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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The slide highlights an accounting change where customer return allowances were moved to 'Other Current Liabilities'.",
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      "kind": "callout",
      "text": "Allowance and Doubtful Accounts Provisions Getting Worse",
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      "text": "Avery's customer credit quality has been deteriorating. It made an accounting change to move a key customer allowance for returns into Other Current Liabilities, and recently updated its accounting for credit losses.",
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      "text": "Allowance % Gross Receivable: 4.5%",
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      "text": "Avery's customer credit quality has been deteriorating. It made an accounting change to move a key customer allowance for returns into Other Current Liabilities, and recently updated its accounting for credit losses.",
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      "kind": "source-note",
      "text": "Source: Avery SEC Filings, Spruce Point Analysis. 1) In Q1 2018, AVY adopted new revenue recognition accounting guidance... 2) In Q1 2020, AVY adopted amended accounting guidance...",
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      "text": "Financial table showing LTM Net Sales, Provisions, Accounts Receivable, and Allowance metrics from FY 2017 to YTD Sept 2020.",
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      "text": "Worsening Credit Quality of Sales",
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