← Filings of AVY
Tables in the 10-K of Avery Dennison Corp
98 tables with numbers, filed Feb 25, 2026. 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 ↗
Table 1 after “Securities registered pursuant to Section 12(b) of the Act:”
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| Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $1 par value | AVY | New York Stock Exchange |
| 3.750% Senior Notes due 2034 | AVY34 | Nasdaq Stock Market |
| 4.000% Senior Notes due 2035 | AVY35 | Nasdaq Stock Market |
| | Page |
| PART I | | |
| Item 1. | Business | 2 |
| Item 1A. | Risk Factors | 7 |
| Item 1B. | Unresolved Staff Comments | 17 |
| Item 1C. | Cybersecurity | 18 |
| Item 2. | Properties | 19 |
| Item 3. | Legal Proceedings | 19 |
First 8 of 30 rows. The CSV has all of them.
Table 3 after “The charts below show our global employee population by region and operational function. Nearly 20,000 of our approximately 35,000 employees”
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| Workforce by Region | |
| Asia Pacific | 58% |
| North America | 22 |
| Europe | 17 |
| Latin America | 3 |
| Workforce by Function(1) | |
| Operations | 71% |
| Non-Operations | 29 |
| 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | 12/31/2024 | 12/31/2025 | | | |
| Avery Dennison | $100 | | $141 | | $120 | | $137 | $128 | $127 |
| Dow Jones U.S. Container & Packaging Index | 100 | | 112 | | 93 | | 99 | 113 | 101 |
| S&P 500 Industrials Index | 100 | | 121 | | 114 | | 135 | 159 | 190 |
| S&P 500 Index | 100 | | 129 | | 105 | | 133 | 166 | 196 |
Table 5 after “Repurchases by us or our “affiliated purchasers” (as defined in Rule 10b-18(a)(3) of the Securities Exchange Act of 1934, as amended) of reg”
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| Period(1) | Total numberof sharespurchased(2) | Averageprice paidper share(3) | | Total number ofsharespurchased aspart of publiclyannouncedplans(2)(4) | Approximatedollar valueof shares thatmay yet bepurchasedunder theplans(5) | |
| September 28, 2025 – October 25, 2025 | 265.4 | | $160.9 | | 265.4 | $604.4 |
| October 26, 2025 – November 22, 2025 | 256.4 | | 173.6 | | 256.4 | 559.9 |
| November 23, 2025 – December 31, 2025 | 191.9 | | 175.4 | | 191.9 | 526.3 |
| Total | 713.7 | | $169.3 | | 713.7 | $526.3 |
Table 6 after “Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, provides management’s views on our financial”
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| Non-GAAP Financial Measures | 22 |
| Overview and Outlook | 23 |
| Analysis of Results of Operations | 25 |
| Results of Operations by Reportable Segment | 27 |
| Financial Condition | 29 |
| Critical Accounting Estimates | 35 |
| Recent Accounting Requirements | 37 |
Table 7 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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| 2025 | 2024 | |
| Reported net sales change | 1% | | 5% |
| Foreign currency translation | — | | — |
| Impact of extra days | — | | — |
| Sales change ex. currency(1) | —% | | 5% |
| Acquisitions | — | | (1) |
| Organic sales change(1) | —% | | 5% |
| (In millions) | 2025 | 2024 | | 2023 | |
| Net cash provided by operating activities | $881.4 | | $938.8 | | $826.0 |
| Purchases of property, plant and equipment | (169.0) | | (208.8) | | (265.3) |
| Purchases of software and other deferred charges | (31.4) | | (31.0) | | (19.8) |
| Proceeds from company-owned life insurance policies | — | | — | | 48.1 |
| Purchases of Argentine Blue Chip Swap securities | — | | (34.2) | | — |
| Proceeds from sales of Argentine Blue Chip Swap securities | — | | 24.0 | | — |
| Proceeds from sales of property, plant and equipment | 22.6 | | .6 | | 1.0 |
First 8 of 10 rows. The CSV has all of them.
| (In millions, except percentages) | 2025 | 2024 | | 2023 | |
| Net sales | $8,855.5 | | $8,755.7 | | $8,364.3 |
| Cost of products sold | 6,309.2 | | 6,225.0 | | 6,086.8 |
| Gross profit | 2,546.3 | | 2,530.7 | | 2,277.5 |
| Marketing, general and administrative expense | 1,422.5 | | 1,415.3 | | 1,313.7 |
| Other expense (income), net | 77.5 | | 71.6 | | 180.9 |
| Interest expense | 135.4 | | 117.0 | | 119.0 |
| Other non-operating expense (income), net | (14.2) | | (26.7) | | (30.8) |
First 8 of 9 rows. The CSV has all of them.
| (In millions) | 2025 | 2024 | | 2023 | |
| Other expense (income), net, by type | | | | | |
| Restructuring charges, net of reversals: | | | | | |
| Severance and related costs, net of reversals | $43.2 | | $35.4 | | $70.8 |
| Asset impairment and lease cancellation charges | 4.0 | | 6.5 | | 8.6 |
| Other items: | | | | | |
| (Gain) loss on venture and other investments, net | 23.3 | | 19.2 | | 1.5 |
| Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 5.6 | | 16.4 | | 29.9 |
First 8 of 12 rows. The CSV has all of them.
Table 11 after “Net Income and Earnings per Share”
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| (In millions, except percentages and per share amounts) | 2025 | 2024 | | 2023 | |
| Income before taxes | $925.1 | | $953.5 | | $694.7 |
| Provision for income taxes | 237.1 | | 248.6 | | 191.7 |
| Net income | $688.0 | | $704.9 | | $503.0 |
| Net income per common share | $8.81 | | $8.77 | | $6.23 |
| Net income per common share, assuming dilution | 8.79 | | 8.73 | | 6.20 |
| Effective tax rate | 25.6% | | 26.1% | | 27.6% |
| (In millions) | 2025 | 2024 | | 2023 | |
| Net sales including intersegment sales | $6,267.3 | | $6,175.8 | | $5,968.4 |
| Less intersegment sales | (174.0) | | (162.8) | | (157.1) |
| Net sales | $6,093.3 | | $6,013.0 | | $5,811.3 |
| Segment adjusted operating income(1) | 922.2 | | 924.7 | | 789.2 |
Table 13 after “The factors impacting reported net sales change are shown in the table below.”
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| 2025 | 2024 | |
| Reported net sales change | 1% | | 4% |
| Reclassification of sales between segments | (1) | | — |
| Foreign currency translation | (1) | | — |
| Impact of extra days | — | | — |
| Sales change ex. currency(1) | — | | 4 |
| Acquisitions | — | | — |
| Organic sales change(1) | (1)% | | 4% |
| (In millions) | 2025 | 2024 | | 2023 | |
| Net sales including intersegment sales | $2,817.3 | | $2,795.0 | | $2,588.5 |
| Less intersegment sales | (55.1) | | (52.3) | | (35.5) |
| Net sales | $2,762.2 | | $2,742.7 | | $2,553.0 |
| Segment adjusted operating income(1) | 286.3 | | 289.3 | | 252.0 |
Table 15 after “The factors impacting reported net sales change are shown in the table below.”
