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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses a comparison of two text blocks from 10-K filings to show the removal of a specific liability recognition clause.",
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      "text": "This now opens the door for Avery to delay restructuring charges and liabilities to inflate near term financial results.",
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      "text": "For the first time since 2005, Avery modified its disclosure language around restructuring programs. Notice that it no longer says: \"In the absence of restructuring plan, liabilities for restructuring charges are recognized when incurred.\" This now opens the door for Avery to delay restructuring charges and liabilities to inflate near term financial results.",
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      "text": "In the absence of a plan or established local practice in overseas jurisdictions, liabilities for restructuring charges are recognized when incurred. — 2018 10-K",
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      "text": "2019 Accounting Disclosure Restructuring Charges vs 2005-2018 Accounting Disclosure Restructuring Charges",
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