Cover
Cover | 12 Months Ended |
Dec. 30, 2023 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | AVERY DENNISON CORPORATION |
Entity Central Index Key | 0000008818 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Pay vs Performance Disclosure | ||||
Pay vs Performance Disclosure, Table | PAY VS. PERFORMANCE DISCLOSURE The table below reflects information regarding the compensation of our NEOs for the last four fiscal years, as well as our financial performance for those fiscal years, in accordance with SEC rules. Year Summary (1) Compensation (2) Summary (1) Compensation (2) Average Non-CEO NEOs ($) (1) Average Non-CEO NEOs ($) (2) Value of Initial Fixed $100 Net Income ($) Adjusted (4) Total Peer Group (3) Former Peer (3) 2023 $ 6,070,962 $ 7,216,077 $ 9,700,108 $ 10,879,032 $ 2,107,852 $ 351,353 $ 165.02 $ 118.91 $ 158.44 $ 502,988,000 $ 7.90 2022 – – $ 9,107,739 $ 7,588,568 $ 2,405,277 $ 2,220,289 $ 145.19 $ 110.49 $ 133.60 $ 757,092,000 $ 9.15 2021 – – $ 12,433,721 $ 31,508,041 $ 2,342,467 $ 5,263,092 $ 170.89 $ 134.41 $ 151.44 $ 740,087,000 $ 8.91 2020 – – $ 8,709,348 $ 13,337,289 $ 2,248,966 $ 2,725,777 $ 120.83 $ 121.14 $ 117.22 $ 555,863,000 $ 7.10 (1) For each fiscal year, represents amount reported for our CEO(s) and average amount reported for our non-CEO Year CEO(s) Non-CEO 2023 Deon Stander/Mitchell Butier Gregory Lovins, Francisco Melo, Deena Baker-Nel 2022 Mitchell Butier Deon Stander, Gregory Lovins, Deena Baker-Nel 2021 Mitchell Butier Deon Stander, Gregory Lovins, Deena Baker-Nel 2020 Mitchell Butier Deon Stander, Gregory Lovins, Anne Hill and Susan Miller (2) Amounts represent Compensation Actually Paid to our CEO(s) and the average Compensation Actually Paid to our non-CEO year-end year-end Monte-Carlo 2023 Adjustments Stander Butier Average Non-CEO NEOs Decrease for amounts reported under Stock Awards and Option Awards columns in 2023 Summary Compensation Table $ (5,071,394 ) $ (8,285,412 ) $ (1,466,116 ) Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that remained unvested as of fiscal year-end year-end 6,275,523 8,478,701 1,475,171 Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that vested during fiscal year, determined as of vesting date 274,937 1,099,647 121,693 Increase/Decrease for awards granted during prior fiscal years that were outstanding and unvested as of fiscal year-end year-end year-end (354,708 ) (1,784,812 ) (2,025,711 ) Increase/Decrease for awards granted during prior fiscal years that vested during fiscal year 2023, determined based on change in ASC 718 fair value from prior fiscal year-end 20,757 1,676,612 138,669 Decrease for change in the actuarial present values reported under Change in Pension Value and NQDC Earnings column of 2023 Summary Compensation Table – (5,812 ) (205 ) Increase for service cost and, if applicable, prior service cost, for pension plans – – – Total Adjustments $ 1,145,115 $ 1,178,924 $ (1,756,499 ) (3) In 2023, we modified our peer group to show our relative performance more consistent with the methodology used by peer companies. For the relevant fiscal year, represents the cumulative TSR of the Dow Jones U.S. Containers & Packaging Index (the “Peer Group”), of which we are a member. Our former peer group (the “Former Peer Group”), which represents the cumulative TSR of the average return (weighted by market capitalization) of the S&P 500 Industrials and Materials subsets, is also presented in accordance with SEC guidance. (4) Adjusted EPS is a non-GAAP | |||
Company Selected Measure Name | Adjusted EPS | |||
Named Executive Officers, Footnote | (1) For each fiscal year, represents amount reported for our CEO(s) and average amount reported for our non-CEO Year CEO(s) Non-CEO 2023 Deon Stander/Mitchell Butier Gregory Lovins, Francisco Melo, Deena Baker-Nel 2022 Mitchell Butier Deon Stander, Gregory Lovins, Deena Baker-Nel 2021 Mitchell Butier Deon Stander, Gregory Lovins, Deena Baker-Nel 2020 Mitchell Butier Deon Stander, Gregory Lovins, Anne Hill and Susan Miller | |||
Peer Group Issuers, Footnote | In 2023, we modified our peer group to show our relative performance more consistent with the methodology used by peer companies. For the relevant fiscal year, represents the cumulative TSR of the Dow Jones U.S. Containers & Packaging Index (the “Peer Group”), of which we are a member. Our former peer group (the “Former Peer Group”), which represents the cumulative TSR of the average return (weighted by market capitalization) of the S&P 500 Industrials and Materials subsets, is also presented in accordance with SEC guidance. | |||
