$AVY
Avery Dennison Corp

2023 Q4 Form 10-Q Financial Statement

#000000881823000018 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $2.111B
YoY Change -8.92%
Cost Of Revenue $1.515B
YoY Change -10.8%
Gross Profit $596.0M
YoY Change -3.75%
Gross Profit Margin 28.24%
Selling, General & Admin $334.9M
YoY Change 1.24%
% of Gross Profit 56.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.00M
YoY Change 6.94%
% of Gross Profit 12.92%
Operating Expenses $334.9M
YoY Change 1.24%
Operating Profit $261.1M
YoY Change -9.47%
Interest Expense -$31.20M
YoY Change 149.6%
% of Operating Profit -11.95%
Other Income/Expense, Net $10.90M
YoY Change 678.57%
Pretax Income $201.6M
YoY Change -26.02%
Income Tax $58.50M
% Of Pretax Income 29.02%
Net Earnings $143.1M
YoY Change -35.4%
Net Earnings / Revenue 6.78%
Basic Earnings Per Share
Diluted Earnings Per Share $1.77
COMMON SHARES
Basic Shares Outstanding 80.53M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $215.0M
YoY Change 67.71%
Cash & Equivalents $215.0M
Short-Term Investments
Other Short-Term Assets $245.4M
YoY Change 5.05%
Inventory $920.7M
Prepaid Expenses
Receivables $1.415B
Other Receivables $0.00
Total Short-Term Assets $2.796B
YoY Change -5.6%
LONG-TERM ASSETS
Property, Plant & Equipment $1.626B
YoY Change 12.7%
Goodwill $2.014B
YoY Change 10.35%
Intangibles $849.1M
YoY Change -0.7%
Long-Term Investments
YoY Change
Other Assets $925.3M
YoY Change -3.41%
Total Long-Term Assets $5.414B
YoY Change 6.56%
TOTAL ASSETS
Total Short-Term Assets $2.796B
Total Long-Term Assets $5.414B
Total Assets $8.210B
YoY Change 2.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.277B
YoY Change -7.66%
Accrued Expenses $355.8M
YoY Change 50.32%
Deferred Revenue $18.10M
YoY Change -18.47%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $622.2M
YoY Change -7.12%
Total Short-Term Liabilities $2.700B
YoY Change -8.16%
LONG-TERM LIABILITIES
Long-Term Debt $2.622B
YoY Change 6.46%
Other Long-Term Liabilities $760.3M
YoY Change 20.15%
Total Long-Term Liabilities $3.382B
YoY Change 9.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.700B
Total Long-Term Liabilities $3.382B
Total Liabilities $6.082B
YoY Change 0.78%
SHAREHOLDERS EQUITY
Retained Earnings $4.692B
YoY Change 7.93%
Common Stock $978.6M
YoY Change -1.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.128B
YoY Change
Total Liabilities & Shareholders Equity $8.210B
YoY Change 2.08%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income $143.1M
YoY Change -35.4%
Depreciation, Depletion And Amortization $77.00M
YoY Change 6.94%
Cash From Operating Activities $311.9M
YoY Change 41.26%
INVESTING ACTIVITIES
Capital Expenditures $96.80M
YoY Change -220.4%
Acquisitions
YoY Change
Other Investing Activities -$18.00M
YoY Change
Cash From Investing Activities -$114.8M
YoY Change 42.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -194.5M
YoY Change 12.56%
NET CHANGE
Cash From Operating Activities 311.9M
Cash From Investing Activities -114.8M
Cash From Financing Activities -194.5M
Net Change In Cash 2.600M
YoY Change -108.02%
FREE CASH FLOW
Cash From Operating Activities $311.9M
Capital Expenditures $96.80M
Free Cash Flow $215.1M
YoY Change -28.59%

