2023 Q1 Form 10-K Financial Statement

#000000881823000002 Filed on February 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $2.317B $2.183B
YoY Change 11.84% 9.66%
Cost Of Revenue $1.698B $1.598B
YoY Change 11.9% 12.56%
Gross Profit $619.2M $585.1M
YoY Change 11.69% 2.45%
Gross Profit Margin 26.72% 26.8%
Selling, General & Admin $330.8M $332.3M
YoY Change 11.42% 10.11%
% of Gross Profit 53.42% 56.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.00M $72.60M
YoY Change 16.32% 30.81%
% of Gross Profit 11.63% 12.41%
Operating Expenses $330.8M $332.3M
YoY Change 11.42% 10.11%
Operating Profit $288.4M $252.8M
YoY Change 12.0% -6.13%
Interest Expense -$12.50M -$1.900M
YoY Change -4.58% -78.16%
% of Operating Profit -4.33% -0.75%
Other Income/Expense, Net $1.400M $500.0K
YoY Change 55.56% -123.81%
Pretax Income $272.5M $244.0M
YoY Change 21.43% -4.43%
Income Tax $51.00M $60.90M
% Of Pretax Income 18.72% 24.96%
Net Earnings $221.5M $182.7M
YoY Change 34.98% -4.6%
Net Earnings / Revenue 9.56% 8.37%
Basic Earnings Per Share $2.73
Diluted Earnings Per Share $2.705M $2.188M
COMMON SHARES
Basic Shares Outstanding 80.82M shares 81.20M shares
Diluted Shares Outstanding 81.90M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $128.2M $162.7M
YoY Change -38.13% -35.51%
Cash & Equivalents $128.2M $162.7M
Short-Term Investments
Other Short-Term Assets $233.6M $240.2M
YoY Change -6.93% 13.57%
Inventory $1.014B $907.2M
Prepaid Expenses
Receivables $1.586B $1.425B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.962B $2.735B
YoY Change 6.6% 13.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.443B $1.478B
YoY Change 2.64% 9.97%
Goodwill $1.825B $1.882B
YoY Change 65.57%
Intangibles $855.1M $911.4M
YoY Change
Long-Term Investments
YoY Change
Other Assets $958.0M $836.2M
YoY Change 0.26% -13.14%
Total Long-Term Assets $5.081B $5.237B
YoY Change -2.09% 42.79%
TOTAL ASSETS
Total Short-Term Assets $2.962B $2.735B
Total Long-Term Assets $5.081B $5.237B
Total Assets $8.042B $7.972B
YoY Change 0.94% 31.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.383B $1.299B
YoY Change 9.06% 23.59%
Accrued Expenses $236.7M $475.3M
YoY Change -16.54% 25.34%
Deferred Revenue $22.20M $24.70M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $669.9M $318.8M
YoY Change 67.98% 392.74%
Total Short-Term Liabilities $2.939B $2.548B
YoY Change 12.64% 32.29%
LONG-TERM LIABILITIES
Long-Term Debt $2.463B $2.786B
YoY Change -12.05% 35.76%
Other Long-Term Liabilities $632.8M $474.9M
YoY Change 25.53% -5.7%
Total Long-Term Liabilities $3.096B $3.261B
YoY Change -6.31% 27.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.939B $2.548B
Total Long-Term Liabilities $3.096B $3.261B
Total Liabilities $6.035B $6.047B
YoY Change -2.16% 31.49%
SHAREHOLDERS EQUITY
Retained Earnings $4.347B $3.881B
YoY Change
Common Stock $990.6M $986.4M
YoY Change 698.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.007B $1.924B
YoY Change
Total Liabilities & Shareholders Equity $8.042B $7.972B
YoY Change 0.94% 31.03%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income $221.5M $182.7M
YoY Change 34.98% -4.6%
Depreciation, Depletion And Amortization $72.00M $72.60M
YoY Change 16.32% 30.81%
Cash From Operating Activities $220.8M $284.0M
YoY Change -22.8% -8.24%
INVESTING ACTIVITIES
Capital Expenditures -$80.40M -$131.7M
YoY Change 60.16% 16.45%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$500.0K
YoY Change -100.0% -99.36%
Cash From Investing Activities -$80.40M -$132.2M
YoY Change -94.6% -30.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$49.90M
YoY Change 60.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -172.8M -195.8M
YoY Change -116.18% 23.92%
NET CHANGE
Cash From Operating Activities 220.8M 284.0M
Cash From Investing Activities -80.40M -132.2M
Cash From Financing Activities -172.8M -195.8M
Net Change In Cash -32.40M -44.00M
YoY Change -76.19% 10.55%
FREE CASH FLOW
Cash From Operating Activities $220.8M $284.0M
Capital Expenditures -$80.40M -$131.7M
Free Cash Flow $301.2M $415.7M
YoY Change -10.41% -1.63%

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CY2022 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 avy Proceeds From Revolving Lines Of Credit
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CY2021 avy Repayments Of Revolving Credit Facility
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Fiscal Period
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Fiscal YearOur fiscal years generally consist of 52 weeks, but every fifth or sixth fiscal year consists of 53 weeks; our 2022 and 2021 fiscal years consisted of 52-week periods ending December 31, 2022 and January 1, 2022, respectively. Our 2020 fiscal year consisted of a 53-week period ending January 2, 2021.