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| 2025 | 2024 | |
| Reported net sales change | 1% | | 7% |
| Reclassification of sales between segments | 2 | | — |
| Foreign currency translation | — | | 1 |
| Impact of extra days | — | | — |
| Sales change ex. currency(1) | 2 | | 8 |
| Acquisitions | — | | (2) |
| Organic sales change(1) | 2% | | 6% |
| (In millions) | 2025 | 2024 | | 2023 | |
| Net income | $688.0 | | $704.9 | | $503.0 |
| Depreciation | 206.4 | | 197.1 | | 187.4 |
| Amortization | 121.8 | | 115.1 | | 111.0 |
| Provision for credit losses and sales returns | 51.2 | | 47.4 | | 49.9 |
| Stock-based compensation | 27.9 | | 28.7 | | 22.3 |
| Deferred taxes and other non-cash taxes | (19.9) | | (18.5) | | (24.4) |
| Other non-cash expense and loss (income and gain), net | 48.8 | | 67.2 | | 37.1 |
First 8 of 15 rows. The CSV has all of them.
| (In millions) | 2025 | 2024 | | 2023 | |
| Purchases of property, plant and equipment | $(169.0) | | $(208.8) | | $(265.3) |
| Purchases of software and other deferred charges | (31.4) | | (31.0) | | (19.8) |
| Proceeds from company-owned life insurance policies | — | | — | | 48.1 |
| Purchases of Argentine Blue Chip Swap securities | — | | (34.2) | | — |
| Proceeds from sales of Argentine Blue Chip Swap securities | — | | 24.0 | | — |
| Proceeds from sales of property, plant and equipment | 22.6 | | .6 | | 1.0 |
| Proceeds from insurance and sales (purchases) of investments, net | 3.5 | | 10.1 | | 1.9 |
First 8 of 12 rows. The CSV has all of them.
| (In millions) | 2025 | 2024 | | 2023 | |
| Net increase (decrease) in borrowings with maturities of three months or less | $422.5 | | $(269.0) | | $(36.6) |
| Additional long-term borrowings | 576.5 | | 539.2 | | 394.9 |
| Repayments of long-term debt and finance leases | (559.4) | | (308.1) | | (255.9) |
| Dividends paid | (288.4) | | (277.5) | | (256.7) |
| Share repurchases | (572.3) | | (247.5) | | (137.5) |
| Net (tax withholding) proceeds related to stock-based compensation | (12.8) | | (8.4) | | (23.8) |
| Proceeds from settlement of fair value hedges | 32.8 | | — | | — |
First 8 of 11 rows. The CSV has all of them.
Table 19 after “Impact of Foreign Currency Translation”
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| (In millions) | 2025 | 2024 | |
| Change in net sales | $29 | | $(33) |
Table 20 after “Operational working capital, as a percentage of annualized current-quarter net sales, is reconciled to working capital below. Our objective ”
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| (In millions, except percentages) | 2025 | 2024 | |
| (A)Working capital | $336.7 | | $216.1 |
| Reconciling items: | | | |
| Cash and cash equivalents | (202.8) | | (329.1) |
| Other current assets | (307.8) | | (305.3) |
| Short-term borrowings and current portion of long-term debt and finance leases | 522.9 | | 592.3 |
| Current income taxes payable and other current accrued liabilities | 869.0 | | 929.6 |
| (B)Operational working capital | $1,218.0 | | $1,103.6 |
First 8 of 10 rows. The CSV has all of them.
Table 21 after “Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA”
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| Index to Consolidated Financial Statements | Page |
| Report of Independent Registered Public Accounting Firm (PCAOB ID 238) | 40 |
| Consolidated Financial Statements: | |
| Consolidated Balance Sheets as of December 31, 2025 and December 28, 2024 | 42 |
| Consolidated Statements of Income for 2025, 2024 and 2023 | 43 |
| Consolidated Statements of Comprehensive Income for 2025, 2024 and 2023 | 44 |
| Consolidated Statements of Shareholders’ Equity for 2025, 2024 and 2023 | 45 |
| Consolidated Statements of Cash Flows for 2025, 2024 and 2023 | 46 |
First 8 of 9 rows. The CSV has all of them.
| (Dollars in millions, except per share amount) | December 31, 2025 | December 28, 2024 | |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $202.8 | | $329.1 |
| Trade accounts receivable, less allowances of $28.1 and $29.0 at year-end 2025 and 2024, respectively | 1,503.9 | | 1,466.2 |
| Inventories | 975.8 | | 978.1 |
| Other current assets | 307.8 | | 305.3 |
| Total current assets | 2,990.3 | | 3,078.7 |
First 8 of 35 rows. The CSV has all of them.
Table 23 after “Consolidated Statements of Income”
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| (In millions, except per share amounts) | 2025 | 2024 | | 2023 | |
| Net sales | $8,855.5 | | $8,755.7 | | $8,364.3 |
| Cost of products sold | 6,309.2 | | 6,225.0 | | 6,086.8 |
| Gross profit | 2,546.3 | | 2,530.7 | | 2,277.5 |
| Marketing, general and administrative expense | 1,422.5 | | 1,415.3 | | 1,313.7 |
| Other expense (income), net | 77.5 | | 71.6 | | 180.9 |
| Interest expense | 135.4 | | 117.0 | | 119.0 |
| Other non-operating expense (income), net | (14.2) | | (26.7) | | (30.8) |
First 8 of 17 rows. The CSV has all of them.
Table 24 after “Consolidated Statements of Comprehensive Income”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Net income | $688.0 | | $704.9 | | $503.0 |
| Other comprehensive income (loss), net of tax: | | | | | |
| Foreign currency translation: | | | | | |
| Translation gain (loss) | 16.5 | | (46.9) | | (14.6) |
| Pension and other postretirement benefits: | | | | | |
| Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit | 26.7 | | (1.3) | | (25.2) |
| Reclassifications to net income | 2.1 | | .8 | | (1.0) |
First 8 of 15 rows. The CSV has all of them.
Table 25 after “Consolidated Statements of Shareholders’ Equity”
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| (Dollars in millions, except per share amounts) | Common stock, $1 par value | Capital in excess of par value | | Retained earnings | Treasury stock | Accumulated other comprehensive loss | | Total | | |
| Balance as of December 31, 2022 | $124.1 | | $879.3 | | $4,414.6 | | $(3,021.8) | | $(364.0) | $2,032.2 |
| Net income | — | | — | | 503.0 | | — | | — | 503.0 |
| Other comprehensive income (loss), net of tax | — | | — | | — | | — | | (44.1) | (44.1) |
| Repurchase of 780,721 shares for treasury | — | | — | | — | | (137.5) | | — | (137.5) |
| Issuance of 297,885 shares under stock-based compensation plans | — | | (24.8) | | 8.9 | | 16.5 | | — | .6 |
| Contribution of 168,404 shares to 401(k) plan | — | | — | | 22.0 | | 8.4 | | — | 30.4 |
| Dividends of $3.18 per share | — | | — | | (256.7) | | — | | — | (256.7) |
First 8 of 24 rows. The CSV has all of them.
