Avery Dennison Files Q3 2024 10-Q

TL;DR

Avery Dennison's Q3 10-Q is in. Check financials for Materials & Solutions Groups.

AI Summary

Avery Dennison Corp. filed its 10-Q for the period ending September 28, 2024. The filing details the company's financial performance and position, including its Materials Group and Solutions Group segments. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Avery Dennison, crucial for understanding the company's health and making investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• Avery Dennison Corp. (company) — Filer of the 10-Q
• September 28, 2024 (date) — End of the reporting period
• Materials Group (company_segment) — One of Avery Dennison's operating segments
• Solutions Group (company_segment) — One of Avery Dennison's operating segments

FAQ

Key Financial Figures

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

Filing Documents

• avy-20240928.htm (10-Q) — 1096KB
• avy-20241029x10qex311.htm (EX-31.1) — 11KB
• avy-20241029x10qex312.htm (EX-31.2) — 11KB
• avy-20241029x10qex321.htm (EX-32.1) — 5KB
• avy-20241029x10qex322.htm (EX-32.2) — 5KB
• 0000008818-24-000017.txt ( ) — 6070KB
• avy-20240928.xsd (EX-101.SCH) — 37KB
• avy-20240928_cal.xml (EX-101.CAL) — 53KB
• avy-20240928_def.xml (EX-101.DEF) — 152KB
• avy-20240928_lab.xml (EX-101.LAB) — 488KB
• avy-20240928_pre.xml (EX-101.PRE) — 336KB
• avy-20240928_htm.xml (XML) — 1014KB

FINANCIAL INFORMATION (UNAUDITED)

PART I. FINANCIAL INFORMATION (UNAUDITED) Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets as of September 28 , 2024 and December 30, 2023 2 Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 28 , 2024 and September 30 , 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 2 8 , 2024 and September 30 , 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 2 8 , 2024 and September 30 , 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 17 Non-GAAP Financial Measures 17 Overview and Outlook 18 Analysis of Results of Operations for the Third Quarter 19 Results of Operations by Reportable Segment for the Third Quarter 20 Analysis of Results of Operations for the Nine Months Year-to-Date 22 Results of Operations by Reportable Segment for the Nine Months Year-to-Date 23 Financial Condition 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30

Signatures

Signatures 31 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) September 28, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 212.7 $ 215.0 Trade accounts receivable, less allowances of $ 37.1 and $ 34.4 at September 28, 2024 and December 30, 2023, respectively 1,574.7 1,414.9 Inventories 1,013.5 920.7 Other current assets 283.8 245.4 Total current assets 3,084.7 2,796.0 Property, plant and equipment, net 1,612.3 1,625.8 Goodwill 2,012.7 2,013.6 Other intangibles resulting from business acquisitions, net 783.2 849.1 Deferred tax assets 110.9 115.7 Other assets 848.1 809.6 $ 8,451.9 $ 8,209.8 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings and current portion of long-term debt and finance leases $ 1,116.8 $ 622.2 Accounts payable 1,343.2 1,277.1 Accrued payroll and employee benefits 275.0 213.4 Other current liabilities 614.0 586.8 Total current liabilities 3,349.0 2,699.5 Long-term debt and finance leases 2,042.1 2,622.1 Long-term retirement benefits and other liabilities 416.2 500.3 Deferred tax liabilities and income taxes payable 250.7 260.0 Commitments and contingencies (see Note 10) Shareholders' equity: Common stock, $ 1 par value per share, authorized – 400,000,000 shares at September 28, 2024 and December 30, 2023; issued – 124,126,624 shares at September 28, 2024 and December 30, 2023; outstanding – 80,440,716 shares and 80,495,585 shares at September 28, 2024 and December 30, 2023, respectively 124.1 124.1 Capital in excess of par value 839.8 854.5 Retained earnings 5,042.7 4,691.8 Treasury stock at cost, 43,685,908 shares and 43,631,039 shares at September 28, 2024 and December 30, 2023, respectively ( 3,212.3 ) ( 3,134.4 ) Accumulated other comprehensive loss ( 400.4 ) ( 408.1 ) Total shareholders' equity 2,393.9 2,127.9 $ 8,451.9 $ 8,209.8 See Notes to Unaudited Condensed Consolidated Finan

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