← Filings of AVY
Tables in the 10-Q of Avery Dennison Corp
42 tables with numbers, filed Apr 29, 2025. Each one downloads as a CSV for Excel or
Google Sheets, with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed.
Open the filing on sec.gov ↗
| | Page |
| SAFE HARBOR STATEMENT | 1 | |
| PART I. FINANCIAL INFORMATION (UNAUDITED) | | |
| Item 1. | Financial Statements: | |
| Condensed Consolidated Balance Sheets as of March 29, 2025 and December 28, 2024 | 2 |
| Condensed Consolidated Statements of Income for the Three Months Ended March 29, 2025 and March 30, 2024 | 3 |
| Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 29, 2025 and March 30, 2024 | 4 |
| Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 29, 2025 and March 30, 2024 | 5 |
First 8 of 27 rows. The CSV has all of them.
| (Dollars in millions, except per share amount) | March 29, 2025 | December 28, 2024 | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $195.9 | | $329.1 |
| Trade accounts receivable, less allowances of $28.9 and $29.0 at March 29, 2025 and December 28, 2024, respectively | 1,518.0 | | 1,466.2 |
| Inventories | 1,017.5 | | 978.1 |
| Other current assets | 299.0 | | 305.3 |
| Total current assets | 3,030.4 | | 3,078.7 |
First 8 of 33 rows. The CSV has all of them.
| Three Months Ended | | | |
| (In millions, except per share amounts) | | March 29, 2025 | March 30, 2024 | |
| Net sales | | $2,148.3 | | $2,151.3 |
| Cost of products sold | | 1,526.8 | | 1,519.1 |
| Gross profit | | 621.5 | | 632.2 |
| Marketing, general and administrative expense | | 347.0 | | 365.2 |
| Other expense (income), net | | 19.9 | | 12.6 |
| Interest expense | | 30.9 | | 28.6 |
First 8 of 18 rows. The CSV has all of them.
| Three Months Ended | | | |
| (In millions) | | March 29, 2025 | March 30, 2024 | |
| Net income | | $166.3 | | $172.4 |
| Other comprehensive income (loss), net of tax: | | | | |
| Foreign currency translation | | 2.9 | | (11.9) |
| Pension and other postretirement benefits | | .6 | | .2 |
| Cash flow hedges | | 4.9 | | (2.2) |
| Fair value hedges | | (1.5) | | — |
First 8 of 10 rows. The CSV has all of them.
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Operating Activities | | | |
| Net income | $166.3 | | $172.4 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | | |
| Depreciation | 48.8 | | 49.0 |
| Amortization | 29.1 | | 28.3 |
| Provision for credit losses and sales returns | 11.9 | | 11.8 |
First 8 of 35 rows. The CSV has all of them.
Table 6 after “Changes in the net carrying amount of goodwill for the three months ended March 29, 2025 by reportable segment are shown below.”
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| (In millions) | Materials Group | Solutions Group | | Total | |
| Goodwill as of December 28, 2024 | $606.1 | | $1,370.1 | | $1,976.2 |
| Translation adjustments | 10.9 | | 4.3 | | 15.2 |
| Goodwill as of March 29, 2025 | $617.0 | | $1,374.4 | | $1,991.4 |
Table 7 after “Estimated future amortization expense related to existing finite-lived intangible assets for the remainder of fiscal year 2025 and for each ”
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| (In millions) | Estimated Amortization Expense |
| 2025 (remainder of year) | $66.2 |
| 2026 | 85.5 |
| 2027 | 85.2 |
| 2028 | 77.4 |
| 2029 | 62.0 |
| 2030 and thereafter | 203.5 |
Table 8 after “During the three months ended March 29, 2025, restructuring charges and payments were as follows:”
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| (In millions) | Accrual atDecember 28, 2024 | Charges,Net ofReversals | | CashPayments | Non-cashImpairment | ForeignCurrencyTranslation | | Accrual atMarch 29, 2025 | | |
| 2025 Actions | | | | | | | | | | |
| Severance and related costs | $10.0 | | $4.6 | | $(8.3) | | $— | | $— | $6.3 |
| Asset impairment charges | — | | .2 | | — | | (.2) | | — | — |
| Total | $10.0 | | $4.8 | | $(8.3) | | $(.2) | | $— | $6.3 |
Table 9 after “The table below shows the total amount of restructuring charges, net of reversals, incurred by reportable segment and Corporate.”