Table 26 after “Consolidated Statements of Cash Flows”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Operating Activities | | | | | |
| Net income | $688.0 | | $704.9 | | $503.0 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
| Depreciation | 206.4 | | 197.1 | | 187.4 |
| Amortization | 121.8 | | 115.1 | | 111.0 |
| Provision for credit losses and sales returns | 51.2 | | 47.4 | | 49.9 |
| Stock-based compensation | 27.9 | | 28.7 | | 22.3 |
First 8 of 45 rows. The CSV has all of them.
Table 27 after “Changes in the net carrying amount of goodwill for 2025 and 2024 by reportable segment are shown below.”
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| (In millions) | Materials Group | Solutions Group | | Total | |
| Goodwill as of December 30, 2023 | $630.7 | | $1,382.9 | | $2,013.6 |
| Acquisition adjustments(1) | — | | (2.7) | | (2.7) |
| Translation adjustments | (24.6) | | (10.1) | | (34.7) |
| Goodwill as of December 28, 2024 | 606.1 | | 1,370.1 | | 1,976.2 |
| Acquisition(2) | 237.6 | | — | | 237.6 |
| Translation adjustments | 42.3 | | 16.4 | | 58.7 |
| Goodwill as of December 31, 2025 | $886.0 | | $1,386.5 | | $2,272.5 |
Table 28 after “The table below summarizes the amounts and useful lives of the intangible assets associated with our acquisition of Taylor Adhesives as of t”
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| Amount (in millions) | Amortizationperiod(in years) | |
| Customer relationships | $112.5 | | 9 |
| Developed technology | 27.1 | | 8 |
Table 29 after “The table below sets forth our finite-lived intangible assets resulting from business acquisitions at December 31, 2025 and December 28, 202”
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| 2025 | 2024 | | | | | | | | |
| (In millions) | Gross Carrying Amount | Accumulated Amortization | | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | | Net Carrying Amount | | |
| Customer relationships | $1,040.8 | | $509.5 | | $531.3 | | $916.0 | | $438.5 | $477.5 |
| Patented and other developed technology | 305.0 | | 187.2 | | 117.8 | | 275.2 | | 156.8 | 118.4 |
| Trade names and trademarks | 17.5 | | 14.0 | | 3.5 | | 17.1 | | 12.8 | 4.3 |
| Other intangibles | 3.3 | | 3.2 | | .1 | | 3.2 | | 2.6 | .6 |
| Total | $1,366.6 | | $713.9 | | $652.7 | | $1,211.5 | | $610.7 | $600.8 |
Table 30 after “We expect estimated amortization expense for finite-lived intangible assets resulting from business acquisitions for each of the next five f”
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| (In millions) | Estimated Amortization Expense |
| 2026 | $102.0 |
| 2027 | 101.7 |
| 2028 | 93.6 |
| 2029 | 78.4 |
| 2030 | 76.5 |
| 2031 and thereafter | 200.5 |
Table 31 after “Our long-term debt, and related interest rates, at year-end 2025 and 2024 is shown below.”
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| (In millions) | 2025 | 2024 | |
| Long-term debt | | | |
| Medium-term notes: | | | |
| Series 1995 due 2025 | $— | | $30.0 |
| Long-term notes: | | | |
| Senior notes due 2025 at 1.250%(1) | — | | 521.1 |
| Senior notes due 2028 at 4.875% | 498.0 | | 497.4 |
| Senior notes due 2030 at 2.650% | 497.4 | | 496.7 |
First 8 of 15 rows. The CSV has all of them.
Table 32 after “We expect maturities of our long-term debt for each of the next five fiscal years and thereafter to be as follows:”
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| Year | (In millions) |
| 2026 | $— |
| 2027 | — |
| 2028 | 500.0 |
| 2029 | — |
| 2030 | 500.0 |
| 2031 and thereafter | 2,223.8 |
Table 33 after “The following table shows the fair value and balance sheet locations of our derivative instruments as of December 31, 2025 and December 28, ”
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| (In millions) | Notional Amount | Other Current Assets | | Other Non-Current Assets | | Other Current Liabilities | Other Non-Current Liabilities | | Type of Hedge | | | |
| December 31, 2025 | | | | | | | | | | | | |
| Derivatives designated as hedges: | | | | | | | | | | | | |
| Foreign currency forward contracts | $1,173.8 | | $— | | | $— | | $— | | | $4.5 | Fair value |
| Cross-currency swap contracts | 250.0 | | — | | | — | | — | | | 9.9 | Cash flow |
| Commodity contracts | 1.7 | | — | | | — | | .3 | | | — | Cash flow |
| Foreign currency forward contracts with collars | 1,173.8 | | — | | | 2.6 | | — | | | — | Net investment |
| Total | | $— | | | $2.6 | | $.3 | | | $14.4 | | |
First 8 of 19 rows. The CSV has all of them.
Table 34 after “The following tables show the components of the net gains (losses) recognized in income related to derivative instruments designated as fair”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Gain (loss) on derivatives designated as fair value hedges: | | | | | |
| Foreign currency forward contracts - Marketing, general and administrative expense | $70.2 | | $(36.4) | | $— |
Table 35 after “The following table shows the components of the net gains (losses) recognized in income related to the derivative instruments not designated”
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| (In millions) | Statements of Income Location | 2025 | 2024 | | 2023 | |
| Foreign currency exchange contracts | Cost of products sold | $(.9) | | $3.2 | | $3.4 |
| Foreign currency exchange contracts | Marketing, general and administrative expense | 1.9 | | (15.2) | | 5.5 |
| | $1.0 | | $(12.0) | | $8.9 |
Table 36 after “The following table sets forth, by level within the fair value hierarchy (as applicable), non-U.S. plan assets at fair value:”
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| | Fair Value Measurements Using | | | | |
| (In millions) | Total | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |
| 2025 | | | | | | |
| Cash | $1.6 | | $1.6 | | $— | $— |
| Insurance contracts | 52.6 | | — | | — | 52.6 |
| Pooled funds – real estate investment trusts | 4.2 | | — | | — | 4.2 |
| Pooled funds – fixed income securities(1) | 412.4 | | | | | |
| Pooled funds – equity securities(1) | 198.6 | | | | | |
First 8 of 18 rows. The CSV has all of them.