Adjustment To PEO Compensation, Footnote | (2) Amounts represent Compensation Actually Paid to our CEO(s) and the average Compensation Actually Paid to our non-CEO year-end year-end Monte-Carlo 2023 Adjustments Stander Butier Average Non-CEO NEOs Decrease for amounts reported under Stock Awards and Option Awards columns in 2023 Summary Compensation Table $ (5,071,394 ) $ (8,285,412 ) $ (1,466,116 ) Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that remained unvested as of fiscal year-end year-end 6,275,523 8,478,701 1,475,171 Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that vested during fiscal year, determined as of vesting date 274,937 1,099,647 121,693 Increase/Decrease for awards granted during prior fiscal years that were outstanding and unvested as of fiscal year-end year-end year-end (354,708 ) (1,784,812 ) (2,025,711 ) Increase/Decrease for awards granted during prior fiscal years that vested during fiscal year 2023, determined based on change in ASC 718 fair value from prior fiscal year-end 20,757 1,676,612 138,669 Decrease for change in the actuarial present values reported under Change in Pension Value and NQDC Earnings column of 2023 Summary Compensation Table – (5,812 ) (205 ) Increase for service cost and, if applicable, prior service cost, for pension plans – – – Total Adjustments $ 1,145,115 $ 1,178,924 $ (1,756,499 ) | |||
Non-PEO NEO Average Total Compensation Amount | $ 2,107,852 | $ 2,405,277 | $ 2,342,467 | $ 2,248,966 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 351,353 | 2,220,289 | 5,263,092 | 2,725,777 |
Adjustment to Non-PEO NEO Compensation Footnote | (2) Amounts represent Compensation Actually Paid to our CEO(s) and the average Compensation Actually Paid to our non-CEO year-end year-end Monte-Carlo 2023 Adjustments Stander Butier Average Non-CEO NEOs Decrease for amounts reported under Stock Awards and Option Awards columns in 2023 Summary Compensation Table $ (5,071,394 ) $ (8,285,412 ) $ (1,466,116 ) Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that remained unvested as of fiscal year-end year-end 6,275,523 8,478,701 1,475,171 Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that vested during fiscal year, determined as of vesting date 274,937 1,099,647 121,693 Increase/Decrease for awards granted during prior fiscal years that were outstanding and unvested as of fiscal year-end year-end year-end (354,708 ) (1,784,812 ) (2,025,711 ) Increase/Decrease for awards granted during prior fiscal years that vested during fiscal year 2023, determined based on change in ASC 718 fair value from prior fiscal year-end 20,757 1,676,612 138,669 Decrease for change in the actuarial present values reported under Change in Pension Value and NQDC Earnings column of 2023 Summary Compensation Table – (5,812 ) (205 ) Increase for service cost and, if applicable, prior service cost, for pension plans – – – Total Adjustments $ 1,145,115 $ 1,178,924 $ (1,756,499 ) | |||
Compensation Actually Paid vs. Total Shareholder Return | ||||
Compensation Actually Paid vs. Net Income | ||||
Compensation Actually Paid vs. Company Selected Measure | ||||
Total Shareholder Return Vs Peer Group | ||||
Tabular List, Table | Pay vs. Performance Financial Performance Measures We believe the financial performance measures shown below, all of which are performance objectives used in our executive compensation program, were the most important in linking Compensation Actually Paid to our NEOs for 2023. For additional information regarding these measures, including reconciliations of non-GAAP see Compensation and Appendix • Absolute TSR and Relative TSR • Adjusted EPS • Cumulative EVA • Adjusted Sales Growth • Adjusted Free Cash Flow | |||
Total Shareholder Return Amount | $ 165.02 | 145.19 | 170.89 | 120.83 |
Peer Group Total Shareholder Return Amount | 118.91 | 110.49 | 134.41 | 121.14 |
Net Income (Loss) | $ 502,988,000 | $ 757,092,000 | $ 740,087,000 | $ 555,863,000 |
Company Selected Measure Amount | 7.9 | 9.15 | 8.91 | 7.1 |
PEO Name | Mitchell Butier | Mitchell Butier | Mitchell Butier | |
Former Peer Group Total Stockholder Return Amount | $ 158.44 | $ 133.6 | $ 151.44 | $ 117.22 |
Measure:: 1 | ||||
Pay vs Performance Disclosure | ||||
Name | Absolute TSR and Relative TSR | |||
Measure:: 2 | ||||
Pay vs Performance Disclosure | ||||
Name | Adjusted EPS | |||
Non-GAAP Measure Description | Adjusted EPS is a non-GAAP | |||
Measure:: 3 | ||||
Pay vs Performance Disclosure | ||||
Name | Cumulative EVA | |||
Measure:: 4 | ||||
Pay vs Performance Disclosure | ||||
Name | Adjusted Sales Growth | |||
Measure:: 5 | ||||
Pay vs Performance Disclosure | ||||
Name | Adjusted Free Cash Flow | |||
Deon Stander [Member] | ||||
Pay vs Performance Disclosure | ||||
PEO Total Compensation Amount | $ 6,070,962 | |||
PEO Actually Paid Compensation Amount | $ 7,216,077 | |||