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| Three Months Ended | | | |
| (In millions) | | March 29, 2025 | March 30, 2024 | |
| Restructuring charges, net of reversals, by reportable segment and Corporate | | | | |
| Materials Group | | $2.5 | | $2.5 |
| Solutions Group | | 2.0 | | 3.4 |
| Corporate | | .4 | | .1 |
| Total | | $4.9 | | $6.0 |
Table 10 after “The following table shows the fair value and balance sheet locations of our fair value hedges, our cross-currency swap contracts designated ”
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| (In millions) | Notional Amount | Other Current Assets | | Other Non-Current Assets | | Other Current Liabilities | | | Type of Hedge | |
| March 29, 2025 | | | | | | | | | | |
| Derivatives designated as hedges: | | | | | | | | | | |
| Foreign currency forward contracts | $539.4 | | $— | | | $— | | $8.7 | | Fair value |
| Cross-currency swap contracts | 250.0 | | — | | | 10.0 | | — | | Cash flow |
| Foreign currency forward contracts with collars | 539.4 | | 6.7 | | | — | | — | | Net investment |
| Total | | $6.7 | | | $10.0 | | $8.7 | | | |
| December 28, 2024 | | | | | | | | | | |
First 8 of 13 rows. The CSV has all of them.
Table 11 after “The following table summarizes our income before taxes, provision for income taxes, and effective tax rate:”
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| Three Months Ended | | | |
| (Dollars in millions) | | March 29, 2025 | March 30, 2024 | |
| Income before taxes | | $227.0 | | $234.4 |
| Provision for income taxes | | 60.7 | | 62.0 |
| Effective tax rate | | 26.7% | | 26.5% |
Table 12 after “Net income per common share was computed as follows:”
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| Three Months Ended | | | |
| (In millions, except per share amounts) | | March 29, 2025 | March 30, 2024 | |
| (A)Net income | | $166.3 | | $172.4 |
| (B)Weighted average number of common shares outstanding | | 79.2 | | 80.5 |
| Dilutive shares (additional common shares issuable under stock-based awards) | | .2 | | .5 |
| (C) Weighted average number of common shares outstanding, assuming dilution | | 79.4 | | 81.0 |
| Net income per common share: (A) ÷ (B) | | $2.10 | | $2.14 |
| Net income per common share, assuming dilution: (A) ÷ (C) | | $2.09 | | $2.13 |
Table 13 after “Consolidated Changes in Shareholders’ Equity”
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| Three Months Ended | | | |
| (In millions) | | March 29, 2025 | March 30, 2024 | |
| Common stock issued, $1 par value per share | | $124.1 | | $124.1 |
| Capital in excess of par value | | | | |
| Beginning balance | | $840.6 | | $854.5 |
| Issuance of shares under stock-based compensation plans(1) | | (22.9) | | (20.5) |
| Ending balance | | $817.7 | | $834.0 |
| Retained earnings | | | | |
First 8 of 25 rows. The CSV has all of them.
Table 14 after “Dividends per common share were as follows:”
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| Three Months Ended | | | |
| | March 29, 2025 | March 30, 2024 | |
| Dividends per common share | | $.88 | | $.81 |
Table 15 after “The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended March 29, 2025 were as follows:”
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| (In millions) | ForeignCurrencyTranslation(1) | Pension andOtherPostretirementBenefits | | Cash FlowHedges | Fair ValueHedges | Total | | |
| Balance as of December 28, 2024 | $(375.5) | | $(78.0) | | $(4.6) | | $2.0 | $(456.1) |
| Other comprehensive income (loss) before reclassifications, net of tax | 2.9 | | — | | 4.3 | | (1.5) | 5.7 |
| Reclassifications to net income, net of tax | — | | .6 | | .6 | | — | 1.2 |
| Other comprehensive income (loss), net of tax | 2.9 | | .6 | | 4.9 | | (1.5) | 6.9 |
| Balance as of March 29, 2025 | $(372.6) | | $(77.4) | | $.3 | | $.5 | $(449.2) |
Table 16 after “The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended March 30, 2024 were as follows:”
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| (In millions) | ForeignCurrencyTranslation | Pension andOtherPostretirementBenefits | | Cash FlowHedges | Total | |
| Balance as of December 30, 2023 | $(328.6) | | $(77.5) | | $(2.0) | $(408.1) |
| Other comprehensive income (loss) before reclassifications, net of tax | (11.9) | | — | | (2.6) | (14.5) |
| Reclassifications to net income, net of tax | — | | .2 | | .4 | .6 |
| Other comprehensive income (loss), net of tax | (11.9) | | .2 | | (2.2) | (13.9) |
| Balance as of March 30, 2024 | $(340.5) | | $(77.3) | | $(4.2) | $(422.0) |
Table 17 after “Assets and liabilities carried at fair value, measured on a recurring basis, as of March 29, 2025 were as follows:”
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| | Fair Value Measurements Using | | | | |
| (In millions) | Total | QuotedPricesin ActiveMarkets(Level 1) | | SignificantOtherObservableInputs(Level 2) | Significant Other Unobservable Inputs (Level 3) | |
| Assets | | | | | | |
| Investments | $47.4 | | $22.3 | | $25.1 | $— |
| Derivative assets | 21.7 | | .4 | | 21.3 | — |
| Bank drafts | 9.0 | | 9.0 | | — | — |
| Liabilities | | | | | | |
| Derivative liabilities | $22.0 | | $.8 | | $21.2 | $— |
First 8 of 9 rows. The CSV has all of them.