Table 37 after “The following table presents a reconciliation of Level 3 non-U.S. plan asset activity during 2025 and 2024:”
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| Level 3 Assets | | | | |
| (In millions) | Insurance Contracts | Pooled Funds – Real Estate Investment Trusts | | Total | |
| Balance at December 30, 2023 | $42.6 | | $6.4 | | $49.0 |
| Net realized and unrealized gain (loss) | 1.1 | | (1.0) | | .1 |
| Purchases | 3.7 | | — | | 3.7 |
| Settlements | (5.8) | | — | | (5.8) |
| Impact of changes in foreign currency exchange rates | (2.6) | | (.1) | | (2.7) |
| Balance at December 28, 2024 | 39.0 | | 5.3 | | 44.3 |
First 8 of 14 rows. The CSV has all of them.
| Pension Benefits | | |
| (In millions) | 2025 | 2024 | |
| Change in projected benefit obligations | | | |
| Projected benefit obligations at beginning of year | $664.4 | | $679.9 |
| Service cost | 14.7 | | 13.8 |
| Interest cost | 26.2 | | 24.1 |
| Participant contributions | 5.1 | | 4.7 |
| Amendments | 1.4 | | 5.1 |
First 8 of 15 rows. The CSV has all of them.
| Pension Benefits | | |
| (In millions) | 2025 | 2024 | |
| Change in plan assets | | | |
| Plan assets at beginning of year | $659.5 | | $663.2 |
| Actual return on plan assets | (4.8) | | 41.6 |
| Transfer | 4.4 | | — |
| Employer contributions | 19.2 | | 15.5 |
| Participant contributions | 5.1 | | 4.7 |
First 8 of 12 rows. The CSV has all of them.
| Pension Benefits | | |
| (In millions) | 2025 | 2024 | |
| Funded status of the plans | | | |
| Other assets | $138.7 | | $84.7 |
| Other accrued liabilities | (4.4) | | (3.2) |
| Long-term retirement benefits and other liabilities | (82.0) | | (86.4) |
| Plan assets more (less) than benefit obligations | $52.3 | | $(4.9) |
| Pension Benefits | | |
| 2025 | 2024 | |
| Weighted average assumptions used to determine year-end benefit obligations | | | |
| Discount rate | 4.57% | | 3.95% |
| Compensation rate increase | 2.68 | | 2.80 |
Table 42 after “The pre-tax amounts related to our non-U.S. defined benefit plans recognized in “Accumulated other comprehensive loss” in the Consolidated B”
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| Pension Benefits | | |
| (In millions) | 2025 | 2024 | |
| Net actuarial loss | $31.2 | | $69.4 |
| Prior service cost | 3.7 | | 2.3 |
| Net amount recognized in accumulated other comprehensive loss | $34.9 | | $71.7 |
Table 43 after “The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:”
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| Pension Benefits | | | | |
| (In millions) | 2025 | 2024 | | 2023 | |
| Net actuarial (gain) loss | $(36.8) | | $(3.4) | | $32.6 |
| Prior service credit | 1.4 | | 5.1 | | (.1) |
| Amortization of unrecognized: | | | | | |
| Net actuarial (gain) loss | (1.5) | | (.4) | | 2.1 |
| Prior service cost | .1 | | .5 | | .4 |
| Settlements | — | | .1 | | .1 |
First 8 of 9 rows. The CSV has all of them.
Table 44 after “The following table shows the components of net periodic benefit cost for our non-U.S. defined benefit plans:”
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| Pension Benefits | | | | |
| (In millions) | 2025 | 2024 | | 2023 | |
| Service cost | $14.7 | | $13.8 | | $10.5 |
| Interest cost | 26.2 | | 24.1 | | 24.7 |
| Expected return on plan assets | (36.6) | | (37.4) | | (33.2) |
| Amortization of actuarial (gain) loss | 1.5 | | .4 | | (2.1) |
| Amortization of prior service cost | (.1) | | (.5) | | (.4) |
| Recognized gain on settlements | — | | (.1) | | (.1) |
First 8 of 9 rows. The CSV has all of them.
Table 45 after “The following table shows the weighted average assumptions used to determine net periodic cost:”
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| Pension Benefits | | | | |
| 2025 | 2024 | | 2023 | |
| Discount rate | 3.95% | | 3.78% | | 4.36% |
| Expected return on assets | 4.72 | | 5.04 | | 4.71 |
| Compensation rate increase | 2.80 | | 2.73 | | 2.75 |
Table 46 after “The future benefit payments of our non-U.S. defined benefit plans shown below reflect the expected service periods for eligible participants”
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| (In millions) | Pension Benefits |
| 2026 | $34.1 |
| 2027 | 29.0 |
| 2028 | 31.6 |
| 2029 | 29.6 |
| 2030 | 31.8 |
| 2031-2035 | 176.2 |
Table 47 after “Supplemental cost information related to leases is shown below.”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Operating lease costs | $77.7 | | $75.1 | | $73.6 |
Table 48 after “Supplemental balance sheet information related to leases is shown below.”
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| (In millions) | Balance Sheet Location | 2025 | 2024 | |
| Assets | | | | |
| Operating | Other assets | $215.8 | | $227.5 |
| Finance(1) | Property, plant and equipment, net | 15.9 | | 32.5 |
| Total leased assets | | $231.7 | | $260.0 |
| Liabilities | | | | |
| Current: | | | | |
| Operating | Other current liabilities | $53.1 | | $49.6 |
First 8 of 13 rows. The CSV has all of them.
Table 49 after “Supplemental cash flow information related to leases is shown below.”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Cash paid for amounts included in measurement of operating lease liabilities | $63.8 | | $61.0 | | $55.8 |
| Operating lease assets obtained in exchange for operating lease liabilities | 47.6 | | 93.0 | | 92.4 |
Table 50 after “Weighted average remaining lease term and discount rate information related to leases as of December 31, 2025 and December 28, 2024 is shown”
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| 2025 | 2024 | |
| Weighted average remaining lease term (in years): | | | |
| Operating | 6.5 | 6.7 | |
| Finance | 3.6 | 3.6 | |
| Weighted average discount rate (percentage): | | | |
| Operating | 4.7% | | 4.6% |
| Finance | 4.7 | | 4.7 |
Table 51 after “Operating and finance lease liabilities by maturity date from December 31, 2025 are shown below.”
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| (In millions) | Operating Leases | Finance Leases | |
| 2026 | $59.7 | | $6.0 |
| 2027 | 46.9 | | 5.0 |
| 2028 | 33.6 | | 3.3 |
| 2029 | 28.1 | | 2.3 |
| 2030 | 22.2 | | 1.0 |
| 2031 and thereafter | 66.9 | | .3 |
| Total lease payments | 257.4 | | 17.9 |
First 8 of 10 rows. The CSV has all of them.
Table 52 after “in 2025 and 2024 is shown below:”
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| (In millions) | 2025 | 2024 | |
| Balance at beginning of year | $13.0 | | $24.5 |
| Charges, net of reversals | 2.9 | | 1.9 |
| Payments | (5.9) | | (13.4) |
| Balance at end of year | $10.0 | | $13.0 |
Table 53 after “Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2025 were as follows:”
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| | Fair Value Measurements Using | | | | |
| (In millions) | Total | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | |
| Assets | | | | | | |
| Investments | $49.1 | | $24.1 | | $25.0 | $— |
| Derivative assets | 7.2 | | — | | 7.2 | — |
| Bank drafts | 7.5 | | 7.5 | | — | — |
| Liabilities | | | | | | |
| Derivative liabilities | $18.0 | | $.3 | | $17.7 | $— |
First 8 of 9 rows. The CSV has all of them.