CY2022 us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions for the reporting period and as of the date of our financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expense. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates.
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CY2022Q4 us-gaap Medium Term Notes
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CONTINGENCIES<div style="margin-top:6pt"><span style="color:#e31f26;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Legal Proceedings</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are involved in various lawsuits, claims, inquiries, and other regulatory and compliance matters, most of which are routine to the nature of our business. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these claims could affect future results of operations should our exposure be materially different from our estimates or should we incur liabilities that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are currently party to a litigation in which ADASA Inc. (“Adasa”), an unrelated third party, alleged that certain of our RFID products infringed on its patent. The case was filed on October 24, 2017 in the United States District Court in the District of Oregon (Eugene Division) and is captioned ADASA Inc. v. Avery Dennison Corporation. We recorded a contingent liability in the amount of $26.6 million related to this matter in the second quarter of 2021 based on a jury verdict issued on May 14, 2021. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the fourth quarter of 2021, the first instance judgment associated with the jury verdict was issued. This resulted in additional potential liability for the RFID tags sold during the period from the jury verdict to the issuance of the first instance judgment and a royalty on additional late-disclosed tags, as well as sanctions, prejudgment interest, costs, and attorneys’ fees. In addition, Adasa was awarded an ongoing royalty on in-scope tags sold after October 14, 2021. On October 22, 2021, we appealed the judgment to the United States Court of Appeals for the Federal Circuit ("CAFC").</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have largely completed our migration to alternative encoding methods for our RFID tags.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the fourth quarter of 2022, the CAFC issued its opinion, reversing the grant of summary judgment of validity as to anticipation and obviousness, vacating the sanctions ruling, and remanding the case for retrial. The CAFC affirmed subject-matter eligibility and damages if liability is determined in the retrial. On remand, the trial court must reconsider the amount of sanctions consistent with the CAFC's instruction to limit sanctions to the late-disclosed tags. With continued evaluation of the matter and our defenses, as well as consultation with our outside counsel, we continue to believe that Adasa’s patent is invalid and that the sanctions are unreasonable. In addition, we believe that there are appealable grounds in the CAFC’s decision; as a result, we will seek U.S. Supreme Court review as the first of the potential next steps in the litigation process. As of December 31, 2022, we continue to evaluate our options and estimate a range of potential outcomes between approximately $5 million to $71 million. Based on our assessment, we concluded that the current reserve of $26.6 million is representative of the estimated liability taking into consideration the potential outcomes; as such, we did not record a change to the accrued liability.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Because of the uncertainties associated with claims resolution and litigation, future expenses to resolve these matters could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses. If information were to become available that allowed us to reasonably estimate a range of potential expenses determined to be probable in an amount higher or lower than what we have accrued and determined such to be probable, we would adjust our accrued liabilities accordingly. Additional lawsuits, claims, inquiries, and other regulatory and compliance matters could arise in the future. The range of expenses for resolving any future matters would be assessed as they arise; until then, a range of potential expenses for such resolution cannot be determined. Based upon current information, we believe that the impact of the resolution of these matters would not be, individually or in the aggregate, material to our financial position, results of operations or cash flows. </span></div><div style="margin-top:12pt"><span style="color:#e31f26;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Environmental Expenditures</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Environmental expenditures are generally expensed. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these matters could affect future results of operations should our exposure be materially different from our estimates or should we incur liabilities that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities. We review our estimates of the costs of complying with environmental laws related to remediation and cleanup of various sites, including sites in which governmental agencies have designated us as a potentially responsible party (“PRP”). However, environmental expenditures for newly acquired assets and those that extend or improve the economic useful life of existing assets are capitalized and amortized over the shorter of the estimated useful life of the acquired asset or the remaining life of the existing asset. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of December 31, 2022, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a PRP at eleven waste disposal or waste recycling sites that are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination. No settlement of our liability related to any of these sites has been agreed upon. We are participating with other PRPs at these sites and anticipate that our share of remediation costs will be determined pursuant to agreements that we negotiate with the EPA or other governmental authorities. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">These estimates could change as a result of changes in planned remedial actions, remediation technologies, site conditions, the estimated time to complete remediation, environmental laws and regulations, and other factors. Because of the uncertainties associated with environmental assessment and remediation activities, our future expenses to remediate these sites could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses determined to be probable. If information were to become available that allowed us to reasonably estimate a range of potential expenses in an amount higher or lower than what we have accrued, we would adjust our environmental liabilities accordingly. In addition, we may be identified as a PRP at additional sites in the future. The range of expenses for remediation of any future-identified sites would be addressed as they arise; until then, a range of expenses for such remediation cannot be determined. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The activity related to our <span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOmQ4MDVlNzY3MjYyNTRkMzk5NDVmMTRlYzY5YWQyYzViL3NlYzpkODA1ZTc2NzI2MjU0ZDM5OTQ1ZjE0ZWM2OWFkMmM1Yl8xMjcvZnJhZzo2YjIxMzVlN2RjZGM0NjVhYWNmNWY4NzM5NThhNDgyNi90ZXh0cmVnaW9uOjZiMjEzNWU3ZGNkYzQ2NWFhY2Y1Zjg3Mzk1OGE0ODI2XzI3NDg3NzkwODkzNjI_88578d90-0439-42d6-b307-71198dea6627"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOmQ4MDVlNzY3MjYyNTRkMzk5NDVmMTRlYzY5YWQyYzViL3NlYzpkODA1ZTc2NzI2MjU0ZDM5OTQ1ZjE0ZWM2OWFkMmM1Yl8xMjcvZnJhZzo2YjIxMzVlN2RjZGM0NjVhYWNmNWY4NzM5NThhNDgyNi90ZXh0cmVnaW9uOjZiMjEzNWU3ZGNkYzQ2NWFhY2Y1Zjg3Mzk1OGE0ODI2XzI3NDg3NzkwODkzNjI_ceebc601-e621-4679-87b2-a66cd3f2d8f4">environmental liabilities</span></span> in 2022 and 2021 was as follows:</span></div><div style="margin-top:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:71.324%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.081%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.083%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(In millions)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance at beginning of year</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.9 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.1 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Charges, net of reversals</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2.9 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Payments</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.0)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2.1)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance at end of year</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24.3 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21.9 </span></td><td style="background-color:#ffffff;border-bottom:1pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>Approximately $9 million and $2 million, respectively, of this balance was classified as short-term and included in “<span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOmQ4MDVlNzY3MjYyNTRkMzk5NDVmMTRlYzY5YWQyYzViL3NlYzpkODA1ZTc2NzI2MjU0ZDM5OTQ1ZjE0ZWM2OWFkMmM1Yl8xMjcvZnJhZzo2YjIxMzVlN2RjZGM0NjVhYWNmNWY4NzM5NThhNDgyNi90ZXh0cmVnaW9uOjZiMjEzNWU3ZGNkYzQ2NWFhY2Y1Zjg3Mzk1OGE0ODI2XzI3NDg3NzkwODk3MDI_1777f57e-658a-4ae3-94dc-11387f47f0dd"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOmQ4MDVlNzY3MjYyNTRkMzk5NDVmMTRlYzY5YWQyYzViL3NlYzpkODA1ZTc2NzI2MjU0ZDM5OTQ1ZjE0ZWM2OWFkMmM1Yl8xMjcvZnJhZzo2YjIxMzVlN2RjZGM0NjVhYWNmNWY4NzM5NThhNDgyNi90ZXh0cmVnaW9uOjZiMjEzNWU3ZGNkYzQ2NWFhY2Y1Zjg3Mzk1OGE0ODI2XzI3NDg3NzkwODk3MDI_4f6ad2eb-549d-4826-9733-e764299d64f5">Other current liabilities</span></span>” in the Consolidated Balance Sheets as of December 31, 2022 and January 1, 2022.
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37200000 usd
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168500000 usd
CY2022 us-gaap Current Income Tax Expense Benefit
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215900000 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
242500000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
900000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-5300000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1600000 usd
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
19600000 usd
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
12500000 usd
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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Files In Submission

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