Table 18 after “Assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2024 were as follows:”
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| | Fair Value Measurements Using | | | | |
| (In millions) | Total | QuotedPricesin ActiveMarkets(Level 1) | | SignificantOtherObservableInputs(Level 2) | SignificantOtherUnobservableInputs(Level 3) | |
| Assets | | | | | | |
| Investments | $48.0 | | $24.2 | | $23.8 | $— |
| Derivative assets | 41.2 | | .4 | | 40.8 | — |
| Bank drafts | 5.2 | | 5.2 | | — | — |
| Liabilities | | | | | | |
| Derivative liabilities | $41.5 | | $.4 | | $41.1 | $— |
First 8 of 9 rows. The CSV has all of them.
Table 19 after “The activity related to our environmental liabilities for the three months ended March 29, 2025 is shown below.”
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| (In millions) | |
| Balance at December 28, 2024 | $13.0 |
| Charges, net of reversals | .1 |
| Payments | (.7) |
| Balance at March 29, 2025 | $12.4 |
Table 20 after “Disaggregated revenue information is shown below in the manner that best reflects how the nature, amount, timing and uncertainty of our reve”
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| Three Months Ended | | |
| (In millions) | March 29, 2025(2) | March 30, 2024 | |
| Net sales to unaffiliated customers(1) | | | |
| Materials Group: | | | |
| North America | $490.2 | | $477.1 |
| Europe, the Middle East and North Africa | 517.6 | | 534.7 |
| Asia Pacific | 358.5 | | 364.1 |
| Latin America | 113.8 | | 120.6 |
First 8 of 14 rows. The CSV has all of them.
Table 21 after “Segment results and reconciliation to income before taxes are presented below.”
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| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Materials Group | | | |
| Net sales to unaffiliated customers | $1,480.1 | | $1,496.5 |
| Segment expense(1) | 1,249.8 | | 1,256.0 |
| Segment adjusted operating income | $230.3 | | $240.5 |
| Solutions Group | | | |
| Net sales to unaffiliated customers | $668.2 | | $654.8 |
First 8 of 10 rows. The CSV has all of them.
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Segment adjusted operating income | | | |
| Materials Group | $230.3 | | $240.5 |
| Solutions Group | 68.2 | | 60.9 |
| Total | 298.5 | | 301.4 |
| Corporate expense | (24.0) | | (27.7) |
| Other expense (income), net and other items | (19.9) | | (19.3) |
First 8 of 11 rows. The CSV has all of them.
Table 23 after “Additional financial information by reportable segment is shown below.”
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| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Intersegment sales | | | |
| Materials Group | $43.9 | | $47.0 |
| Solutions Group | 13.2 | | 10.9 |
| Intersegment sales | $57.1 | | $57.9 |
| Capital expenditures(1)(2) | | | |
| Materials Group | $13.6 | | $20.5 |
First 8 of 14 rows. The CSV has all of them.
Table 24 after “Other expense (income), net by type were as follows:”
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| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Other expense (income), net, by type | | | |
| Restructuring charges, net of reversals: | | | |
| Severance and related costs, net of reversals | $4.7 | | $4.9 |
| Asset impairment and lease cancellation charges | .2 | | 1.1 |
| Other items: | | | |
| (Gain) loss on venture investments and other | 14.3 | | 2.2 |
First 8 of 11 rows. The CSV has all of them.