Table 54 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 | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (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 55 after “Net income per common share was computed as follows:”
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| (In millions, except per share amounts) | 2025 | 2024 | | 2023 | |
| (A) Net income | $688.0 | | $704.9 | | $503.0 |
| (B) Weighted average number of common shares outstanding | 78.1 | | 80.4 | | 80.7 |
| Dilutive shares (additional common shares issuable under stock-based awards) | .2 | | .3 | | .4 |
| (C) Weighted average number of common shares outstanding, assuming dilution | 78.3 | | 80.7 | | 81.1 |
| Net income per common share (A) ÷ (B) | $8.81 | | $8.77 | | $6.23 |
| Net income per common share, assuming dilution (A) ÷ (C) | $8.79 | | $8.73 | | $6.20 |
Table 56 after “The changes in “Accumulated other comprehensive loss” (net of tax) for 2025 and 2024 were as follows:”
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| (In millions) | ForeignCurrencyTranslation(1) | Pension and Other Postretirement Benefits | | Cash Flow Hedges | Fair Value Hedges | Total | | |
| Balance as of December 30, 2023 | $(328.6) | | $(77.5) | | $(2.0) | | $— | $(408.1) |
| Other comprehensive income (loss) before reclassifications, net of tax | (46.9) | | (1.3) | | (5.4) | | 2.0 | (51.6) |
| Reclassifications to net income, net of tax | — | | .8 | | 2.8 | | — | 3.6 |
| Net current-period other comprehensive income (loss), net of tax | (46.9) | | (.5) | | (2.6) | | 2.0 | (48.0) |
| 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 | 16.5 | | 26.7 | | 1.9 | | (3.6) | 41.5 |
| Reclassifications to net income, net of tax | — | | 2.1 | | 2.8 | | — | 4.9 |
First 8 of 10 rows. The CSV has all of them.
Table 57 after “The following table sets forth the income tax expense (benefit) allocated to each component of other comprehensive income (loss):”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Foreign currency translation: | | | | | |
| Translation gain (loss) | $(4.9) | | $.1 | | $1.2 |
| Pension and other postretirement benefits: | | | | | |
| Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit | 8.6 | | (.6) | | (8.2) |
| Reclassifications to net income | .7 | | .4 | | (.3) |
| Cash flow hedges: | | | | | |
| Gain (loss) recognized on cash flow hedges | .5 | | (1.7) | | (2.2) |
First 8 of 12 rows. The CSV has all of them.
Table 58 after “Stock-based compensation expense and the related recognized tax benefit were as follows:”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Stock-based compensation expense | $27.9 | | $28.7 | | $22.3 |
| Tax benefit | 3.2 | | 2.6 | | 2.4 |
Table 59 after “The following table summarizes information related to stock options:”
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| Number ofoptions(in thousands) | Weighted average exercise price | | Weighted average remaining contractual life (in years) | Aggregate intrinsic value (in millions) | |
| Outstanding at December 28, 2024 | 63.0 | | $190.54 | | 8.68 | $— |
| Exercised | — | | — | | | |
| Outstanding at December 31, 2025 | 63.0 | | $190.54 | | 7.67 | $— |
| Options vested and expected to vest at December 31, 2025 | 58.5 | | 190.54 | | 7.67 | — |
| Options exercisable at December 31, 2025 | — | | $— | | | $— |
Table 60 after “The following table summarizes information related to awarded PUs:”
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| Number of PUs (in thousands) | Weighted average grant-date fair value | |
| Unvested at December 28, 2024 | 292.1 | | $181.94 |
| Granted at target | 154.2 | | 175.53 |
| Adjustment for performance achievement(1) | (32.5) | | 162.57 |
| Vested | (38.7) | | 164.91 |
| Forfeited/cancelled | (16.9) | | 184.27 |
| Unvested at December 31, 2025 | 358.2 | | $182.66 |
Table 61 after “The following table summarizes information related to awarded MSUs:”
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| Number of MSUs (in thousands) | Weighted average grant- date fair value | |
| Unvested at December 28, 2024 | 163.7 | | $202.83 |
| Granted at target | 83.7 | | 190.36 |
| Adjustment for performance achievement(1) | .3 | | 204.59 |
| Vested | (67.5) | | 195.87 |
| Forfeited/cancelled | (9.8) | | 196.20 |
| Unvested at December 31, 2025 | 170.4 | | $200.85 |
Table 62 after “The following table summarizes information related to awarded RSUs:”
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| Number of RSUs (in thousands) | Weighted average grant-date fair value | |
| Unvested at December 28, 2024 | 94.9 | | $191.22 |
| Granted | 73.4 | | 171.82 |
| Vested | (64.7) | | 191.49 |
| Forfeited/cancelled | (1.8) | | 184.65 |
| Unvested at December 31, 2025 | 101.8 | | $177.19 |
Table 63 after “During 2025, restructuring charges and payments were as follows:”
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| (In millions) | Accrual at December 28, 2024 | Charges, Net of Reversals | | Cash Payments | Non-cash Impairment | Foreign Currency Translation | | Accrual at December 31, 2025 | | |
| 2025 Actions | | | | | | | | | | |
| Severance and related costs | $10.0 | | $45.7 | | $(41.5) | | $— | | $.2 | $14.4 |
| Asset impairment charges | — | | 3.1 | | — | | (3.1) | | — | — |
| Total | $10.0 | | $48.8 | | $(41.5) | | $(3.1) | | $.2 | $14.4 |
Table 64 after “During 2024, restructuring charges and payments were as follows:”
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| (In millions) | Accrual at December 30, 2023 | Charges, Net of Reversals | | Cash Payments | Non-cash Impairment | Foreign Currency Translation | | Accrual at December 28, 2024 | | |
| 2025 Actions | | | | | | | | | | |
| Severance and related costs | $— | | $10.0 | | $— | | $— | | $— | $10.0 |
| Asset impairment charges | — | | 3.1 | | — | | (3.1) | | — | — |
| 2023 Actions | | | | | | | | | | |
| Severance and related costs | 27.7 | | 25.4 | | (43.3) | | — | | (.6) | 9.2 |
| Asset impairment charges | — | | 3.0 | | — | | (3.0) | | — | — |
| Lease cancellation costs | — | | .4 | | (.6) | | — | | — | (.2) |
First 8 of 9 rows. The CSV has all of them.
