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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The table uses a diagonal layout to show how the same fiscal year's R&D expense is restated in subsequent annual filings.",
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      "kind": "callout",
      "text": "$13.5m Total Revision Over Four Years",
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      "text": "Spruce Point finds multiple occasions where Avery has revised its historical 5-Year R&D expense, at times citing it as \"from continuing operations\". Yet, Spruce Point is at a loss to understand why certain period results were revised on four different occasions. We believe this is concerning as Avery, a Company touting its innovation, has recently stopped disclosing R&D expense.",
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      "text": "Source: Company filings",
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      "text": "History of R&D Changes Raises Concerns After Removing Disclosure",
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