Avery Dennison Corp
For the period ended Dec 30, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
AVY$189.04+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for 202, 202 and
Consolidated Statements of Cash Flows
| (In millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating Activities | |||
| Net income | $503.0 | $757.1 | $740.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 187.4 | 177.4 | 167.3 |
| Amortization | 111.0 | 113.3 | 76.8 |
| Provision for credit losses and sales returns | 49.9 | 50.1 | 35.7 |
| Stock-based compensation | 22.3 | 47.4 | 37.2 |
| Deferred taxes and other non-cash taxes | (24.4) | 18.4 | 2.6 |
| Other non-cash expense and loss (income and gain), net | 37.1 | 23.5 | 11.7 |
| Changes in assets and liabilities and other adjustments: | |||
| Trade accounts receivable | (16.7) | (22.1) | (113.2) |
| Inventories | 111.7 | (140.7) | (182.7) |
| Accounts payable | (87.6) | 68.2 | 255.2 |
| Taxes on income | (18.7) | 18.9 | (7.3) |
| Other assets | 37.7 | 15.3 | 4.1 |
| Other liabilities | (86.7) | (165.8) | 19.3 |
| Net cash provided by operating activities | 826.0 | 961.0 | 1,046.8 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (265.3) | (278.1) | (255.0) |
| Purchases of software and other deferred charges | (19.8) | (20.4) | (17.1) |
| Proceeds from company-owned life insurance policies | 48.1 | — | — |
| Proceeds from sales of property, plant and equipment | 1.0 | 2.3 | 1.1 |
| Proceeds from insurance and sales (purchases) of investments, net | 1.9 | 1.9 | 3.1 |
| Proceeds from sale of product line and venture investment | — | 1.1 | 7.6 |
| Payments for acquisitions, net of cash acquired, and venture investments | (224.9) | (39.5) | (1,477.6) |
| Net cash used in investing activities | (459.0) | (332.7) | (1,737.9) |
| Financing Activities | |||
| Net increase (decrease) in borrowings with maturities of three months or less | (36.6) | 34.6 | 259.2 |
| Additional long-term borrowings | 394.9 | — | 791.7 |
| Repayments of long-term debt and finance leases | (255.9) | (6.3) | (13.4) |
| Dividends paid | (256.7) | (238.9) | (220.6) |
| Share repurchases | (137.5) | (379.5) | (180.9) |
| Net (tax withholding) proceeds related to stock-based compensation | (23.8) | (25.1) | (25.4) |
| Other | (1.6) | — | (6.3) |
| Net cash (used in) provided by financing activities | (317.2) | (615.2) | 604.3 |
| Effect of foreign currency translation on cash balances | (2.0) | (8.6) | (2.8) |
| Increase (decrease) in cash and cash equivalents | 47.8 | 4.5 | (89.6) |
| Cash and cash equivalents, beginning of year | 167.2 | 162.7 | 252.3 |
| Cash and cash equivalents, end of year | $215.0 | $167.2 | $162.7 |
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