Table 65 after “The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate.”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Restructuring charges by reportable segment and Corporate | | | | | |
| Materials Group | $22.9 | | $5.7 | | $52.4 |
| Solutions Group | 23.4 | | 35.8 | | 23.2 |
| Corporate | .9 | | .4 | | 3.8 |
| Total | $47.2 | | $41.9 | | $79.4 |
Table 66 after “Taxes based on income were as follows:”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Current: | | | | | |
| U.S. federal tax | $45.9 | | $36.0 | | $42.5 |
| State taxes | 11.0 | | 10.6 | | 9.0 |
| Foreign taxes | 205.3 | | 214.9 | | 160.8 |
| 262.2 | | 261.5 | | 212.3 |
| Deferred: | | | | | |
| U.S. federal tax | (17.2) | | (8.7) | | (29.0) |
First 8 of 12 rows. The CSV has all of them.
Table 67 after “A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income befor”
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| 2025 | | |
| (In millions, except percentages) | Amount | Percent | |
| U.S. federal statutory tax rate | $194.3 | | 21.0% |
| State and local income taxes, net of federal income tax effect(1) | 7.7 | | .8% |
| Foreign tax effects | | | |
| China | 18.0 | | 1.9% |
| The Netherlands | | | |
| Nontaxable or nondeductible items | (9.9) | | (1.1)% |
First 8 of 19 rows. The CSV has all of them.
Table 68 after “A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income befor”
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| (In millions) | 2024 | 2023 | |
| Tax provision computed at U.S. federal statutory rate(1) | $200.2 | | $145.9 |
| Increase (decrease) in taxes resulting from: | | | |
| State taxes, net of federal tax benefit | 2.7 | | 2.6 |
| Foreign earnings taxed at different rates(1) | 49.5 | | 50.4 |
| Global intangible low-taxed income high-tax exclusion election, net(2) | (6.2) | | (10.0) |
| Valuation allowances | 15.9 | | 2.6 |
| U.S. federal research and development tax credits | (7.7) | | (8.3) |
First 8 of 11 rows. The CSV has all of them.
Table 69 after “Income before taxes from our U.S. and foreign operations was as follows:”
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| (In millions) | 2025 | 2024 | | 2023 | |
| U.S. | $160.4 | | $211.4 | | $187.2 |
| Foreign | 764.7 | | 742.1 | | 507.5 |
| Income before taxes | $925.1 | | $953.5 | | $694.7 |
Table 70 after “The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:”
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| (In millions) | 2025 | 2024 | |
| Accrued expenses not currently deductible | $32.2 | | $29.8 |
| Net operating loss carryforwards | 144.7 | | 137.9 |
| Tax credit carryforwards | 24.3 | | 14.8 |
| Capitalized research expenses | 94.0 | | 81.7 |
| Stock-based compensation | 9.0 | | 8.8 |
| Pension and other postretirement benefits | 13.7 | | 31.1 |
| Inventory reserve | 19.7 | | 19.2 |
First 8 of 18 rows. The CSV has all of them.
Table 71 after “If unused, foreign net operating losses and tax credit carryforwards will expire as follows:”
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| (In millions) | Net Operating Losses(1) | Tax Credits | |
| Year of Expiry | | | |
| 2026 | $2.3 | | $.2 |
| 2027 | 3.2 | | .3 |
| 2028 | 5.7 | | .7 |
| 2029 | 21.4 | | .4 |
| 2030 | 13.7 | | 1.4 |
| 2031-2045 | 24.9 | | 20.3 |
First 8 of 10 rows. The CSV has all of them.
Table 72 after “A reconciliation of the beginning and ending amounts of unrecognized tax benefits is provided below.”
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| (In millions) | 2025 | 2024 | |
| Balance at beginning of year | $81.1 | | $88.0 |
| Additions for tax positions of current year | 9.4 | | 11.4 |
| Additions (reductions) for tax positions of prior years, net | (8.2) | | (7.2) |
| Settlements with tax authorities | (.2) | | (4.6) |
| Expirations of statutes of limitations | (4.7) | | (3.7) |
| Changes due to foreign currency translation | 3.5 | | (2.8) |
| Balance at end of year | $80.9 | | $81.1 |
Table 73 after “Cash paid for income taxes, net of refunds received, for the year ended December 31, 2025 was as follows:”
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| (In millions) | 2025 |
| U.S. federal | $35.7 |
| State | 10.4 |
| Foreign | |
| China | 58.3 |
| The Netherlands | 18.6 |
| India | 16.4 |
| Other | 125.6 |
First 8 of 9 rows. The CSV has all of them.
Table 74 after “Revenue from our Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped.”
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| (In millions) | 2025(2) | 2024 | | 2023 | |
| Net sales to unaffiliated customers(1) | | | | | |
| Materials Group: | | | | | |
| North America | $1,943.1 | | $1,879.6 | | $1,846.3 |
| Europe, the Middle East and North Africa | 2,146.4 | | 2,091.0 | | 2,007.1 |
| Asia | 1,534.3 | | 1,552.7 | | 1,483.7 |
| Latin America | 469.5 | | 489.7 | | 474.2 |
| Total Materials Group | 6,093.3 | | 6,013.0 | | 5,811.3 |
First 8 of 13 rows. The CSV has all of them.
Table 75 after “Revenue from our Materials Group reportable segment by product group is shown below.”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Net sales to unaffiliated customers(1) | | | | | |
| Materials Group: | | | | | |
| Labels, graphics and reflectives | $5,332.2 | | $5,266.0 | | $5,076.8 |
| Performance materials(2) | 547.2 | | 516.6 | | 522.8 |
| Other | 213.9 | | 230.4 | | 211.7 |
| Total Materials Group | $6,093.3 | | $6,013.0 | | $5,811.3 |
Table 76 after “Our total company revenue by geographic area is shown below. Revenue is attributed to geographic areas based on the location from which prod”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Net sales to unaffiliated customers | | | | | |
| U.S. | $2,751.0 | | $2,613.4 | | $2,578.3 |
| Europe, the Middle East and North Africa | 2,457.1 | | 2,418.6 | | 2,306.7 |
| Asia | 2,726.8 | | 2,763.1 | | 2,545.2 |
| Latin America | 567.3 | | 599.8 | | 582.3 |
| Other | 353.3 | | 360.8 | | 351.8 |
| Net sales to unaffiliated customers | $8,855.5 | | $8,755.7 | | $8,364.3 |
Table 77 after “Segment results and reconciliation to income before taxes are presented below.”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Materials Group | | | | | |
| Net sales to unaffiliated customers | $6,093.3 | | $6,013.0 | | $5,811.3 |
| Segment expense(1) | 5,171.1 | | 5,088.3 | | 5,022.1 |
| Segment adjusted operating income | $922.2 | | $924.7 | | $789.2 |
| Solutions Group | | | | | |
| Net sales to unaffiliated customers | $2,762.2 | | $2,742.7 | | $2,553.0 |
| Segment expense(1) | 2,475.9 | | 2,453.4 | | 2,301.0 |
First 8 of 9 rows. The CSV has all of them.