Table 25 after “The table below summarizes amounts in inventories.”
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| (In millions) | March 29, 2025 | December 28, 2024 | |
| Raw materials | $442.5 | | $435.0 |
| Work-in-progress | 242.0 | | 224.9 |
| Finished goods | 333.0 | | 318.2 |
| Inventories | $1,017.5 | | $978.1 |
Table 26 after “The table below summarizes the amounts in property, plant and equipment, net.”
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| (In millions) | March 29, 2025 | December 28, 2024 | |
| Property, plant and equipment | $4,058.3 | | $3,993.5 |
| Accumulated depreciation | (2,475.3) | | (2,406.8) |
| Property, plant and equipment, net | $1,583.0 | | $1,586.7 |
Table 27 after “The activity related to our allowance for credit losses is shown below.”
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| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Beginning balance | $29.0 | | $34.4 |
| Provision for credit losses | — | | 1.7 |
| Amounts written off | (.6) | | (1.4) |
| Other, including foreign currency translation | .5 | | (.1) |
| Ending balance | $28.9 | | $34.6 |
Table 28 after “The factors impacting reported net sales change, as compared to the prior-year period, are shown in the table below.”
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| Three Months Ended March 29, 2025 |
| Reported net sales change | —% |
| Foreign currency translation | 3 |
| Sales change ex. currency(1) | 2 |
| Organic sales change(1) | 2% |
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Net cash (used in) provided by operating activities | $(16.3) | | $119.8 |
| Purchases of property, plant and equipment | (36.0) | | (48.8) |
| Purchases of software and other deferred charges | (7.6) | | (6.9) |
| Purchases of Argentine Blue Chip Swap securities | — | | (20.2) |
| Proceeds from sales of Argentine Blue Chip Swap securities | — | | 14.0 |
| Proceeds from sales of property, plant and equipment | — | | .1 |
First 8 of 10 rows. The CSV has all of them.
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Net sales | $2,148.3 | | $2,151.3 |
| Cost of products sold | 1,526.8 | | 1,519.1 |
| Gross profit | 621.5 | | 632.2 |
| Marketing, general and administrative expense | 347.0 | | 365.2 |
| Other expense (income), net | 19.9 | | 12.6 |
| Interest expense | 30.9 | | 28.6 |
First 8 of 10 rows. The CSV has all of them.
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Other expense (income), net, by type | | | |
| Restructuring charges: | | | |
| Severance and related costs, net of reversals | $4.7 | | $4.9 |
| Asset impairment and lease cancellation charges | .2 | | 1.1 |
| Other items: | | | |
| (Gain) loss on venture investments and other | 14.3 | | 2.2 |
First 8 of 11 rows. The CSV has all of them.
Table 32 after “Net Income and Earnings per Share”
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| Three Months Ended | | |
| (In millions, except per share amounts and percentages) | March 29, 2025 | March 30, 2024 | |
| Income before taxes | $227.0 | | $234.4 |
| Provision for income taxes | 60.7 | | 62.0 |
| Net income | $166.3 | | $172.4 |
| Per share amounts: | | | |
| Net income per common share | $2.10 | | $2.14 |
| Net income per common share, assuming dilution | 2.09 | | 2.13 |
First 8 of 9 rows. The CSV has all of them.
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Net sales including intersegment sales | $1,524.0 | | $1,543.5 |
| Less intersegment sales | (43.9) | (47.0) | |
| Net sales | $1,480.1 | | $1,496.5 |
| Segment adjusted operating income(1) | 230.3 | 240.5 | |
Table 34 after “The factors impacting reported net sales change, as compared to the prior-year period, are shown in the table below.”
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| Three Months Ended |
| March 29, 2025 |
| Reported net sales change | (1)% |
| Reclassification of sales between segments | (1) |
| Foreign currency translation | 3 |
| Sales change ex. currency(1) | 1 |
| Organic sales change(1) | 1% |
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Net sales including intersegment sales | $681.4 | | $665.7 |
| Less intersegment sales | (13.2) | (10.9) | |
| Net sales | $668.2 | | $654.8 |
| Segment adjusted operating income(1) | 68.2 | 60.9 | |
Table 36 after “The factors impacting reported net sales change, as compared to the prior-year period, are shown in the table below.”
