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SEGMENT AND DISAGGREGATED REVENUE INFORMATION | 12 Months Ended
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Dec. 28, 2024
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. Our President and Chief Executive Officer is the chief operating decision maker ("CODM") and is responsible for the allocation of resources and evaluation of performance of our reportable segments. The CODM's oversight includes establishing performance targets to advance our long-term strategy and increase stockholder value, allocating capital to our reportable segments to achieve those targets, developing compensation programs to incentivize segment leaders to achieve those targets, and analyzing key performance metrics to track progress against those targets. The CODM reviews the performance of each segment by comparing each reportable segment’s current period results with its annual operating plan targets, its most recent quarterly forecast, and the prior year to assess how segment results impacted our company’s overall results. 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) |  | 2024 |  | 2023 |  | 2022
Net sales to unaffiliated customers |  |  |  |  |  |
Materials Group: |  |  |  |  |  |
U.S. |  | $ | 1,715.6 |  |  | $ | 1,687.8 |  |  | $ | 1,892.1 |
Europe, the Middle East and North Africa |  | 2,091.0 |  |  | 2,007.1 |  |  | 2,396.2 |
Asia |  | 1,388.0 |  |  | 1,315.2 |  |  | 1,390.3 |
Latin America |  | 489.7 |  |  | 474.2 |  |  | 470.1 |
Other |  | 328.7 |  |  | 327.0 |  |  | 346.4 |
Total Materials Group |  | 6,013.0 |  |  | 5,811.3 |  |  | 6,495.1 |
Solutions Group: |  |  |  |  |  |
Apparel and other |  | 1,875.5 |  |  | 1,661.4 |  |  | 1,851.2 |
Identification Solutions and Vestcom |  | 867.2 |  |  | 891.6 |  |  | 693.0 |
Total Solutions Group |  | 2,742.7 |  |  | 2,553.0 |  |  | 2,544.2 |
Net sales to unaffiliated customers |  | $ | 8,755.7 |  |  | $ | 8,364.3 |  |  | $ | 9,039.3 |
Revenue from our Materials Group reportable segment by product group is shown below.
(In millions) |  | 2024 |  | 2023 |  | 2022
Net sales to unaffiliated customers |  |  |  |  |  |
Materials Group: |  |  |  |  |  |
Labels, graphics and reflectives |  | $ | 5,266.0 |  |  | $ | 5,076.8 |  |  | $ | 5,725.7 |
Tapes and adhesives |  | 676.0 |  |  | 665.3 |  |  | 696.3 |
Other |  | 71.0 |  |  | 69.2 |  |  | 73.1 |
Total Materials Group |  | $ | 6,013.0 |  |  | $ | 5,811.3 |  |  | $ | 6,495.1 |
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) |  | 2024 |  | 2023 |  | 2022
Net sales to unaffiliated customers |  |  |  |  |  |
U.S. |  | $ | 2,613.4 |  |  | $ | 2,578.3 |  |  | $ | 2,565.9 |
Europe, the Middle East and North Africa |  | 2,418.6 |  |  | 2,306.7 |  |  | 2,683.6 |
Asia |  | 2,763.1 |  |  | 2,545.2 |  |  | 2,817.2 |
Latin America |  | 599.8 |  |  | 582.3 |  |  | 605.7 |
Other |  | 360.8 |  |  | 351.8 |  |  | 366.9 |
Net sales to unaffiliated customers |  | $ | 8,755.7 |  |  | $ | 8,364.3 |  |  | $ | 9,039.3 |
Net sales to unaffiliated customers in Asia included sales in China (including Hong Kong) of $1.40 billion in 2024, $1.30 billion in 2023 and $1.50 billion in 2022. No single customer represented 10% or more of our net sales in year-end 2024, 2023 or 2022. Our ten largest customers by net sales in the aggregate represented approximately 16% of our net sales during 2024, 2023 and 2022. Segment Information During the fourth quarter of 2024, we modified our segment performance measure to exclude other expense (income), net. These changes align with how our CODM evaluates segment performance and allocates resources. Prior periods have been conformed to the current period presentation. Segment adjusted operating income is defined as income before taxes adjusted for other expense (income), net; interest expense, other non-operating expense (income), net; and other items. Segment results and reconciliation to income before taxes are presented below.
