XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.22.4

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule Plan Assets at Fair Value | The following table sets forth, by level within the fair value hierarchy (as applicable), international plan assets at fair value:
|  |  |  | Fair Value Measurements Using
(In millions) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Other Unobservable Inputs (Level 3)
2022 |  |  |  |  |  |  |  |
Cash |  | $ | 6.4 |  |  | $ | 6.4 |  |  | $ | — |  |  | $ | — |
Insurance contracts |  | 37.1 |  |  | — |  |  | — |  |  | 37.1 |
Pooled funds – real estate investment trusts |  | 8.3 |  |  | — |  |  | — |  |  | 8.3 |
Pooled funds – fixed income securities(1) |  | 335.7 |  |  |  |  |  |  |
Pooled funds – equity securities(1) |  | 151.9 |  |  |  |  |  |  |
Pooled funds – other investments(1) |  | 45.9 |  |  |  |  |  |  |
Total international plan assets at fair value |  | $ | 585.3 |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |
Cash |  | $ | 10.1 |  |  | $ | 10.1 |  |  | $ | — |  |  | $ | — |
Insurance contracts |  | 37.9 |  |  | — |  |  | — |  |  | 37.9 |
Pooled funds – real estate investment trusts |  | 11.0 |  |  | — |  |  | — |  |  | 11.0 |
Pooled funds – fixed income securities(1) |  | 464.4 |  |  |  |  |  |  |
Pooled funds – equity securities(1) |  | 302.8 |  |  |  |  |  |  |
Pooled funds – other investments(1) |  | 48.4 |  |  |  |  |  |  |
Total international plan assets at fair value |  | $ | 874.6 |  |  |  |  |  |  |
(1)Pooled funds that are measured at fair value using the NAV per unit (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to reconcile to total international plan assets.
Schedule of Reconciliation of Level 3 Assets | The following table presents a reconciliation of Level 3 international plan asset activity during the year ended December 31, 2022:
|  | Level 3 Assets
(In millions) |  | Insurance Contracts |  | Pooled Funds – Real Estate Investment Trusts |  | Total
Balance at January 1, 2022 |  | $ | 37.9 |  |  | $ | 11.0 |  |  | $ | 48.9 |
Net realized and unrealized gain (loss) |  | .7 |  |  | (1.6) |  |  | (.9) |
Purchases |  | 3.2 |  |  | — |  |  | 3.2 |
Settlements |  | (3.2) |  |  | — |  |  | (3.2) |
Impact of changes in foreign currency exchange rates |  | (1.5) |  |  | (1.1) |  |  | (2.6) |
Balance at December 31, 2022 |  | $ | 37.1 |  |  | $ | 8.3 |  |  | $ | 45.4 |
Schedule of Reconciliation of Projected Benefit Obligations | The following table provides a reconciliation of benefit obligations, plan assets, funded status of the plans and accumulated other comprehensive loss for our defined benefit plans: Plan Benefit Obligations
|  | Pension Benefits
|  | 2022 |  | 2021
(In millions) |  | U.S. |  | Int’l |  | U.S. |  | Int’l
Change in projected benefit obligations |  |  |  |  |  |  |  |
Projected benefit obligations at beginning of year |  | $ | 66.8 |  |  | $ | 882.4 |  |  | $ | 77.3 |  |  | $ | 953.9 |
Service cost |  | — |  |  | 16.5 |  |  | — |  |  | 19.0 |
Interest cost |  | 1.2 |  |  | 10.8 |  |  | 1.0 |  |  | 8.9 |
Participant contribution |  | — |  |  | 4.6 |  |  | — |  |  | 4.7 |
Amendments |  | — |  |  | — |  |  | — |  |  | (.9) |
Actuarial (gain) loss |  | (9.1) |  |  | (244.9) |  |  | (1.7) |  |  | (15.6) |
Benefits paid |  | (7.1) |  |  | (21.3) |  |  | (9.8) |  |  | (23.3) |
Settlements |  | — |  |  | (1.0) |  |  | — |  |  | (3.7) |
Foreign currency translation |  | — |  |  | (60.2) |  |  | — |  |  | (60.6) |
Projected benefit obligations at end of year |  | $ | 51.8 |  |  | $ | 586.9 |  |  | $ | 66.8 |  |  | $ | 882.4 |
