-Q
• 20240629 (date) — End of the reporting period
• 20240730 (date) — Filing date
• 8080 NORTON PARKWAY (address) — Company's business and mailing address
• MENTOR, OH 44060 (address) — Company's business and mailing city, state, and zip

FAQ

Key Financial Figures

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

Filing Documents

• avy-20240629.htm (10-Q) — 1084KB
• avy-20240730x10qex311.htm (EX-31.1) — 11KB
• avy-20240730x10qex312.htm (EX-31.2) — 11KB
• avy-20240730x10qex321.htm (EX-32.1) — 5KB
• avy-20240730x10qex322.htm (EX-32.2) — 5KB
• 0000008818-24-000015.txt ( ) — 5938KB
• avy-20240629.xsd (EX-101.SCH) — 36KB
• avy-20240629_cal.xml (EX-101.CAL) — 52KB
• avy-20240629_def.xml (EX-101.DEF) — 145KB
• avy-20240629_lab.xml (EX-101.LAB) — 473KB
• avy-20240629_pre.xml (EX-101.PRE) — 326KB
• avy-20240629_htm.xml (XML) — 998KB

FINANCIAL INFORMATION (UNAUDITED)

PART I. FINANCIAL INFORMATION (UNAUDITED) Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets as of June 29 , 2024 and December 30, 2023 2 Condensed Consolidated Statements of Income for the Three an d Six Months Ended June 29 , 2024 and Jul y 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 29 , 2024 and Ju ly 1, 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 29 , 2024 and July 1, 2023 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 Second Quarter 18 Results of Operations by Reportable Segment for the Second Quarter 19 Analysis of Results of Operations for the Six Months Year-to-Date 21 Results of Operations by Reportable Segment for the Six Months Year-to-Date 22 Financial Condition 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

Signatures

Signatures 30 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 impact on underlying demand for our products from global economic conditions, political uncertainty, and changes in environmental standards, regulations, and preferences; (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, and

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS ( Unaudited ) (Dollars in millions, except per share amount) June 29, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 208.8 $ 215.0 Trade accounts receivable, less allowances of $ 36.7 and $ 34.4 at June 29, 2024 and December 30, 2023, respectively 1,528.6 1,414.9 Inventories 979.9 920.7 Other current assets 250.5 245.4 Total current assets 2,967.8 2,796.0 Property, plant and equipment, net 1,590.0 1,625.8 Goodwill 1,989.8 2,013.6 Other intangibles resulting from business acquisitions, net 800.9 849.1 Deferred tax assets 113.0 115.7 Other assets 836.7 809.6 $ 8,298.2 $ 8,209.8 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings and current portion of long-term debt and finance leases $ 1,172.3 $ 622.2 Accounts payable 1,313.4 1,277.1 Accrued payroll and employee benefits 235.4 213.4 Other current liabilities 579.1 586.8 Total current liabilities 3,300.2 2,699.5 Long-term debt and finance leases 2,046.5 2,622.1 Long-term retirement benefits and other liabilities 415.9 500.3 Deferred tax liabilities and income taxes payable 248.5 260.0 Commitments and contingencies (see Note 10) Shareholders' equity: Common stock, $ 1 par value per share, authorized – 400,000,000 shares at June 29, 2024 and December 30, 2023; issued – 124,126,624 shares at June 29, 2024 and December 30, 2023; outstanding – 80,570,966 shares and 80,495,585 shares at June 29, 2024 and December 30, 2023, respectively 124.1 124.1 Capital in excess of par value 833.1 854.5 Retained earnings 4,922.2 4,691.8 Treasury stock at cost, 43,555,658 shares and 43,631,039 shares at June 29, 2024 and December 30, 2023, respectively ( 3,154.6 ) ( 3,134.4 ) Accumulated other comprehensive loss ( 437.7 ) ( 408.1 ) Total shareholders' equity 2,287.1 2,127.9 $ 8,298.2 $ 8,209.8 See Notes to Unaudited Condensed Consolidated Financial Statements 2 Table of Co

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View this 10-Q filing on SEC EDGAR