10-K 0000008818-26-000015 (2026-02-25) vs 10-K 0000008818-25-000003 (2025-02-26)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 9,864 |
11.1% |
| MD&A | Item 7 | 8,638 |
18.0% |
| Legal Proceedings | Item 3, via Note 8 – CONTINGENCIES | 941 |
21.6% |
| Accounting Policies | Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4,113 |
6.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 284 words changed in this paragraph; it is 44% similar to last year's version.
Tensions remain in trade relations Trade-related uncertainty remains elevated between the U.S. and certain other regions and countries, including Canada, Mexico, China, India and the European Union. The In 2025, the U.S. recently announced intentions to impose implemented a significant 10% global baseline tariff rate on nearly all imports, with higher rates on certain goods. Additionally, it applied significant tariffs on goods from Canada Canada, Mexico, China and Mexico and a smaller tariff on certain goods from China. Each the European Union, each of these countries which announced that they would impose reciprocal tariffs, with Canada and Mexico each agreeing upon certain concessions with the U.S. to temporarily delay the mutual imposition of tariffs. The tariff on certain goods from China has gone into effect, with China imposing reciprocal tariffs, and the amount of these tariffs or the classes of goods on which they are imposed applied continues to evolve and could significantly increase. change. The U.S. has also indicated government continues to negotiate with countries regarding the tariffs. In July 2025, the U.S. and the European Union agreed to a framework for a trade deal that it may impose reciprocal tariffs included a baseline tariff rate of 15% on most goods imported from other countries or regions. the European Union into the U.S. While the direct impacts on our operations to date after our mitigating actions have not been significant, our business could be materially adversely impacted by changes in U.S. and non-U.S. trade policies, including potential modifications to existing trade agreements and additional tariffs or other restrictions on free trade, impacting our raw materials or finished products. These actions or other The indirect impact on demand for our products and solutions as a result of these events, which have resulted in softer consumer volumes, continues to be uncertain and elevated. We estimate that the indirect impact of tariffs resulted in an aggregate low single digit rate decrease in sales in our overall apparel categories over the second, third and fourth quarters of 2025. On February 20, 2026, the U.S. Supreme Court issued a decision holding that the International Emergency Economic Powers Act does not authorize the President to impose tariffs. While this may provide immediate relief from these specific duties, there will likely be a period of trade policy instability. Further developments in international trade relations relations, including increased deglobalization, could have a material adverse effect on our business.
Source: Item 1A, 10-K 0000008818-26-000015 vs Item 1A, 10-K 0000008818-25-000003
MD&A 127 words changed in this paragraph; it is 52% similar to last year's version.
In 2024, in our Solutions Group reportable segment, we primarily invested in buildings and equipment to support growth in certain countries in Asia Pacific, including China and Malaysia, the U.S. and certain countries in Latin America, primarily Mexico; in our Materials Group reportable segment, we primarily invested in buildings and equipment to support growth in the U.S., and certain countries in Europe, primarily France, and Asia Pacific, primarily China. In 2023, in our Solutions Group reportable segment, we primarily invested in buildings and equipment to support growth in certain countries in Asia Pacific, primarily Malaysia, the U.S. and certain countries in Latin America, primarily Mexico; in our Materials Group reportable segment, we primarily invested in buildings and equipment to support growth in the U.S. and certain countries in Europe, primarily France, and Asia Pacific, primarily China. In 2022, in our Solutions Group reportable segment, we primarily invested in buildings and equipment to support growth in certain countries in Asia Pacific, including Malaysia, China and Vietnam, and the U.S.; in our Materials Group reportable segment, we primarily invested in buildings and equipment in the U.S. and certain countries in Europe, primarily France, and Latin America, primarily Brazil.
Source: Item 7, 10-K 0000008818-26-000015 vs Item 7, 10-K 0000008818-25-000003
Legal Proceedings 90 words changed in this paragraph; it is 47% similar to last year's version.
We were party to a patent infringement litigation in which filed by ADASA Inc. (“Adasa”), an unrelated third party, alleged that in 2017 regarding certain of the 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 was captioned ADASA Inc. v. Avery Dennison Corporation. segment. We recorded a contingent liability in the amount of $26.6 million related to this matter in 2021. We increased our contingent liability to $82.9 million as of December 30, 2023, reflecting our best estimate of the second quarter of 2021 based on anticipated judgment following a July 2023 jury verdict issued on May 14, 2021. retrial that affirmed the patent's validity.