Accumulated benefit obligations at end of year |  | $ | 51.8 |  |  | $ | 540.2 |  |  | $ | 66.8 |  |  | $ | 806.4 |
Schedule of Reconciliation of Plan Assets |
|  | Pension Benefits
|  | 2022 |  | 2021
(In millions) |  | U.S. |  | Int’l |  | U.S. |  | Int’l
Change in plan assets |  |  |  |  |  |  |  |
Plan assets at beginning of year |  | $ | — |  |  | $ | 874.6 |  |  | $ | — |  |  | $ | 897.2 |
Actual return on plan assets |  | — |  |  | (226.5) |  |  | — |  |  | 37.3 |
Employer contributions |  | 7.1 |  |  | 15.2 |  |  | 9.8 |  |  | 20.7 |
Participant contributions |  | — |  |  | 4.6 |  |  | — |  |  | 4.7 |
Benefits paid |  | (7.1) |  |  | (21.3) |  |  | (9.8) |  |  | (23.3) |
Settlements |  | — |  |  | (1.0) |  |  | — |  |  | (3.7) |
Foreign currency translation |  | — |  |  | (60.3) |  |  | — |  |  | (58.3) |
Plan assets at end of year |  | $ | — |  |  | $ | 585.3 |  |  | $ | — |  |  | $ | 874.6 |
Schedule of Funded Status of Plans |
|  | Pension Benefits
|  | 2022 |  | 2021
(In millions) |  | U.S. |  | Int’l |  | U.S. |  | Int’l
Funded status of the plans |  |  |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | 70.0 |  |  | $ | — |  |  | $ | 113.6 |
Other accrued liabilities |  | (6.2) |  |  | (.4) |  |  | (7.0) |  |  | (1.0) |
Long-term retirement benefits and other liabilities(1) |  | (45.6) |  |  | (71.2) |  |  | (59.8) |  |  | (120.4) |
Plan assets less than benefit obligations |  | $ | (51.8) |  |  | $ | (1.6) |  |  | $ | (66.8) |  |  | $ | (7.8) |
(1)In accordance with our funding strategy, we have the option to fund certain of our U.S. liabilities with proceeds from our company-owned life insurance policies.
Schedule of Weighted-Average Assumptions Used to Determine Year-End Benefit Obligations |
|  | Pension Benefits
|  | 2022 |  | 2021
|  | U.S. |  | Int’l |  | U.S. |  | Int’l
Weighted average assumptions used to determine year-end benefit obligations |  |  |  |  |  |  |  |
Discount rate |  | 5.06 | % |  | 4.36 | % |  | 2.49 | % |  | 1.57 | %
Compensation rate increase |  | — |  |  | 2.75 |  |  | — |  |  | 2.33 |
Schedule of Pre-Tax Amounts, Recognized In "Accumulated Other Comprehensive Loss" | The following table shows the pre-tax amounts recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets:
|  | Pension Benefits
|  | 2022 |  | 2021
(In millions) |  | U.S. |  | Int’l |  | U.S. |  | Int’l
Net actuarial loss |  | $ | 9.1 |  |  | $ | 38.2 |  |  | $ | 15.6 |  |  | $ | 41.5 |
Prior service (credit) cost |  | — |  |  | (3.5) |  |  | — |  |  | (4.0) |
Net amount recognized in accumulated other comprehensive loss |  | $ | 9.1 |  |  | $ | 34.7 |  |  | $ | 15.6 |  |  | $ | 37.5 |
Schedule of Pre-Tax Amounts, Recognized In "Other comprehensive loss (income)" | The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:
|  | Pension Benefits
|  | 2022 |  | 2021 |  | 2020
(In millions) |  | U.S. |  | Int’l |  | U.S. |  | Int’l |  | U.S. |  | Int’l
Net actuarial (gain) loss |  | $ | (5.6) |  |  | $ | (.8) |  |  | $ | (.7) |  |  | $ | (34.8) |  |  | $ | 3.5 |  |  | $ | (13.5) |
Prior service credit |  | — |  |  | — |  |  | — |  |  | (.9) |  |  | — |  |  | .4 |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain |  | (.8) |  |  | (2.5) |  |  | (.8) |  |  | (6.1) |  |  | (.6) |  |  | (5.2) |
Prior service credit (cost) |  | — |  |  | .4 |  |  | — |  |  | .4 |  |  | — |  |  | .4 |
Settlements |  | (.1) |  |  | .1 |  |  | (1.1) |  |  | (.5) |  |  | (.2) |  |  | (.3) |
Net amount recognized in other comprehensive loss (income) |  | $ | (6.5) |  |  | $ | (2.8) |  |  | $ | (2.6) |  |  | $ | (41.9) |  |  | $ | 2.7 |  |  | $ | (18.2) |
