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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 red box and arrow to draw attention to the discrepancy in cash payments ($9.8m vs $26.0m) and the omission of 2015/2016 actions in the 2019 report.",
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      "kind": "callout",
      "text": "Warning: Why Are Charges From 2015/16 Restructuring Programs Suddenly Ignored? Per the 2015 10-K: Charges From 2015/16 Were Expected “To Continue Through 2016 and be substantially complete by 2016” – Not 2018!",
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      "text": "Spruce Point finds it concerning that, not just accounting charges were revised materially lower for 2018, but actual cash payments retroactively declined from $26.0m to $9.8m. Cost overruns from 2015/16 restructuring programs are now being completely eliminated from table disclosures. This could suggest phantom restructuring charges, or mistiming of charges and reversals to manipulate earnings.",
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