PEO Name | Deon Stander | |||
Mitchell Butier [Member] | ||||
Pay vs Performance Disclosure | ||||
PEO Total Compensation Amount | $ 9,700,108 | 9,107,739 | 12,433,721 | 8,709,348 |
PEO Actually Paid Compensation Amount | $ 10,879,032 | $ 7,588,568 | $ 31,508,041 | $ 13,337,289 |
PEO Name | Mitchell Butier | |||
PEO | Deon Stander [Member] | Decrease for amounts reported under Stock Awards and Option Awards [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ (5,071,394) | |||
PEO | Deon Stander [Member] | Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that remained unvested as of fiscal yearend 2023, determined as of fiscal yearend 2023 [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 6,275,523 | |||
PEO | Deon Stander [Member] | Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that vested during fiscal year, determined as of vesting date [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 274,937 | |||
PEO | Deon Stander [Member] | IncreaseDecrease for awards granted during prior fiscal years that were outstanding and unvested as of fiscal yearend 2023, determined based on change in ASC 718 fair value from prior fiscal yearend to fiscal yearend 2023 [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (354,708) | |||
PEO | Deon Stander [Member] | IncreaseDecrease for awards granted during prior fiscal years that vested during fiscal year 2023, determined based on change in ASC 718 fair value from prior fiscal yearend to vesting date [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 20,757 | |||
PEO | Deon Stander [Member] | Total Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,145,115 | |||
PEO | Mitchell Butier [Member] | Decrease for amounts reported under Stock Awards and Option Awards [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (8,285,412) | |||
PEO | Mitchell Butier [Member] | Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that remained unvested as of fiscal yearend 2023, determined as of fiscal yearend 2023 [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 8,478,701 | |||
PEO | Mitchell Butier [Member] | Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that vested during fiscal year, determined as of vesting date [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,099,647 | |||
PEO | Mitchell Butier [Member] | IncreaseDecrease for awards granted during prior fiscal years that were outstanding and unvested as of fiscal yearend 2023, determined based on change in ASC 718 fair value from prior fiscal yearend to fiscal yearend 2023 [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (1,784,812) | |||
PEO | Mitchell Butier [Member] | IncreaseDecrease for awards granted during prior fiscal years that vested during fiscal year 2023, determined based on change in ASC 718 fair value from prior fiscal yearend to vesting date [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,676,612 | |||
PEO | Mitchell Butier [Member] | Decrease for change in the actuarial present values reported under change in pension value and nonqualified deferred compensation earnings [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (5,812) | |||
PEO | Mitchell Butier [Member] | Total Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,178,924 | |||
Non-PEO NEO | Decrease for amounts reported under Stock Awards and Option Awards [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (1,466,116) | |||
Non-PEO NEO | Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that remained unvested as of fiscal yearend 2023, determined as of fiscal yearend 2023 [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 1,475,171 | |||
Non-PEO NEO | Increase based on ASC 718 fair value of awards granted during fiscal year 2023 that vested during fiscal year, determined as of vesting date [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 121,693 | |||
Non-PEO NEO | IncreaseDecrease for awards granted during prior fiscal years that were outstanding and unvested as of fiscal yearend 2023, determined based on change in ASC 718 fair value from prior fiscal yearend to fiscal yearend 2023 [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (2,025,711) | |||
Non-PEO NEO | IncreaseDecrease for awards granted during prior fiscal years that vested during fiscal year 2023, determined based on change in ASC 718 fair value from prior fiscal yearend to vesting date [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 138,669 | |||
Non-PEO NEO | Decrease for change in the actuarial present values reported under change in pension value and nonqualified deferred compensation earnings [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (205) | |||
Non-PEO NEO | Total Adjustments [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ (1,756,499) |