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SEGMENT AND DISAGGREGATED REVENUE INFORMATION (Tables) | 12 Months Ended
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Dec. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Revenue from our Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our Solutions Group reportable segment is shown by product group.
(In millions) |  | 2023 |  | 2022 |  | 2021
Net sales to unaffiliated customers |  |  |  |  |  |
Materials Group: |  |  |  |  |  |
U.S. |  | $ | 1,687.8 |  |  | $ | 1,892.1 |  |  | $ | 1,736.4 |
Europe, the Middle East and North Africa |  | 2,007.1 |  |  | 2,396.2 |  |  | 2,261.1 |
Asia |  | 1,315.2 |  |  | 1,390.3 |  |  | 1,471.1 |
Latin America |  | 474.2 |  |  | 470.1 |  |  | 408.6 |
Other |  | 327.0 |  |  | 346.4 |  |  | 329.3 |
Total Materials Group |  | 5,811.3 |  |  | 6,495.1 |  |  | 6,206.5 |
Solutions Group: |  |  |  |  |  |
Apparel |  | 1,661.4 |  |  | 1,851.2 |  |  | 1,839.1 |
Identification Solutions and Vestcom |  | 891.6 |  |  | 693.0 |  |  | 362.7 |
Total Solutions Group |  | 2,553.0 |  |  | 2,544.2 |  |  | 2,201.8 |
Net sales to unaffiliated customers |  | $ | 8,364.3 |  |  | $ | 9,039.3 |  |  | $ | 8,408.3 |
Additional financial information by reportable segment and Corporate is shown below.
(In millions) |  | 2023 |  | 2022 |  | 2021
Intersegment sales |  |  |  |  |  |
Materials Group |  | $ | 157.1 |  |  | $ | 137.1 |  |  | $ | 105.8 |
Solutions Group |  | 35.5 |  |  | 37.4 |  |  | 37.3 |
Intersegment sales |  | $ | 192.6 |  |  | $ | 174.5 |  |  | $ | 143.1 |
Income before taxes |  |  |  |  |  |
Materials Group |  | $ | 700.9 |  |  | $ | 859.3 |  |  | $ | 883.3 |
Solutions Group |  | 165.7 |  |  | 302.3 |  |  | 257.2 |
Corporate expense |  | (83.7) |  |  | (87.6) |  |  | (81.8) |
Interest expense |  | (119.0) |  |  | (84.1) |  |  | (70.2) |
Other non-operating expense (income), net |  | 30.8 |  |  | 9.4 |  |  | 4.1 |
Income before taxes |  | $ | 694.7 |  |  | $ | 999.3 |  |  | $ | 992.6 |
Capital expenditures(1)(2) |  |  |  |  |  |
Materials Group |  | $ | 117.8 |  |  | $ | 153.5 |  |  | $ | 170.3 |
Solutions Group |  | 148.7 |  |  | 144.0 |  |  | 96.3 |
Capital expenditures |  | $ | 266.5 |  |  | $ | 297.5 |  |  | $ | 266.6 |
Depreciation and amortization expense(1) |  |  |  |  |  |
Materials Group |  | $ | 127.8 |  |  | $ | 135.8 |  |  | $ | 141.9 |
Solutions Group |  | 170.6 |  |  | 154.9 |  |  | 102.2 |
Depreciation and amortization expense |  | $ | 298.4 |  |  | $ | 290.7 |  |  | $ | 244.1 |
Other expense (income), net by reportable segment |  |  |  |  |  |
Materials Group |  | $ | 88.3 |  |  | $ | (13.4) |  |  | $ | (25.7) |
Solutions Group |  | 86.3 |  |  | 7.8 |  |  | 36.6 |
Corporate |  | 6.3 |  |  | 5.0 |  |  | (5.3) |
Other expense (income), net |  | $ | 180.9 |  |  | $ | (.6) |  |  | $ | 5.6 |
(1) | Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their percentage of consolidated net sales.
