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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 two tables from different sections of the 10-K to highlight a discrepancy between reported tax rates and actual cash outflows.",
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      "text": "Avery’s GAAP and Non-GAAP earnings are being heavily supported by more aggressive and risky tax strategies. As can be seen below, Avery heavily promotes its effective tax rate on page 2 of its Annual Report under the 5 Year-Summary as declining. Yet, buried 50 pages later we observe that cash taxes have actually been increasing.",
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