Table 78 after “Segment expense included cost of products sold and marketing, general and administrative expense and excluded other expense (income), net, a”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Segment adjusted operating income | | | | | |
| Materials Group | $922.2 | | $924.7 | | $789.2 |
| Solutions Group | 286.3 | | 289.3 | | 252.0 |
| Total | 1,208.5 | | 1,214.0 | | 1,041.2 |
| Corporate expense | (84.7) | | (91.9) | | (77.4) |
| Other expense (income), net and other items | (77.5) | | (78.3) | | (180.9) |
| Interest expense | (135.4) | | (117.0) | | (119.0) |
First 8 of 10 rows. The CSV has all of them.
Table 79 after “Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated net sales. We do not disclose total ”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Intersegment sales | | | | | |
| Materials Group | $174.0 | | $162.8 | | $157.1 |
| Solutions Group | 55.1 | | 52.3 | | 35.5 |
| Intersegment sales | $229.1 | | $215.1 | | $192.6 |
| Capital expenditures(1)(2) | | | | | |
| Materials Group | $96.2 | | $96.3 | | $117.8 |
| Solutions Group | 75.1 | | 120.8 | | 148.7 |
First 8 of 13 rows. The CSV has all of them.
Table 80 after “Other expense (income), net, by type were as follows:”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Other expense (income), net, by type | | | | | |
| Restructuring charges, net of reversals: | | | | | |
| Severance and related costs, net of reversals | $43.2 | | $35.4 | | $70.8 |
| Asset impairment and lease cancellation charges | 4.0 | | 6.5 | | 8.6 |
| Other items: | | | | | |
| (Gain) loss on venture and other investments, net | 23.3 | | 19.2 | | 1.5 |
| Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 5.6 | | 16.4 | | 29.9 |
First 8 of 12 rows. The CSV has all of them.
Table 81 after “Long-lived assets (including property, plant and equipment, net, and operating lease assets) in our U.S. and non-U.S. operations were as fol”
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| (In millions) | 2025 | 2024 | |
| Long-lived assets | | | |
| U.S. | $615.6 | | $642.7 |
| Non-U.S. | 1,207.9 | | 1,171.5 |
| Long-lived assets | $1,823.5 | | $1,814.2 |
Table 82 after “Inventories at year-end were as follows:”
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| (In millions) | 2025 | 2024 | |
| Raw materials | $387.6 | | $435.0 |
| Work-in-progress | 242.5 | | 224.9 |
| Finished goods | 345.7 | | 318.2 |
| Inventories | $975.8 | | $978.1 |
Table 83 after “Major classes of property, plant and equipment, stated at cost, at year-end were as follows:”
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| (In millions) | 2025 | 2024 | |
| Land | $37.4 | | $35.1 |
| Buildings and improvements | 903.5 | | 852.3 |
| Machinery and equipment | 3,192.6 | | 2,903.4 |
| Construction-in-progress | 138.4 | | 202.7 |
| Property, plant and equipment | 4,271.9 | | 3,993.5 |
| Accumulated depreciation | (2,664.2) | | (2,406.8) |
| Property, plant and equipment, net | $1,607.7 | | $1,586.7 |
Table 84 after “Capitalized software costs at year-end were as follows:”
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| (In millions) | 2025 | 2024 | |
| Cost | $396.3 | | $360.0 |
| Accumulated amortization | (278.7) | | (249.3) |
| Software, net | $117.6 | | $110.7 |
Table 85 after “Capitalized implementation costs at year-end were as follows:”
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| (In millions) | 2025 | 2024 | |
| Cost | $134.4 | | $97.1 |
| Accumulated amortization | (29.7) | | (17.9) |
| Capitalized implementation costs, net | $104.7 | | $79.2 |
Table 86 after “The activity related to our allowance for credit losses was as follows:”
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| (In millions) | 2025 | 2024 | |
| Balance at beginning of year | $29.0 | | $34.4 |
| Provision for credit losses | 3.2 | | 4.6 |
| Amounts written off | (5.9) | | (8.9) |
| Other, including foreign currency translation | 1.8 | | (1.1) |
| Balance at end of year | $28.1 | | $29.0 |
Table 87 after “Research and development expense, which was included in “Marketing, general and administrative expense” in the Consolidated Statements of In”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Research and development expense | $136.6 | | $137.8 | | $135.8 |
Table 88 after “Cash paid for interest was as follows:”
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| (In millions) | 2025 | 2024 | | 2023 | |
| Interest | $131.3 | | $111.8 | | $109.9 |
Table 89 after “The following table shows the amounts and balance sheet locations of deferred revenue as of December 31, 2025 and December 28, 2024:”
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| (In millions) | December 31, 2025 | December 28, 2024 | |
| Other current liabilities | $16.2 | | $15.5 |
| Long-term retirement benefits and other liabilities | 1.6 | | 1.2 |
| Total deferred revenue | $17.8 | | $16.7 |
Table 90 after “The activity related to our supplier finance programs was as follows:”
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| (In millions) | 2025 | 2024 | |
| Balance at beginning of year | $384.6 | | $397.4 |
| Invoices confirmed during the year | 1,291.3 | | 1,339.3 |
| Invoices paid during the year | (1,316.6) | | (1,328.9) |
| Other, including foreign currency translation | 24.5 | | (23.2) |
| Balance at end of year | $383.8 | | $384.6 |
| Name and Position | Age | Executive Officer Since | | Former Positions within Past Five Years/ Officer Positions with Avery Dennison | | |
| Deon M. StanderPresident and Chief Executive Officer | 57 | August 2016 | | 2022-2023 | | President and Chief Operating Officer |
| | | 2015-2022 | | Vice President and General Manager, RBIS | |
| | | 2013-2015 | | Vice President and General Manager, Global Commercial and Innovation, RBIS | |
| | | 2010-2012 | | Vice President and General Manager, Global Commercial, RBIS | |
| Gregory S. LovinsSenior Vice President and Chief Financial Officer | 53 | March 2017 | | 2017 | | Vice President and Interim Chief Financial Officer |
| | | 2016-2017 | | Vice President and Treasurer | |
| | | 2011-2016 | | Vice President, Global Finance, Materials Group | |
First 8 of 27 rows. The CSV has all of them.