Source: Item 3, via Note 8 – CONTINGENCIES, 10-K 0000008818-26-000015 vs Item 3, via Note 8 – CONTINGENCIES, 10-K 0000008818-25-000003
Accounting Policies 62 words changed in this paragraph; it is 54% similar to last year's version.
In November 2024, September 2025, the FASB Financial Accounting Standards Board (“FASB”) issued guidance expanding changing the disclosure requirements capitalization criteria for certain expenses in notes internal-use software, eliminating references to consolidated financial statements. The project stages and requiring that projects meet completion probability before costs can be capitalized. This guidance is effective for annual reporting periods fiscal years beginning after December 15, 2026 and 2027, including interim reporting periods beginning after December 15, 2027. within those fiscal years. Early adoption is permitted. We are currently assessing the impact of adopting this guidance on our consolidated financial statement disclosures. statements.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000008818-26-000015 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000008818-25-000003
Every change, by type
Sentences and paragraphs of AVY's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-02-26.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Changes in sustainability-focused regulation present a risk to our business. In February 2026, the U.S. Environmental Protection Agency rescinded its 2009 Greenhouse Gas Endangerment Finding, which served as the foundation for various regulations of GHG emissions. Conversely, while currently in a state of flux, reporting requirements such as the European Union's Corporate Sustainability Reporting Directive, which will impose additional disclosure requirements for our company beginning in 2028 (based on 2027 data), and the state of California’s climate reporting requirements are expected to increase the amount of sustainability data we are required to generate, audit, verify through third-parties and disclose. Developments in regulatory actions regarding these matters are likely to continue and may require conflicting responses, which could divert the attention of management. In addition, costs to comply with these regulations are likely to grow and any failure to meet the requirements of these regulations could result in fines or other penalties.
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AddedRisk Factors
their climate-related risks, we have preliminarily aligned our reporting with Financial Stability Board’s Task Force on Climate-related Financial Disclosures requirements.
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RemovedRisk Factors
Continued growth in sustainability-focused regulation presents an increasing risk to our business. Reporting requirements such as the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive in Europe and the state of California’s climate reporting requirements are increasing the amount of sustainability disclosures we are required to make, as well as requiring the audit of a greater amount of our sustainability data. Costs to comply with these regulations will continue to grow and any failure to meet the requirements of these regulations could result in fines or other penalties. As part of our efforts to mitigate the impacts of climate change on our business, we engaged a third party to help us assess our physical and transitional risk relative to the recommendations of the Financial Stability Board's Task Force on Climate-Related Financial Disclosures.
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedRisk Factors
confidence and market share if we are unable to continue reducing our GHG emissions at levels satisfactory to our stakeholders.
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RemovedRisk Factors
Additionally, the U.S. Congress and Presidential administration are currently controlled by the same political party, and have indicated a desire to extend or make permanent certain tax provisions of the 2017 Tax Cuts and Jobs Act, as well as potentially introduce other changes in tax laws and regulations. The timing and impact of such potential changes are uncertain and may materially impact our effective tax rate.
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RewordedRisk Factors
In addition to maintaining a comprehensive set of endpoint, network, email and cloud security solutions, we continue to take steps to further improve the security of our networks and systems, including further strengthening authentication; continuing to mature maturing our zero trust architecture and strategy; maturing our operational technology security program; furthering our advanced prevention and detection measures; further enhancing and testing our security incident response plan; upgrading legacy systems to simplify and standardize business processes and applications; maturing our operational technology security program; implementing more robust cloud security across multiple platforms; adopting establishing AI policies, governance and risk management; continuously improving information technology project and portfolio management discipline; enhancing accountability with more aggressive key performance indicator targets; continuing to mature maturing our data loss prevention framework to protect our critical data, network and site access controls; advancing our user access management program; limiting USB drive access across our company; increasing network segmentation; enhancing our focus on third party risk management; and improving our capabilities based on threat intelligence and the publicized incidents experienced by other companies, as well as ones that we have experienced despite their minimal operational or financial impact to date.
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RewordedRisk Factors
The profitable growth of our business in emerging markets is an important part of our long-term growth strategy and our regional results have and can fluctuate significantly based on their economic conditions. conditions and other events that occur more frequently in these markets and can significantly and adversely impact our operations (such as power outages, civil unrest or other hostilities, and labor stoppages).