(In millions) |  | 2024 |  | 2023 |  | 2022
Materials Group |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 6,013.0 |  |  | $ | 5,811.3 |  |  | $ | 6,495.1 |
Segment expense(1) |  | 5,088.3 |  |  | 5,022.1 |  |  | 5,649.2 |
Segment adjusted operating income |  | $ | 924.7 |  |  | $ | 789.2 |  |  | $ | 845.9 |
Solutions Group |  |  |  |  |  |
Net sales to unaffiliated customers |  | $ | 2,742.7 |  |  | $ | 2,553.0 |  |  | $ | 2,544.2 |
Segment expense(1) |  | 2,453.4 |  |  | 2,301.0 |  |  | 2,234.1 |
Segment adjusted operating income |  | $ | 289.3 |  |  | $ | 252.0 |  |  | $ | 310.1 |
(1) Segment expense included cost of sales and marketing, general and administrative expense and excluded other expense (income), net, and other items.
(In millions) |  | 2024 |  | 2023 |  | 2022
Segment adjusted operating income |  |  |  |  |  |
Materials Group |  | $ | 924.7 |  |  | $ | 789.2 |  |  | $ | 845.9 |
Solutions Group |  | 289.3 |  |  | 252.0 |  |  | 310.1 |
Total |  | 1,214.0 |  |  | 1,041.2 |  |  | 1,156.0 |
Corporate expense |  | (91.9) |  |  | (77.4) |  |  | (82.6) |
Other expense (income), net and other items |  | (78.3) |  |  | (180.9) |  |  | .6 |
Interest expense |  | (117.0) |  |  | (119.0) |  |  | (84.1) |
Other non-operating expense (income), net |  | 26.7 |  |  | 30.8 |  |  | 9.4 |
Income before taxes |  | $ | 953.5 |  |  | $ | 694.7 |  |  | $ | 999.3 |
Additional Segment Information Additional financial information by reportable segment is shown below. Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated net sales. 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.
(In millions) |  | 2024 |  | 2023 |  | 2022
Intersegment sales |  |  |  |  |  |
Materials Group |  | $ | 162.8 |  |  | $ | 157.1 |  |  | $ | 137.1 |
Solutions Group |  | 52.3 |  |  | 35.5 |  |  | 37.4 |
Intersegment sales |  | $ | 215.1 |  |  | $ | 192.6 |  |  | $ | 174.5 |
Capital expenditures(1)(2) |  |  |  |  |  |
Materials Group |  | $ | 96.3 |  |  | $ | 117.8 |  |  | $ | 153.5 |
Solutions Group |  | 120.8 |  |  | 148.7 |  |  | 144.0 |
Capital expenditures |  | $ | 217.1 |  |  | $ | 266.5 |  |  | $ | 297.5 |
Depreciation and amortization expense(1) |  |  |  |  |  |
Materials Group |  | $ | 130.9 |  |  | $ | 127.8 |  |  | $ | 135.8 |
Solutions Group |  | 181.3 |  |  | 170.6 |  |  | 154.9 |
Depreciation and amortization expense |  | $ | 312.2 |  |  | $ | 298.4 |  |  | $ | 290.7 |
(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. Entity-wide Information Other expense (income), net by type were as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Other expense (income), net by type |  |  |  |  |  |
Restructuring charges, net of reversals: |  |  |  |  |  |
Severance and related costs, net of reversals |  | $ | 35.4 |  |  | $ | 70.8 |  |  | $ | 7.6 |
Asset impairment and lease cancellation charges |  | 6.5 |  |  | 8.6 |  |  | .1 |
Other items: |  |  |  |  |  |
Losses from Argentine peso remeasurement and Blue Chip Swap transactions |  | 16.4 |  |  | 29.9 |  |  | — |
(Gain) loss on venture investments |  | 19.2 |  |  | 1.5 |  |  | (13.5) |
Outcomes of legal matters and settlements, net(1) |  | (6.2) |  |  | 64.3 |  |  | 6.3 |
Transaction and related costs |  | .3 |  |  | 5.3 |  |  | .3 |
(Gain) loss on sales of assets |  | — |  |  | .5 |  |  | (1.4) |
Other expense (income), net |  | $ | 71.6 |  |  | $ | 180.9 |  |  | $ | (.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. Long-lived assets (including property, plant and equipment, net, and operating lease assets) in our U.S. and non-U.S. operations were as follows:
(In millions) |  | 2024 |  | 2023
Long-lived assets |  |  |  |
U.S. |  | $ | 642.7 |  |  | $ | 662.8 |
Non-U.S. |  | 1,171.5 |  |  | 1,163.2 |
Long-lived assets |  | $ | 1,814.2 |  |  | $ | 1,826.0 |
Long-lived assets located in China (including Hong Kong) were approximately $288 million in 2024 and $305 million in 2023.

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- Definition The entire disclosure for reporting segments including data and tables. 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