Table 92 after “For the Year Ended December 31, 2025”
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| Exhibit No. | Exhibit Name | Originally Filed as Exhibit No. | Filing(1) |
| 3.1(i) | Amended and Restated Certificate of Incorporation, as filed on April 28, 2011 with the Office of Delaware Secretary of State | 3.1 | Current Report on Form 8-K, filed April 29, 2011 |
| 3.1(ii) | Certificate of Amendment to Amended and Restated Certificate of Incorporation, effective as of April 25, 2024. | 3.1 | Current Report on Form 8-K, filed April 26, 2024 |
| 3.1(iii) | Amended and Restated Bylaws, effective as of April 25, 2024 | 3.2 | Current Report on Form 8-K,filed April 26, 2024 |
| 4.1 | Indenture, dated as of March 15, 1991, between Registrant and Security Pacific National Bank, as Trustee (the “1991 Indenture”) | 4.1 | Registration Statement on Form S-3 (File No. 33-39491), filed March 19, 1991 |
| 4.2 | First Supplemental Indenture, dated as of March 16, 1993, between Registrant and BankAmerica National Trust Company, as successor Trustee (the “Supplemental Indenture”) | 4.4 | Registration Statement on Form S-3 (File No. 33-59642), filed March 17, 1993 |
| 4.3 | Officers’ Certificate establishing a series of Securities entitled “Medium-Term Notes, Series C” under the 1991 Indenture, as amended by the Supplemental Indenture | 4.1 | Current Report on Form 8-K, filed May 12, 1995 |
| 4.4 | Indenture, dated as of July 3, 2001, between Registrant and Chase Manhattan Bank and Trust Company, National Association, as trustee (the “2001 Indenture”) | 4.1 | Registration Statement on Form S-3 (File No. 333-64558), filed July 3, 2001 |
First 8 of 14 rows. The CSV has all of them.
| Exhibit No. | Exhibit Name | Originally Filed as Exhibit No. | Filing(1) |
| 4.11 | Sixth Supplemental Indenture, dated as of March 11, 2020, between Registrant and BNY Mellon, as Trustee (including Form of 2.650% Senior Notes due 2030 on Exhibit A thereto) | 4.2 | Current Report on Form 8-K, filed March 11, 2020 |
| 4.12 | Seventh Supplemental Indenture, dated as of August 18, 2021, between Registrant and BNY Mellon, as Trustee | 4.2 | Current Report on Form 8-K filed on August 18, 2021 |
| 4.13 | Eighth Supplemental Indenture, dated as of August 18, 2021, between Registrant and BNY Mellon, as Trustee (including Form of 2.250% Senior Notes due 2032 on Exhibit A thereto) | 4.3 | Current Report on Form 8-K filed on August 18, 2021 |
| 4.14 | Ninth Supplemental Indenture, dated as of March 15, 2023, between Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee (including Form of 5.750% Senior Notes due 2033 on Exhibit A thereto) | 4.2 | Current Report on Form 8-K filed on March 15, 2023 |
| 4.15 | Tenth Supplemental Indenture between Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of November 4, 2024 (including Form of 3.750% Senior Notes due 2034 on Exhibit A thereto) | 4.2 | Current Report on Form 8-K, filed on November 4, 2024 |
| 4.16 | Eleventh Supplemental Indenture between Avery Dennison Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated as of September 11, 2025 (including Form of 4.000% Senior Notes due 2035 on Exhibit A thereto) | 4.2 | Current Report on Form 8-K,filed on September 11, 2025 |
| 4.17† | Description of Securities | N/A | N/A |
First 8 of 15 rows. The CSV has all of them.
| Exhibit No. | Exhibit Name | Originally Filed as Exhibit No. | Filing(1) |
| 10.8* | Amended and Restated Annual Incentive Plan | 10.1 | Quarterly Report on Form 10-Q, filed May 1, 2020 |
| 10.9* | Complete Restatement and Amendment of Executive Deferred Retirement Plan (“EDRP”) | 10.28 | 1994 Annual Report on Form 10-K, filed March 30, 1995 |
| 10.10* | Amendment No. 1 to EDRP | 10.28.1 | 1999 Annual Report on Form 10-K, filed March 30, 2000 |
| 10.11* | Amendment No. 2 to EDRP | 10.28.2 | 2001 Annual Report on Form 10-K, filed March 4, 2002 |
| 10.12* | 2005 Executive Variable Deferred Retirement Plan, amended and restated January 1, 2019 | 4.4 | Registration Statement on Form S-8, filed July 30, 2024 |
| 10.13* | Amended and Restated Key Executive Change of Control Severance Plan | 10.14 | 2024 Annual Report onForm 10-K, filed February 26,2025 |
| 10.14* | Amended and Restated Executive Severance Plan | 10.15 | 2024 Annual Report onForm 10-K, filed February 26,2025 |
First 8 of 17 rows. The CSV has all of them.
| Exhibit No. | Exhibit Name | Originally Filed as Exhibit No. | Filing(1) |
| 10.24* | Offer Letter to Ignacio Walker, dated August 25, 2020 | 10.2 | Quarterly Report on Form 10-Q, filed May 3, 2022 |
| 10.25* | Offer Letter to Francisco Melo, dated February 27, 2023 | 10.2 | Quarterly Report on Form 10-Q, filed May 2, 2023 |
| 10.26* | Offer Letter to Mitchell Butier, dated May 25, 2023 | 10.1 | Quarterly Report on Form 10-Q, filed August 1, 2023 |
| 10.27* | Offer Letter to Deon Stander, dated May 25, 2023 | 10.2 | Quarterly Report on Form 10-Q, filed August 1, 2023 |
| 10.28* | Offer Letter to Ryan Yost, dated February 12, 2024 | 10.1 | Quarterly Report on Form 10-Q, filed April 30, 2024 |
| 10.29* | Promotion Letter to Danny Allouche, dated November 14, 2024 | 10.1 | Quarterly Report on Form 10-Q,filed April 29, 2025 |
| 10.30* | Promotion Letter to Deena Baker-Nel, dated February 27, 2025 | 10.2 | Quarterly Report on Form 10-Q,filed April 29, 2025 |
First 8 of 18 rows. The CSV has all of them.
| Exhibit No. | Exhibit Name | Originally Filed as Exhibit No. | Filing(1) |
| 101.SCH††† | Inline XBRL Extension Schema Filing | N/A | N/A |
| 101.CAL††† | Inline XBRL Extension Calculation Linkbase Filing | N/A | N/A |
| 101.DEF††† | Inline XBRL Extension Definition Linkbase Filing | N/A | N/A |
| 101.LAB††† | Inline XBRL Extension Label Linkbase Filing | N/A | N/A |
| 101.PRE††† | Inline XBRL Extension Presentation Linkbase Filing | N/A | N/A |
| 104††† | Inline XBRL for the cover page of this Annual Report on Form 10-K, included as part of the Exhibit 101 inline XBRL document set | | |
| (1) | Unless otherwise noted, the File Number for all filings is File No. 1-7685. |
| * | Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-K pursuant to Item 15(b) of Form 10-K. |
| † | Filed herewith. |
| †† | This certification is being furnished solely to accompany this report pursuant to 18 U.S.C. 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
| ††† | Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
Table 98 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of”
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| Signature | Title | Date |
| /s/ Deon M. Stander | President, Chief Executive Officer and Director (Principal Executive Officer) | February 25, 2026 |
| Deon M. Stander | | |
| /s/ Gregory S. Lovins | Senior Vice President and Chief Financial Officer(Principal Financial Officer) | February 25, 2026 |
| Gregory S. Lovins | | |
| /s/ Divina F. Santiago | Vice President, Controller(Principal Accounting Officer) | February 25, 2026 |
| Divina F. Santiago | | |
| /s/ Mitchell R. Butier | Chairman | February 25, 2026 |
First 8 of 25 rows. The CSV has all of them.