Avery Dennison Corp
For the period ended Sep 30, 2026. Filed Nov 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 3, 2026
AVY$186.78-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0000008818-26-000131
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresOverview and OutlookAnalysis of Results of Operations for the Second QuarterResults of Operations by Reportable Segment for the Second QuarterAnalysis of Results of Operations for the Six Months Year-to-DateResults of Operations by Reportable Segment for the Six Months Year-to-DateFinancial ConditionCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-03.
0000008818-26-000166
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresOverview and OutlookAnalysis of Results of Operations for the Third QuarterResults of Operations by Reportable Segment for the Third QuarterAnalysis of Results of Operations for the Nine Months Year-to-DateResults of Operations by Reportable Segment for the Nine Months Year-to-DateFinancial ConditionThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 148 previous paragraphs and 150 current paragraphs.
91 unchanged; 53 reworded; 4 added; 3 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Segment adjusted operating income increased in the third quarter of 2026 compared to the same period last year primarily due to the net benefit of pricing and raw material costs, including material re-engineering, benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and higher volume, partially offset by unfavorable mix and higher employee-related costs.
Current report
During the first nine months of 2025, we received proceeds from the sale of properties in China and Vietnam.
Current report
In September 2025, we issued €500 million of senior notes, due September 11, 2035, which bear an interest rate of 4.000% per year, payable annually in arrears. Our net proceeds of approximately €494 million ($577 million) from this issuance, after deducting underwriting discounts and offering expenses, were used for general corporate purposes, including to finance the acquisition of Taylor Adhesives, and to repay commercial paper indebtedness.
Current report
Subsequent to the end of the third quarter, in October 2026, our Board of Directors declared a dividend for the fourth quarter of 2026 of $1.00 per share of outstanding common stock, payable on December 16, 2026 to shareholders of record on December 2, 2026.
Removed paragraphs (3)
Previous report
(1)Totals may not sum due to rounding
Previous report
Segment adjusted operating income in the first six months of 2026 was comparable to the same period last year primarily due to higher employee-related costs, which were offset by benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and the net benefit of pricing and raw material costs.
Previous report
During the first six months of 2026, we received lower proceeds from sales of investments.
Reworded paragraphs (53)
Previous wording
We report our financial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures. These non-GAAP financial measures are intended to supplement the presentation of our financial results prepared in accordance with GAAP. We use these non-GAAP financial measures internally to evaluate trends in our underlying performance, as well as to facilitate comparisons with the results of competitors for quarters and year-to-date periods, as applicable. Based on feedback from investors and financial analysts, we believe that the supplemental non-GAAP financial measures we provide are also useful to their assessments of our performance and operating trends, as well as liquidity. Reconciliations of our non-GAAP financial measures from the most directly comparable GAAP financial measures are provided in accordance with Regulations G and S-K.
Current wording
We report our financial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures. These non-GAAP financial measures are intended to supplement the presentation of our financial results prepared in accordance with GAAP. We use these non-GAAP financial measures internally to evaluate trends in our underlying performance, as well as to facilitate comparisons with the results of competitors for quarters and year-to-date periods, as applicable. Based on feedback from investors and financial analysts, we believe that the supplemental non-GAAP financial measures we provide are also useful to their assessments of our performance and operating trends, as well as liquidity. Reconciliations of our non-GAAP financial measures from the most directly comparable GAAP financial measures, including limitations associated with these non-GAAP measures, are provided in accordance with Regulations G and S-K.
Previous wording
The three and six months ended June 30, 2026 consisted of 91 and 181 days, respectively, and the three and six months ended June 28, 2025 consisted of 91 and 182 days, respectively.
Current wording
The three and nine months ended September 30, 2026 consisted of 92 and 273 days, respectively, and the three and nine months ended September 27, 2025 consisted of 91 and 273 days, respectively.
Previous wording
In the three months ended June 30, 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to higher volume, partially offset by unfavorable mix. In the six months ended June 30, 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to higher volume, partially offset by unfavorable mix and the impact of raw material deflation-related price reductions.
Current wording
In the three months ended September 30, 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to our pricing actions and higher volume. In the nine months ended September 30, 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to higher volume, partially offset by unfavorable mix.