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us-gaap Loss Contingency Disclosures
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Commitments and Contingencies <div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',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"><span style="color:#000000;font-family:'Times New Roman',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"><span style="color:#000000;font-family:'Times New Roman',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 within our Solutions Group reportable segment infringed 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"><span style="color:#000000;font-family:'Times New Roman',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, a higher royalty imposed by the judge applicable to tags sold after the 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></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',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 with respect to validity for anticipation and obviousness over the prior art. The CAFC affirmed subject-matter eligibility and damages if liability is determined on retrial. On remand, the trial court was required to 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 believed that Adasa’s patent was invalid and that the sanctions sought by Adasa were unreasonable. In addition, we believed that there were appealable grounds in the CAFC’s decision; as a result, we sought U.S. Supreme Court review on February 27, 2023. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">After the U.S. Supreme Court denied our writ of certiorari petition on May 30, 2023, the trial court’s retrial began on July 10, 2023. On July 18, 2023, the jury in the retrial issued a verdict that Adasa’s patent is valid. Although the court had not issued its judgment, including its decision on sanctions, we increased our contingent liability to reflect our best estimate of the anticipated judgment to $80.4 million as of July 1, 2023, with an expectation to continue adjusting our accrual quarterly, as appropriate. As of September 30, 2023 our contingent liability was $81.7 million. We have grounds to appeal and plan to appeal any judgment based on the jury verdict; therefore, we classified the total contingent liability as non-current due to the time expected for this matter to be fully resolved. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',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"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">A hearing took place on October 24, 2023 on the pending sanctions decision and certain post-trial motions. We determined that no additional adjustment to our accrual was required as a result of the hearing.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',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 legal proceedings 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:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Environmental Expenditures </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',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:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of September 30, 2023, 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:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',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:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The activity related to our environmental liabilities for the nine months ended September 30, 2023 is shown below. </span></div><div style="margin-top:12pt"><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><td style="width:82.687%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.113%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(In millions)</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance at December 31, 2022</span></div></td><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:'Times New Roman',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:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24.3 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Charges, net of reversals</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">.4 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Payments</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1.6)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Balance at September 30, 2023</span></div></td><td style="background-color:#ffffff;border-bottom:2pt solid #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">23.1 </span></td><td style="background-color:#ffffff;border-bottom:2pt solid #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Approximately $9 million of this balance was classified as short-term and included in “<span style="-sec-ix-hidden:f-589"><span style="-sec-ix-hidden:f-590">Other current liabilities</span></span>” in the unaudited Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022
CY2023Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
80400000 usd
CY2023Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
81700000 usd
CY2023Q3 avy Environmental Potentially Responsible Party Number Of Sites
EnvironmentalPotentiallyResponsiblePartyNumberOfSites
11 site
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
9000000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
297200000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
1009900000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2098300000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2317100000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6253800000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7013400000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
31000000.0 usd
CY2022Q4 us-gaap Interest Expense
InterestExpense
21200000 usd
us-gaap Interest Expense
InterestExpense
89300000 usd
us-gaap Interest Expense
InterestExpense
61600000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8700000 usd
CY2022Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1400000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
19900000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4100000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
184600000 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
272500000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
493100000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
830100000 usd
CY2023Q3 avy Other Expense Income Net
OtherExpenseIncomeNet
46300000 usd
CY2022Q4 avy Other Expense Income Net
OtherExpenseIncomeNet
-3900000 usd
avy Other Expense Income Net
OtherExpenseIncomeNet
132400000 usd
avy Other Expense Income Net
OtherExpenseIncomeNet
-2100000 usd
CY2023Q3 avy Loss Gain From Outcomes Of Legal Proceedings Net
LossGainFromOutcomesOfLegalProceedingsNet
2500000 usd
CY2022Q4 avy Loss Gain From Outcomes Of Legal Proceedings Net
LossGainFromOutcomesOfLegalProceedingsNet
0 usd
avy Loss Gain From Outcomes Of Legal Proceedings Net
LossGainFromOutcomesOfLegalProceedingsNet
56300000 usd
avy Loss Gain From Outcomes Of Legal Proceedings Net
LossGainFromOutcomesOfLegalProceedingsNet
1700000 usd
CY2023Q3 avy Transaction And Related Costs
TransactionAndRelatedCosts
0 usd
CY2022Q4 avy Transaction And Related Costs
TransactionAndRelatedCosts
0 usd
avy Transaction And Related Costs
TransactionAndRelatedCosts
4200000 usd
CY2023Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
CY2022Q4 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-500000 usd
CY2023Q3 us-gaap Gain Loss On Investments
GainLossOnInvestments
0 usd
CY2022Q4 us-gaap Gain Loss On Investments
GainLossOnInvestments
8700000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
0 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
12400000 usd
avy Other Expense Income Net
OtherExpenseIncomeNet
-2100000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
457600000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
255100000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3747700000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2207500000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1540200000 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
33000000.0 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5600000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
3600000 usd
avy Accounts Receivable Allowance For Credit Loss Foreign Currency Translation And Other Net
AccountsReceivableAllowanceForCreditLossForeignCurrencyTranslationAndOtherNet
-2300000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
32700000 usd
CY2022Q4 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
430100000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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