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RewordedRisk Factors
In 2021 and 2022, past years, we implemented targeted price increases in our Materials Group reportable segment to address raw material inflation, which began moderating in 2023 and largely stabilized in 2024. inflation; more recently, we implemented deflation-related price reductions as a result of lower raw material costs.
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RewordedRisk Factors
We are also exposed to changes in customer order patterns, such as changes in the levels of inventory maintained by customers and the timing of customer purchases, purchases and new intelligent label program rollouts, which are affected by announced price increases, pricing actions, changes in our customer incentive programs, or changes in the customer’s our customers' ability to achieve incentive targets. targets, as well as changes in trade policy.
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RewordedRisk Factors
The tariff on certain goods from China has gone into effect, with China imposing reciprocal tariffs, and the amount of these tariffs or the classes of goods on which they are imposed applied continues to evolve and could significantly increase. change.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedRisk Factors
International operations and activities involve risks that are different from and potentially greater than the risks we face in our domestic operations, including changes in foreign geopolitical, regulatory and economic conditions, whether nationally, regionally or locally; changes in foreign currency exchange rates; differing levels of inflation; reduced protection of intellectual property rights; laws and regulations impacting our ability to repatriate foreign earnings; challenges complying with foreign laws and regulations, including those relating to sales, operations, taxes, employment and legal proceedings; establishing effective controls and procedures to monitor compliance with U.S. laws and regulations such as the Foreign Corrupt Practices Act and similar foreign laws and regulations, such as the UK’s Bribery Act of 2010; regulations; differences in lending practices; and challenges with complying with applicable export and import control laws and regulations.
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RewordedRisk Factors
Federal Reserve and similar monetary policymaking entities around the world significantly raised interest modestly reduced rates in an effort to curb rising inflation across the globe, beginning to modestly reduce rates in 2024. 2025.
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RewordedRisk Factors
Our stock price, which increased significantly declined during the second half of 2023 2024 and the first half of 2024 but declined remained relatively stable during the second half year of 2024, 2025, is influenced by changes in the overall stock market and demand for equity securities in general.
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RewordedRisk Factors
In addition, business and operational disruptions or delays caused by geopolitical, social or economic instability and unrest – such as recent civil, political and economic disturbances in Argentina, Afghanistan, Syria, Iraq, Yemen, Iran, Turkey, North Korea, and Bangladesh and the related impact on global stability, the Russia-Ukraine war, the Israel-Hamas war, the U.S.'s engagement in Venezuela, terrorist attacks and the potential for other hostilities or natural disasters in various parts of the world – could contribute to a climate of economic and geopolitical uncertainty that could have a material adverse effect on our business.
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RewordedRisk Factors
Changes in consumer preferences and preferences, laws and regulations related to the use of plastics, raw materials and extended producer responsibility rules focused on the end-of-life of products, particularly in Europe and certain states in the United States, presents present the risk of reduced demand for certain of our products if customers seek decoration technology alternatives to pressure-sensitive labeling, but also the opportunity for increased demand for our more sustainable products, a significant focus of our research and development and related innovation efforts.
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RewordedRisk Factors
In Additionally, in recent years, we expanded our Materials Group’s manufacturing capabilities in Brazil, France, India India, China and Ohio; moved our Solutions Group’s Vietnam business into a new, expanded facility; and made additional investments in both capacity and business development globally for our Intelligent Labels platform, including new facilities in Brazil and consolidated operations in Mexico. platform.
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RewordedRisk Factors
Approximately 40% of our net sales in 2024 2025 originated in emerging markets, which includes countries in Asia Pacific, Latin America, Eastern Europe and Middle East/Northern Africa. markets.
Read it in 10-K 2026-02-25 at sec.gov ↗
Quiet changesRisk Factors
Adverse weather conditions and natural disasters, including those related to the impacts of climate change, have and can adversely affect our business.
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Quiet changesRisk Factors
A substantial amount of our label material materials is sold for use in plastic packaging in the food, beverage, and home and personal care market segments.
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Quiet changesRisk Factors
Enforcement of these laws can be unclear and is subject to the discretion of governmental agencies.
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Quiet changesRisk Factors
A prohibited shipment has can have negative consequences, including government investigations, penalties, fines, civil and criminal sanctions and/or reputational harm.
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AddedMD&A
The cumulative restructuring charges, net of reversals, related to our 2025 actions was approximately $62 million.