Previous wording
Net income increased from approximately $355 million in the first six months of 2025 to approximately $372 million in the first six months of 2026. The primary factors affecting this increase were:
Current wording
Net income increased from approximately $522 million in the first nine months of 2025 to approximately $542 million in the first nine months of 2026. The primary factors affecting this increase were:
Previous wording
We recorded $34.7 million in restructuring charges during the six months ended June 30, 2026 related to our 2026 actions. These charges consisted of severance and related costs for the reduction of approximately 600 positions, as well as asset impairment charges, at various locations across our company related to actions taken to optimize our operational footprint and workforce headcount.
Current wording
We recorded $40.4 million in restructuring charges, net of reversals, during the nine months ended September 30, 2026 related to our 2026 cost reduction actions. These charges consisted of severance and related costs for the reduction of approximately 690 positions, as well as asset impairment and lease cancellation charges, at certain locations across our company related to actions taken to optimize our operational footprint and workforce headcount.
Previous wording
During the first six months of 2026, net cash provided by operating activities increased compared to the same period last year primarily due to changes in operational working capital and lower incentive compensation payments, partially offset by higher tax payments, net of refunds. During the first six months of 2026, adjusted free cash flow increased compared to the same period last year primarily due to an increase in net cash provided by operating activities.
Current wording
During the first nine months of 2026, net cash provided by operating activities increased compared to the same period last year primarily due to changes in operational working capital, lower incentive compensation payments and higher net income, partially offset by higher tax payments, net of refunds. During the first nine months of 2026, adjusted free cash flow increased compared to the same period last year primarily due to the increase in net cash provided by operating activities, partially offset by higher purchases of property, plant and equipment and lower proceeds from sales of property, plant and equipment.
Previous wording
•Based on recent rates, a favorable impact from foreign currency translation to our full-year net sales and operating income
Current wording
•Based on recent rates, a favorable impact to our full-year net sales and operating income from foreign currency translation
Previous wording
ANALYSIS OF RESULTS OF OPERATIONS FOR THE SECOND QUARTER
Current wording
ANALYSIS OF RESULTS OF OPERATIONS FOR THE THIRD QUARTER
Previous wording
Gross profit for the second quarter of 2026 increased from the same period last year due to higher volume, the net benefit of pricing and raw material costs, including material re-engineering, benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and favorable foreign currency translation, partially offset by unfavorable mix and higher employee-related costs.
Current wording
Gross profit for the third quarter of 2026 increased from the same period last year primarily due to the net benefit of pricing and raw material costs, including material re-engineering, benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and higher volume, partially offset by unfavorable mix and higher employee-related costs.
Previous wording
Marketing, general and administrative expense increased in the second quarter of 2026 compared to the same period last year primarily due to higher employee-related costs, unfavorable foreign currency translation and growth investments, partially offset by benefits from productivity initiatives and savings from restructuring actions, net of transition costs.
Current wording
Marketing, general and administrative expense increased in the third quarter of 2026 compared to the same period last year primarily due to higher employee-related costs and growth investments, partially offset by benefits from productivity initiatives, including savings from restructuring actions, net of transition costs.
Previous wording
Interest expense increased in the second quarter of 2026 compared to the same period last year primarily due to the €500 million of senior notes we issued in September 2025, partially offset by a decrease in commercial paper borrowings.
Current wording
Interest expense increased in the third quarter of 2026 compared to the same period last year primarily due to the €500 million of senior notes we issued in September 2025, partially offset by a decrease in commercial paper borrowings.
Previous wording
Our effective tax rate for the three months ended June 30, 2026 increased compared to the same period last year primarily due to lower discrete benefits from decreases in certain tax reserves. Refer to Note 6, “Taxes Based on Income,” to the unaudited Condensed Consolidated Financial Statements for more information.
Current wording
Our effective tax rate for the three months ended September 30, 2026 was comparable to the same period last year. Refer to Note 6, “Taxes Based on Income,” to the unaudited Condensed Consolidated Financial Statements for more information.
Previous wording
RESULTS OF OPERATIONS BY REPORTABLE SEGMENT FOR THE SECOND QUARTER
Current wording
RESULTS OF OPERATIONS BY REPORTABLE SEGMENT FOR THE THIRD QUARTER
Previous wording
Our chief operating decision maker uses segment adjusted operating income to evaluate segment performance and allocate resources. Segment adjusted operating income is defined as income before taxes adjusted for other expense (income), net; interest expense; and other non-operating expense (income), net.
Current wording
Our chief operating decision maker uses adjusted operating income to evaluate segment performance and allocate resources. Segment adjusted operating income is defined as income before taxes adjusted for other expense (income), net; interest expense; and other non-operating expense (income), net.
