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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "Uses a red arrow to point out the discrepancy between the company's stated capital sources and the actual cash balance.",
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      "kind": "callout",
      "text": "Warning: Avery's Cash Should Not Be Taken At Face Value",
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      "text": "How can AVY have a “disciplined approach” to capital when it has no available cash. Notice that AVY does not list its $232m of “cash and equivalents” as a capital source.",
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      "text": "cash and cash equivalents: $253.7 million",
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      "text": "At year-end 2019, the majority of AVY's cash and cash equivalents were held by our foreign subsidiaries. AVY's cash appears so restricted that it did not even list the cash as a capital source, and leads investors to believe it is fully available to satisfy debt obligations.",
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      "text": "At year-end 2019, we had cash and cash equivalents of $253.7 million held in accounts at third-party financial institutions. Our cash balances are held in numerous locations throughout the world. At year-end 2019, the majority of our cash and cash equivalents was held by our foreign subsidiaries. However, if we were to repatriate incremental foreign earnings and profits, we could be subject to cash payments of withholding taxes imposed by foreign tax authorities and additional U.S. taxes due to the impact of foreign currency movements related to such earnings and profits. — 2019 10-K, p. 13",
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      "text": "Where's The Cash?",
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