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AddedMD&A
During 2025, we recorded $1.6 million of reversals related to our 2023 Actions that were completed in the fourth quarter of 2025.
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AddedMD&A
On October 20, 2025, we completed our business acquisition of W.F. Taylor Holdings, Inc. ("Taylor Adhesives"), a Georgia-based flooring adhesives business, for the purchase price of approximately $390 million. This acquisition expanded the high-value category portfolio in our Materials Group reportable segment.
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AddedMD&A
The final allocations of purchase consideration to assets and liabilities are ongoing as we continue to evaluate certain balances, estimates and assumptions during the measurement period (up to one year from the acquisition date). Our valuation of certain acquired assets and liabilities is currently pending finalization within the allowable time to complete our assessment.
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AddedMD&A
The Taylor Adhesives acquisition was not material to the Consolidated Financial Statements.
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AddedMD&A
Beginning in the first quarter of 2025, the U.S. announced tariffs on goods imported into the U.S. from numerous countries, many of which responded with reciprocal tariffs and other actions on goods imported from the U.S. The U.S. government continues to negotiate with countries regarding the tariffs. As it relates to the direct impact of these tariffs, a relatively small portion of our global materials purchases is impacted. To mitigate this direct impact to our operations, we have implemented strategic sourcing adjustments and pricing actions. The indirect impact on demand for our products and solutions is more uncertain. While a majority of our products and solutions relates to less discretionary consumer staples, we also serve more discretionary and cyclical markets, such as industrials, durables and apparel. The indirect impact of tariffs resulted in an aggregate low single digit rate decrease in sales in our overall apparel categories over the second, third and fourth quarters of 2025. While our outlook assumes that tariff-related uncertainty will persist, further developments in international trade relations and their broader impact to macroeconomic conditions could have a material adverse effect on our business.
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AddedMD&A
•We anticipate an unfavorable impact to our operating income from normalization of the majority of our 2025 temporary cost savings, which was largely related to lower incentive compensation.
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AddedMD&A
In 2025, we primarily received proceeds from the sales of properties in China, Vietnam and Argentina.
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AddedMD&A
Net (tax withholding) proceeds related to stock-based compensation (12.8) (8.4) (23.8)
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RemovedMD&A
The acquisitions of Silver Crystal, Lion Brothers and Thermopatch are referred to collectively as the "2023 Acquisitions."
Read it in 10-K 2025-02-26 at sec.gov ↗
RemovedMD&A
•We anticipate net sales to increase, driven by volume growth in both the Solutions Group and Materials Group reportable segments.
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RemovedMD&A
Our effective tax rate can vary from period to period due to a variety of factors, such as changes in our mix of earnings in countries with differing statutory tax rates, changes in our tax reserves, settlements of income tax audits, changes in tax laws and regulations, return-to-provision adjustments, tax impacts related to stock-based payments, and our execution of tax planning strategies.
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RemovedMD&A
Other long-term retirement benefits and other liabilities decreased by approximately $66 million to $434.6 million at year-end 2024, primarily reflecting the settlement payment for the Adasa legal matter.
Read it in 10-K 2025-02-26 at sec.gov ↗
RewordedMD&A
The carrying value of our total debt decreased increased by approximately $92 $581 million to $3.15 $3.73 billion at year-end 2024 2025 from year-end 2023, 2024, primarily due to the repayment reflecting our September 2025 issuance of our $300 €500 million of senior notes that matured due in August 2024, a net decrease in 2035, higher commercial paper borrowings and the revaluation of our euro-denominated senior notes, debt, partially offset by our issuance repayment of €500 million of senior notes, $25 million of medium-term notes and $5 million of medium term notes at their maturity in November 2024. the first, second and third quarters of 2025, respectively.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
In 2022, 2025, in our Materials Group reportable segment, we primarily invested in equipment to support growth in the U.S., certain countries in Europe and certain countries in Asia Pacific, primarily China; in our Solutions Group reportable segment, we primarily invested in buildings and equipment to support growth in certain countries in Asia Pacific, including Malaysia, China and Vietnam, and the U.S.; in our Materials Group reportable segment, we primarily invested in buildings and equipment in the U.S. and certain countries in Europe, primarily France, and Latin America, primarily Brazil. Mexico.