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| Three Months Ended |
| March 29, 2025 |
| Reported net sales change | 2% |
| Reclassification of sales between segments | 2 |
| Foreign currency translation | 1 |
| Sales change ex. currency(1) | 5 |
| Organic sales change(1) | 5% |
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Net income | $166.3 | | $172.4 |
| Depreciation | 48.8 | | 49.0 |
| Amortization | 29.1 | | 28.3 |
| Provision for credit losses and sales returns | 11.9 | | 11.8 |
| Stock-based compensation | 7.9 | | 7.5 |
| Deferred taxes and other non-cash taxes | (14.8) | | (3.0) |
First 8 of 11 rows. The CSV has all of them.
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Purchases of property, plant and equipment | $(36.0) | | $(48.8) |
| Purchases of software and other deferred charges | (7.6) | | (6.9) |
| Purchases of Argentine Blue Chip Swap securities | — | | (20.2) |
| Proceeds from sales of Argentine Blue Chip Swap securities | — | | 14.0 |
| Proceeds from sales of property, plant and equipment | — | | .1 |
| Proceeds from insurance and sales (purchases) of investments, net | 6.8 | | .1 |
First 8 of 11 rows. The CSV has all of them.
| Three Months Ended | | |
| (In millions) | March 29, 2025 | March 30, 2024 | |
| Net increase (decrease) in borrowings with maturities of three months or less | $796.5 | | $15.9 |
| Repayments of long-term debt and finance leases | (525.0) | | (1.7) |
| Dividends paid | (69.4) | | (65.3) |
| Share repurchases | (261.6) | | (15.6) |
| Net (tax withholding) proceeds related to stock-based compensation | (11.9) | | (18.3) |
| Payments for settlement of fair value hedges | (13.5) | | — |
First 8 of 9 rows. The CSV has all of them.
Table 40 after “Operational working capital, as a percentage of annualized current-quarter net sales, is reconciled to working capital (deficit) below. Our ”
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| (In millions, except percentages) | March 29, 2025 | March 30, 2024 | |
| (A) Working capital (deficit) | $77.6 | | $(421.4) |
| Reconciling items: | | | |
| Cash and cash equivalents | (195.9) | | (185.7) |
| Other current assets | (299.0) | | (250.6) |
| Short-term borrowings and current portion of long-term debt and finance leases | 877.5 | | 1,170.5 |
| Accrued payroll and employee benefits and other current liabilities | 802.7 | | 836.2 |
| (B) Operational working capital | $1,262.9 | | $1,149.0 |
First 8 of 10 rows. The CSV has all of them.
Table 41 after “Repurchases by us or our “affiliated purchasers” (as defined in Rule 10b-18(a)(3) of the Exchange Act) of registered equity securities in th”
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| Period(1) | Total numberof sharespurchased(2) | Averageprice paidper share(3) | | Total number of sharespurchased as part ofpublicly announcedplans(2)(4) | Approximate dollarvalue of shares that mayyet be purchased underthe plans(4)(5) | |
| December 29, 2024 – January 25, 2025 | 384.0 | | $188.26 | | 384.0 | $274.6 |
| January 26, 2025 – February 22, 2025 | 466.4 | | 184.18 | | 466.4 | 188.7 |
| February 23, 2025 – March 29, 2025 | 557.7 | | 181.44 | | 557.7 | 87.5 |
| Total | 1,408.1 | | $184.20 | | 1,408.1 | $87.5 |
| Exhibit 3.1 | Amended and Restated Certificate of Incorporation, as filed on April 28, 2011 with the Office of Delaware Secretary of State (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on April 29, 2011). |
| Exhibit 3.2 | Certificate of Amendment to Amended and Restated Certificate of Incorporation of Avery Dennison Corporation, effective as of April 25, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 26, 2024). |
| Exhibit 3.3 | Amended and Restated Bylaws of Avery Dennison Corporation, effective as of April 25, 2024 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on April 26, 2024). |
| Exhibit 10.1*† | Promotion Letter to Danny Allouche, dated February 27, 2025 |
| Exhibit 10.2*† | Promotion Letter to Deena Baker-Nel, dated February 27, 2025 |
| Exhibit 31.1* | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 31.2* | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 32.1** | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
First 8 of 16 rows. The CSV has all of them.