Previous wording
(1)Segment adjusted operating income excluded other expense (income), net, of $3.9 million and $(7.0) million in the second quarters of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, loss from Argentine peso remeasurement, (gain) loss on venture and other investments and (gain) loss on sales of assets.
Current wording
(1)Segment adjusted operating income excluded other expense (income), net, of $5.8 million and $13.6 million in the third quarters of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, loss from Argentine peso remeasurement, (gain) loss on venture and other investments, (gain) loss on sales of assets, outcomes of legal matters and settlements, and transaction and related costs.
Previous wording
In the first six months of 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to higher volume, partially offset by unfavorable mix and raw material deflation-related price reductions. On an organic basis, net sales increased by a mid-single digit rate in North America, and high single digit rates in Europe, the Middle East and North Africa and Asia Pacific and decreased by a low single digit rate in Latin America.
Current wording
In the third quarter of 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to our pricing actions and higher volume, partially offset by unfavorable mix. On an organic basis, net sales increased by a high single digit rate in North America, a mid-single digit rate in Europe, the Middle East and North Africa, and a low single digit rate in Asia Pacific and decreased by a low single digit rate in Latin America.
Previous wording
(1)Segment adjusted operating income excluded other expense (income), net, of $17.2 million and $7.2 million in the second quarters of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, (gain) loss on venture and other investments and outcomes of legal matters and settlements.
Current wording
(1)Segment adjusted operating income excluded other expense (income), net, of $2.4 million and $1.5 million in the third quarters of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, (gain) loss on venture and other investments, outcomes of legal matters and settlements, and (gain) loss on sales of assets.
Previous wording
In the second quarter of 2026, net sales increased on an organic basis compared to the same period in the prior year due to low single digit rate increases in both the base business and high-value categories.
Current wording
In the third quarter of 2026, net sales increased on an organic basis compared to the same period in the prior year due to a low single digit rate increase in the base business. Net sales on an organic basis in high-value categories were comparable to the same period in the prior year.
Previous wording
Segment adjusted operating income increased in the second quarter of 2026 compared to the same period last year primarily due to higher volume, the net benefit of pricing and raw material costs, including material re-engineering, and benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, partially offset by unfavorable mix and higher employee-related costs.
Current wording
Segment adjusted operating income increased in the third quarter of 2026 compared to the same period last year primarily due to benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, partially offset by higher employee-related costs.
Previous wording
ANALYSIS OF RESULTS OF OPERATIONS FOR THE SIX MONTHS YEAR-TO-DATE
Current wording
ANALYSIS OF RESULTS OF OPERATIONS FOR THE NINE MONTHS YEAR-TO-DATE
Previous wording
Gross profit for the first six months of 2026 increased from the same period last year primarily due to higher volume, favorable foreign currency translation, the net impact of pricing and raw material input costs, including material re-engineering, and benefits from productivity initiatives, including savings from restructuring actions, net of transition costs. These increases were partially offset by unfavorable mix and higher employee-related costs.
Current wording
Gross profit for the first nine months of 2026 increased from the same period last year primarily due to higher volume, the net impact of pricing and raw material input costs, including material re-engineering, benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and favorable foreign currency translation. These increases were partially offset by unfavorable mix and higher employee-related costs.
Previous wording
Marketing, general and administrative expense increased in the first six months of 2026 compared to the same period last year primarily due to higher employee-related costs, unfavorable foreign currency translation, and growth investments, partially offset by benefits from productivity initiatives and savings from restructuring actions, net of transition costs.
Current wording
Marketing, general and administrative expense increased in the first nine months of 2026 compared to the same period last year primarily due to higher employee-related costs, the impact of acquisitions, unfavorable foreign currency translation and growth investments, partially offset by benefits from productivity initiatives, including savings from restructuring actions, net of transition costs.
Previous wording
Interest expense increased for the first six months of 2026 compared to the same period last year primarily due to the €500 million of senior notes we issued in September 2025, partially offset by a decrease in commercial paper borrowings.
Current wording
Interest expense increased for the first nine months of 2026 compared to the same period last year primarily due to the €500 million of senior notes we issued in September 2025, partially offset by a decrease in commercial paper borrowings.
