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SEGMENT AND DISAGGREGATED REVENUE INFORMATION | 12 Months Ended
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Dec. 30, 2023
Segment Reporting [Abstract] |
SEGMENT AND DISAGGREGATED REVENUE INFORMATION | SEGMENT AND DISAGGREGATED REVENUE INFORMATION Segment Reporting We have the following reportable segments: •Materials Group – manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions. •Solutions Group – designs, manufactures and sells a wide variety of branding and information solutions, including brand and price tickets, tags and labels (including RFID inlays), and related services, supplies and equipment. Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated sales. We evaluate our performance based on income from operations before interest expense and taxes. Corporate expense is excluded from the computation of income from operations for the segments. We do not disclose total assets by reportable segment since we neither generate nor review that information internally. As our reporting structure is neither organized nor reviewed internally by country, results by individual country are not provided. Disaggregated Revenue Information Disaggregated revenue information is shown below in the manner that best reflects how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. 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 |
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 |
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 |
Net sales to unaffiliated customers in Asia included sales in China (including Hong Kong) of $1.30 billion in 2023, $1.50 billion in 2022 and $1.68 billion in 2021. No single customer represented 10% or more of our net sales in year-end 2023, 2022 or 2021. Our ten largest customers by net sales in the aggregate represented approximately 16% of our net sales during 2023, 2022 and 2021. Additional Segment Information 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.
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 |
Property, plant and equipment, net, located in China (including Hong Kong) was approximately $247 million in 2023, $259 million in 2022 and $290 million in 2021.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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