AVY · 10-Q · 2026Q2 · Full report

Liquidity and Debt Position

Avery Dennison Corp · 2026-08-04 · Importance 42 · Surprise 14 · No source text

Cash and cash equivalents totaled $227.3 million at June 30, 2026, with most cash held by foreign subsidiaries, primarily in Asia Pacific. Total debt decreased approximately $55 million to $3.68 billion, primarily because of euro-denominated debt revaluation and lower commercial-paper borrowings. No borrowings were outstanding under the $1.20 billion revolving credit facility at June 30, 2026 or December 31, 2025. Commercial paper supported dividends, share repurchases, venture investments, capital expenditures, and other general corporate purposes.

Key facts

• Our Revolver is a $1.20 billion revolving credit facility used as a back-up facility for commercial paper; no balance was outstanding under the Revolver as of June 30, 2026 or December 31, 2025. source
• In the first quarter of 2025, we repaid our €500 million of senior notes at maturity using the net proceeds from the €500 million of senior notes we issued in the fourth quarter of 2024, cash flows from operations and commercial paper borrowings. source
• The carrying value of total debt decreased by approximately $55 million in the first six months of 2026 to $3.68 billion. source
• Net increase (decrease) in borrowings with maturities of three months or less for the six months ended June 30, 2026: $(9.6) million; for the six months ended June 28, 2025: $816.2 million. source
• Repayments of long-term debt and finance leases for the six months ended June 30, 2026: $(3.4) million; for the six months ended June 28, 2025: $(551.6) million. source
• As of June 30, 2026, the balance of shareholders’ equity was $2.32 billion. source
• Short-term borrowings and current portion of long-term debt and finance leases reconciling item: $500.5 million at June 30, 2026 and $922.0 million at June 28, 2025. source
• As of June 30, 2026, we had cash and cash equivalents of $227.3 million. source

Impact estimates