(2) | Capital expenditures for property, plant and equipment included accruals.
Other expense (income), net by type were as follows:
(In millions) |  | 2023 |  | 2022 |  | 2021
Other expense (income), net by type |  |  |  |  |  |
Restructuring charges: |  |  |  |  |  |
Severance and related costs |  | $ | 70.8 |  |  | $ | 7.6 |  |  | $ | 10.5 |
Asset impairment charges and lease cancellation costs |  | 8.6 |  |  | .1 |  |  | 3.1 |
Other items: |  |  |  |  |  |
Outcomes of legal proceedings, net(1) |  | 64.3 |  |  | 6.3 |  |  | (.4) |
Argentine peso remeasurement loss(2) |  | 29.9 |  |  | — |  |  | — |
Transaction and related costs |  | 5.3 |  |  | .3 |  |  | 20.9 |
(Gain) loss on venture investments |  | 1.5 |  |  | (13.5) |  |  | (23.0) |
(Gain) loss on sales of assets |  | .5 |  |  | (1.4) |  |  | .2 |
Gain on sale of product line |  | — |  |  | — |  |  | (5.7) |
Other expense (income), net |  | $ | 180.9 |  |  | $ | (.6) |  |  | $ | 5.6 |
(1) | Amount for 2023 included an additional contingent liability related to the Adasa litigation in the amount of $56.3 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation. Amount for 2021 included an indirect tax credit based on a Brazilian Federal Supreme Court ruling in the amount of $29.1 million, partially offset by a contingent liability related to the Adasa litigation in the amount of $26.6 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation.
(2) | The impact of the Argentine peso remeasurement loss prior to the third quarter of 2023 was not material.
Schedule of Revenue from External Customers by Products | Revenue from our Materials Group reportable segment by product group is shown below.
(In millions) |  | 2023 |  | 2022 |  | 2021
Net sales to unaffiliated customers |  |  |  |  |  |
Materials Group: |  |  |  |  |  |
Labels, graphics and reflectives |  | $ | 5,076.8 |  |  | $ | 5,725.7 |  |  | $ | 5,430.4 |
Tapes and adhesives |  | 665.3 |  |  | 696.3 |  |  | 703.4 |
Other |  | 69.2 |  |  | 73.1 |  |  | 72.7 |
Total Materials Group |  | $ | 5,811.3 |  |  | $ | 6,495.1 |  |  | $ | 6,206.5 |
Schedule of Disaggregation of Revenue | Our total company revenue by geographic area is shown below. Revenue is attributed to geographic areas based on the location from which products are shipped.
(In millions) |  | 2023 |  | 2022 |  | 2021
Net sales to unaffiliated customers |  |  |  |  |  |
U.S. |  | $ | 2,578.3 |  |  | $ | 2,565.9 |  |  | $ | 2,065.2 |
Europe, the Middle East and North Africa |  | 2,306.7 |  |  | 2,683.6 |  |  | 2,541.4 |
Asia |  | 2,545.2 |  |  | 2,817.2 |  |  | 2,914.5 |
Latin America |  | 582.3 |  |  | 605.7 |  |  | 537.6 |
Other |  | 351.8 |  |  | 366.9 |  |  | 349.6 |
Net sales to unaffiliated customers |  | $ | 8,364.3 |  |  | $ | 9,039.3 |  |  | $ | 8,408.3 |
Schedule of Property, Plant and Equipment, Net by Geographical Area | Property, plant and equipment, net, in our U.S. and non-U.S. operations were as follows:
(In millions) |  | 2023 |  | 2022 |  | 2021
Property, plant and equipment, net |  |  |  |  |  |
U.S. |  | $ | 621.2 |  |  | $ | 589.0 |  |  | $ | 524.0 |
Non-U.S. |  | 1,004.6 |  |  | 951.2 |  |  | 953.7 |
Property, plant and equipment, net |  | $ | 1,625.8 |  |  | $ | 1,540.2 |  |  | $ | 1,477.7 |

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