Previous wording
Our effective tax rate for the six months ended June 30, 2026 increased compared to the same period last year primarily due to a net discrete charge in 2026 from increases in tax reserves related to a foreign court ruling impacting tax group requirements, as compared to discrete benefits from a favorable foreign tax ruling related to deductibility of interest expense and decreases in certain tax reserves in the same period last year. Refer to Note 6, “Taxes Based on Income,” to the unaudited Condensed Consolidated Financial Statements for more information.
Current wording
Our effective tax rate for the nine months ended September 30, 2026 increased compared to the same period last year primarily due to a net discrete charge in 2026 from increases in tax reserves related to a foreign court ruling impacting tax group requirements, as compared to a discrete benefit from a favorable foreign tax ruling related to deductibility of interest expense in the same period last year. Refer to Note 6, “Taxes Based on Income,” to the unaudited Condensed Consolidated Financial Statements for more information.
Previous wording
RESULTS OF OPERATIONS BY REPORTABLE SEGMENT FOR THE SIX MONTHS YEAR-TO-DATE
Current wording
RESULTS OF OPERATIONS BY REPORTABLE SEGMENT FOR THE NINE MONTHS YEAR-TO-DATE
Previous wording
(1)Segment adjusted operating income excluded other expense (income), net, of $11.6 million and $(2.6) million in the first six months of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, loss from Argentine peso remeasurement, (gain) loss on venture and other investments, (gain) loss on sales of assets, outcomes of legal matters and settlements, and transaction and related costs.
Current wording
(1)Segment adjusted operating income excluded other expense (income), net, of $17.4 million and $11.0 million in the first nine months of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, loss from Argentine peso remeasurement, (gain) loss on venture and other investments, (gain) loss on sales of assets, outcomes of legal matters and settlements, and transaction and related costs.
Previous wording
In the second quarter of 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to higher volume in part resulting from customer inventory stocking and our pricing actions, partially offset by unfavorable mix. On an organic basis, net sales increased by a high single digit rate in North America, a mid-teens rate in Europe, the Middle East and North Africa, a high single digit rate in Asia Pacific and a low single digit rate in Latin America.
Current wording
In the first nine months of 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to higher volume, driven in part by customer inventory stocking, and our pricing actions, partially offset by unfavorable mix. On an organic basis, net sales increased by a mid-single digit rate in North America, a high single digit rate in Europe, the Middle East and North Africa, and a mid-single digit rate in Asia Pacific and decreased by a low single digit rate in Latin America.
Previous wording
Segment adjusted operating income increased in the first six months of 2026 compared to the same period last year primarily due to higher volume, favorable foreign currency translation, the net benefit of pricing and raw material costs, including material re-engineering, and benefits from productivity initiatives, including savings from restructuring actions, net of transition costs. These increases were partially offset by unfavorable mix and higher employee-related costs.
Current wording
Segment adjusted operating income increased in the first nine months of 2026 compared to the same period last year primarily due to higher volume, the net benefit of pricing and raw material costs, including material re-engineering, benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and favorable foreign currency translation. These increases were partially offset by unfavorable mix and higher employee-related costs.
Previous wording
(1)Segment adjusted operating income excluded other expense (income), net, of $27.1 million and $17.3 million in the first six months of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, (gain) loss on venture and other investments and outcomes of legal matters and settlements.
Current wording
(1)Segment adjusted operating income excluded other expense (income), net, of $29.5 million and $18.8 million in the first nine months of 2026 and 2025, respectively. Exclusions related to charges associated with restructuring actions, (gain) loss on venture and other investments, outcomes of legal matters and settlements, and (gain) loss on sales of assets.
Previous wording
In the first six months of 2026, net sales increased on an organic basis compared to the same period in the prior year due to a low single digit rate increase in high-value categories, partially offset by a low single digit rate decrease in the base business.
Current wording
In the first nine months of 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to a low single digit rate increase in high-value categories. Net sales on an organic basis in the base business were comparable to the same period in the prior year.
Previous wording
Segment adjusted operating income increased in the second quarter of 2026 compared to the same period last year primarily due to benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and the net benefit of pricing and raw material costs, partially offset by higher employee-related costs.
Current wording
Segment adjusted operating income increased in the first nine months of 2026 compared to the same period last year primarily due to benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and the net benefit of pricing and raw material costs, partially offset by higher employee-related costs and growth investments.
Previous wording
During the first six months of 2026, net cash provided by operating activities increased compared to the same period last year primarily due to changes in operational working capital and lower incentive compensation payments, partially offset by higher tax payments, net of refunds.
Current wording
During the first nine months of 2026, net cash provided by operating activities increased compared to the same period last year primarily due to changes in operational working capital, lower incentive compensation payments and higher net income, partially offset by higher tax payments, net of refunds.
Previous wording
During the first six months of 2026, in our Materials Group reportable segment, we primarily invested in equipment to support growth and improve productivity in the U.S., certain countries in Europe, including Ireland and Luxembourg, and certain countries in Asia Pacific, including China and Malaysia; in our Solutions Group reportable segment, we primarily invested in equipment to support growth and improve productivity in certain countries in Asia Pacific, including Vietnam and China, the U.S. and certain countries in Latin America, primarily Mexico.
Current wording
During the first nine months of 2026, in our Materials Group reportable segment, we primarily invested in equipment to support growth and improve productivity in the U.S., certain countries in Europe, including Luxembourg and Ireland, and certain countries in Asia Pacific, including China and Malaysia; in our Solutions Group reportable segment, we primarily invested in equipment to support growth and improve productivity in certain countries in Asia Pacific, including Vietnam and China, the U.S. and certain countries in Latin America, primarily Mexico.
Previous wording
During the first six months of 2025, in our Materials Group reportable segment, we primarily invested in equipment to support growth in the U.S., certain countries in Europe and certain countries in Asia Pacific, primarily China; in our Solutions Group reportable segment, we primarily invested in buildings and equipment to support growth in certain countries in Asia Pacific, including Vietnam and China, and the U.S.
Current wording
During the first nine months of 2025, in our Materials Group reportable segment, we primarily invested in equipment to support growth in the U.S., certain countries in Europe and certain countries in Asia Pacific, primarily China; in our Solutions Group reportable segment, we primarily invested in buildings and equipment to support growth in certain countries in Asia Pacific, including China and Vietnam, and the U.S.
Previous wording
During the first six months of 2026 and 2025, we primarily invested in information technology upgrades in the U.S.
Current wording
During the first nine months of 2026 and 2025, we primarily invested in information technology upgrades in the U.S.
Previous wording
During the first six months of 2025, we settled €420 million notional amount of net investment hedges.
Current wording
During the first nine months of 2026 and 2025, we settled €500 million and €420 million notional amount of net investment hedges, respectively.
Previous wording
During the first six months of 2026, we made an approximately $75 million minority investment in Wiliot Ltd. We funded this investment using a combination of cash and commercial paper borrowings. In addition, we paid for purchase price adjustments related to our acquisition of W.F. Taylor Holdings, Inc. and for another venture investment. During the first six months of 2025, we paid $10.7 million for venture investments.
Current wording
During the first nine months of 2026, we made an approximately $75 million minority investment in Wiliot Ltd. We funded this investment using cash and commercial paper borrowings. In addition, we made other venture investments and purchase price adjustments related to our acquisition of W.F. Taylor Holdings, Inc. ("Taylor Adhesives"). During the first nine months of 2025, we paid $10.7 million for venture investments.
Previous wording
During the first six months of 2026 and 2025, our commercial paper borrowings were used to fund dividend payments, share repurchases, venture investments, capital expenditures and other general corporate purposes. During the first six months of 2025, commercial paper borrowings were also used to repay long-term debt.
Current wording
During the first nine months of 2026 and 2025, our commercial paper borrowings were used to fund dividend payments, share repurchases, venture investments, capital expenditures and other general corporate purposes. During the first nine months of 2025, commercial paper borrowings were also used to repay long-term debt.
Previous wording
We paid dividends of $1.94 per share in the first six months of 2026 compared to $1.82 per share in the same period last year. In April 2026, we increased our quarterly dividend rate from $0.94 per share to $1.00 per share, representing an increase of approximately 6%.
Current wording
We paid dividends of $2.94 per share in the first nine months of 2026 compared to $2.76 per share in the same period last year. In April 2026, we increased our quarterly dividend rate from $0.94 per share to $1.00 per share, representing an increase of approximately 6%.
Previous wording
During the first six months of 2026 and 2025, we repurchased approximately 1.2 million and 2.0 million shares of our common stock, respectively.
Current wording
During the first nine months of 2026 and 2025, we repurchased approximately 1.5 million and 2.5 million shares of our common stock, respectively.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Proceeds from Sales of Property, Plant and Equipment
Current report — wording carried from elsewhere
In the third quarter of 2025, we repaid our $5 million of medium-term notes at maturity using cash flows from operations and commercial paper borrowings.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Proceeds from Insurance and Sales (Purchases) of Investments, Net