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RewordedMD&A
Segment adjusted operating income increased decreased in 2024 2025 compared to the same period in 2023 2024 primarily due to the net impact of pricing and raw material input costs, as well as higher volume employee-related costs, partially offset by favorable volume/mix and benefits from productivity initiatives, including material re-engineering and savings from restructuring actions, net of transition costs, partially offset by higher employee-related costs and the net impact of pricing and raw material input costs.
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RewordedMD&A
(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 — (Gain) loss on venture investments 19.2 1.5 (13.5) Transaction and related costs 5.1 .3 5.3 Outcomes of legal matters and settlements, net 9.2 (6.2) 64.3 6.3 Transaction and related costs .3 5.3 .3 (Gain) loss on sales of assets (12.9) — .5 (1.4) Other expense (income), net $ 77.5 $ 71.6 $ 180.9 $ (.6)
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RewordedMD&A
(In millions) 2025 2024 2023 2022 Purchases of property, plant and equipment $ (169.0) $ (208.8) $ (265.3) $ (278.1) Purchases of software and other deferred charges (31.4) (31.0) (19.8) (20.4) 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 2.3 Proceeds from insurance and sales (purchases) of investments, net 3.5 10.1 1.9 1.9 Proceeds from sale settlement of venture net investment hedges 6.2 — — 1.1 Payments for settlement of net investment hedges (26.1) — — Payments for acquisitions, net of cash acquired, and venture investments (401.8) (3.8) (224.9) (39.5) Net cash used in investing activities $ (596.0) $ (243.1) $ (459.0) $ (332.7)
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
In 2024, 2025, net cash provided by operating activities increased decreased compared to 2023 2024 primarily due to higher net income, lower incentive compensation payments and lower payments, higher tax payments, net of refunds, lower net income and higher trade rebate payments, partially offset by changes in operational working capital and the prior-year settlement payment for the Adasa legal matter. matter and changes in operational working capital.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
In 2024, 2025, cash flow provided by operating activities increased decreased compared to 2023 2024 primarily due to higher net income, lower incentive compensation payments and lower payments, higher tax payments, net of refunds, lower net income and higher trade rebate payments, partially offset by changes in operational working capital and the prior-year settlement payment for the Adasa legal matter. matter and changes in operational working capital.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were approximately €495 €494 million ($539 ($577 million), which we intend used in part to use to finance the Taylor Adhesives acquisition and repay existing indebtedness under our €500 million of senior notes maturing in March 2025 and for general corporate purposes. commercial paper program.
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RewordedMD&A
Our fiscal years have generally consisted of 52 weeks, with every fifth or sixth fiscal year consisting of 53 weeks; our 2024, 2024 and 2023 and 2022 fiscal years consisted of 52-week periods ending December 28, 2024, 2024 and December 30, 2023 and December 31, 2022, 2023, respectively.
Read it in 10-K 2026-02-25 at sec.gov ↗
RewordedMD&A
(In millions) 2025 2024 2023 2022 Net cash provided by operating activities $ 881.4 $ 938.8 $ 826.0 $ 961.0 Purchases of property, plant and equipment (169.0) (208.8) (265.3) (278.1) Purchases of software and other deferred charges (31.4) (31.0) (19.8) (20.4) 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 2.3 Proceeds from insurance and sales (purchases) of investments, net 3.5 10.1 1.9 1.9 Payments for certain acquisition-related transaction costs — — .6 Adjusted free cash flow $ 707.1 $ 699.5 $ 591.9 $ 667.3
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RewordedMD&A
Gross profit margin in 2023 2024 increased compared to 2022 2023 primarily due to higher volume and benefits from productivity initiatives, including temporary cost-saving actions, material re-engineering and savings from restructuring actions, net of transition costs, partially offset by higher employee-related costs and the net impact of pricing and raw material inputs costs, partially offset by lower volume and higher employee-related costs. deflation-related price reductions.
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RewordedMD&A
Our 2025 fiscal year that began on December 29, 2024 will end and ended on December 31, 2025 and 2025, which resulted in four extra days compared to prior years; fiscal years 2026 and beyond will begin be coincident with the calendar year beginning on January 1 and end ending on December 31.
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Quiet changesMD&A
Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were approximately €495 million ($539 million), which we intend to use used to repay our €500 million of senior notes maturing in March 2025 and for general corporate purposes.
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Quiet changesMD&A
In April 2022, 2025, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750 million, excluding any fees, commissions or other expenses related to such purchases and in addition to any the amount outstanding under our previous Board authorization.
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