Schedule of Components of Net Periodic Benefit Cost (credit) | The following table shows the components of net periodic benefit cost, which are recorded in net income for our defined benefit plans:
|  | Pension Benefits
|  | 2022 |  | 2021 |  | 2020
(In millions) |  | U.S. |  | Int’l |  | U.S. |  | Int’l |  | U.S. |  | Int’l
Service cost |  | $ | — |  |  | $ | 16.5 |  |  | $ | — |  |  | $ | 19.0 |  |  | $ | — |  |  | $ | 17.8 |
Interest cost |  | 1.2 |  |  | 10.8 |  |  | 1.0 |  |  | 8.9 |  |  | 1.8 |  |  | 11.0 |
Actuarial (gain) loss |  | (3.5) |  |  | — |  |  | (1.1) |  |  | — |  |  | 3.7 |  |  | — |
Expected return on plan assets |  | — |  |  | (21.9) |  |  | — |  |  | (19.8) |  |  | — |  |  | (18.5) |
Amortization of actuarial loss |  | .8 |  |  | 2.5 |  |  | .8 |  |  | 6.1 |  |  | .6 |  |  | 5.2 |
Amortization of prior service (credit) cost |  | — |  |  | (.4) |  |  | — |  |  | (.4) |  |  | — |  |  | (.4) |
Recognized loss (gain) on settlements(1) |  | .1 |  |  | (.1) |  |  | 1.1 |  |  | .5 |  |  | .2 |  |  | .3 |
Net periodic benefit cost (credit) |  | $ | (1.4) |  |  | $ | 7.4 |  |  | $ | 1.8 |  |  | $ | 14.3 |  |  | $ | 6.3 |  |  | $ | 15.4 |
(1)In 2022, settlements in the U.S. related to a non-qualified plan; settlements in our international plans related to lump-sum payments in Belgium. In 2021, settlements in the U.S. related to a non-qualified plan; settlements in our international plans related to lump-sum payments in Belgium and Switzerland. In 2020, settlements in the U.S. related to a non-qualified plan; settlements in our international plans related to lump-sum payments in Belgium, France and for certain expatriate employees.
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost | The following table shows the weighted average assumptions used to determine net periodic cost:
|  | Pension Benefits
|  | 2022 |  | 2021 |  | 2020
|  | U.S. |  | Int’l |  | U.S. |  | Int’l |  | U.S. |  | Int’l
Discount rate |  | 2.19 | % |  | 1.57 | % |  | 2.20 | % |  | 1.26 | % |  | 2.89 | % |  | 1.66 | %
Expected return on assets |  | — |  |  | 3.00 |  |  | — |  |  | 2.61 |  |  | — |  |  | 2.79 |
Compensation rate increase |  | — |  |  | 2.33 |  |  | — |  |  | 2.15 |  |  | — |  |  | 2.21 |
Schedule of Defined Benefit Plan Contributions | The following table sets forth our expected contributions in 2023:
(In millions) |  |
U.S. pension plans |  | $ | 6.3 |
International pension plans |  | 12.8 |
Schedule of Anticipated Future Benefit Payments | The future benefit payments shown below reflect the expected service periods for eligible participants.
|  | Pension Benefits
(In millions) |  | U.S. |  | Int’l
2023 |  | $ | 6.3 |  |  | $ | 22.2 |
2024 |  | 6.1 |  |  | 22.6 |
2025 |  | 5.9 |  |  | 23.9 |
2026 |  | 5.9 |  |  | 26.4 |
2027 |  | 5.3 |  |  | 27.0 |
2028-2032 |  | 20.2 |  |  | 142.7 |

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation including assumed discount rates, rate increase in compensation increase. + References No definition available. + Details
Name: | avy_ScheduleOfAssumptionsUsedToDetermineBenefitObligationsTableTextBlock
Namespace Prefix: | avy_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References No definition available. + Details
Name: | avy_ScheduleOfAssumptionsUsedToDetermineNetPeriodicBenefitCostTableTextBlock
Namespace Prefix: | avy_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of employer contributions to defined benefit plans made during the reporting period. + References No definition available. + Details
Name: | avy_ScheduleOfContributionsToDefinedBenefitPlansTableTextBlock
Namespace Prefix: | avy_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration