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  "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": "Uses callout boxes to emphasize specific regulatory and audit-related risks found in SEC filings.",
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      "kind": "callout",
      "text": "Language buried in Avery's recent 2020 quarterly filings suggest greater tax challenges on the horizon.",
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      "text": "During the second quarter of 2020, we became aware of a foreign withholding tax regime... It is reasonably possible that, during the next 12 months, we may realize a decrease in our uncertain tax positions... of approximately $10 million",
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      "text": "Subsequent to the end of the third quarter of 2020, we met with tax authorities in a foreign jurisdiction... which may have a significant adverse effect on our provision for (benefit from) income taxes in 2020.",
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      "text": "During the second quarter of 2020, we became aware of a foreign withholding tax regime that could be interpreted to subject us to withholding tax compliance requirements on certain cross-border intellectual property transactions for years remaining open under the applicable statutes of limitations. — Avery 2020 Q2 10-Q",
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      "text": "Source: Avery 2020 Q2 10-Q",
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      "text": "Source: Avery 2020 Q3 10-Q",
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