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SEGMENT AND DISAGGREGATED REVENUE INFORMATION (Tables) | 12 Months Ended
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Dec. 28, 2024
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) |  | 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 |
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. 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.
Schedule of Revenue from External Customers by Products | 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 |
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) |  | 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 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | 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 |
Schedule of Long-lived Assets by Geographical Area | 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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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