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Segment and Disaggregated Revenue Information (Tables) | 6 Months Ended
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Jun. 28, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | 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.
| Three Months Ended |  | Six Months Ended
(In millions) | June 28, 2025(2) |  | June 29, 2024 |  | June 28, 2025(2) |  | June 29, 2024
Net sales to unaffiliated customers(1) |  |  |  |  |  |  |
Materials Group: |  |  |  |  |  |  |
North America | $ | 496.3 |  |  | $ | 483.2 |  |  | $ | 986.5 |  |  | $ | 960.3 |
Europe, the Middle East and North Africa | 548.3 |  |  | 549.9 |  |  | 1,065.9 |  |  | 1,084.6 |
Asia Pacific | 385.6 |  |  | 386.7 |  |  | 744.1 |  |  | 750.8 |
Latin America | 120.0 |  |  | 127.0 |  |  | 233.8 |  |  | 247.6 |
Total Materials Group | 1,550.2 |  |  | 1,546.8 |  |  | 3,030.3 |  |  | 3,043.3 |
Solutions Group: |  |  |  |  |  |  |
Apparel and other | 431.6 |  |  | 476.5 |  |  | 886.4 |  |  | 936.4 |
Identification Solutions and Vestcom | 238.7 |  |  | 212.0 |  |  | 452.1 |  |  | 406.9 |
Total Solutions Group | 670.3 |  |  | 688.5 |  |  | 1,338.5 |  |  | 1,343.3 |
Net sales to unaffiliated customers | $ | 2,220.5 |  |  | $ | 2,235.3 |  |  | $ | 4,368.8 |  |  | $ | 4,386.6 |
(1)Certain prior-period amounts have been reclassified to conform to the current-year presentation. (2)Beginning in the first quarter of 2025 and to better align with our growth strategy, revenues for certain radio-frequency identification products were reflected in the Materials Group reportable segment; in prior years, these revenues were reflected in the Solutions Group reportable segment. Prior-year amounts were not material. Additional financial information by reportable segment is shown below.
| Three Months Ended |  | Six Months Ended
(In millions) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Intersegment sales |  |  |  |  |  |  |
Materials Group | $ | 46.0 |  |  | $ | 38.3 |  |  | $ | 89.9 |  |  | $ | 85.3 |
Solutions Group | 12.5 |  |  | 15.4 |  |  | 25.7 |  |  | 26.3 |
Intersegment sales | $ | 58.5 |  |  | $ | 53.7 |  |  | $ | 115.6 |  |  | $ | 111.6 |
Capital expenditures(1)(2) |  |  |  |  |  |  |
Materials Group | $ | 18.4 |  |  | $ | 21.2 |  |  | $ | 32.0 |  |  | $ | 41.7 |
Solutions Group | 17.6 |  |  | 32.2 |  |  | 35.0 |  |  | 53.2 |
Capital expenditures | $ | 36.0 |  |  | $ | 53.4 |  |  | $ | 67.0 |  |  | $ | 94.9 |
Depreciation and amortization expense(1) |  |  |  |  |  |  |
Materials Group | $ | 33.0 |  |  | $ | 32.8 |  |  | $ | 64.5 |  |  | $ | 65.6 |
Solutions Group | 47.8 |  |  | 45.8 |  |  | 94.2 |  |  | 90.3 |
Depreciation and amortization expense | $ | 80.8 |  |  | $ | 78.6 |  |  | $ | 158.7 |  |  | $ | 155.9 |
(1)Corporate capital expenditures and depreciation and amortization expense are allocated to our 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 was as follows:
| Three Months Ended |  | Six Months Ended
(In millions) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Other expense (income), net, by type |  |  |  |  |  |  |
Restructuring charges, net of reversals: |  |  |  |  |  |  |
Severance and related costs, net of reversals | $ | 7.9 |  |  | $ | 6.3 |  |  | $ | 12.6 |  |  | $ | 11.2 |
Asset impairment and lease cancellation charges | .1 |  |  | .9 |  |  | .3 |  |  | 2.0 |
Other items: |  |  |  |  |  |  |
(Gain) loss on venture and other investments | 1.8 |  |  | 15.0 |  |  | 16.1 |  |  | 17.2 |
Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 1.8 |  |  | 4.1 |  |  | 2.5 |  |  | 15.4 |
(Gain) loss on sales of assets | (11.1) |  |  | — |  |  | (11.1) |  |  | — |
Outcomes of legal matters and settlements, net | — |  |  | .4 |  |  | — |  |  | (6.5) |
Transaction and related costs | — |  |  | .3 |  |  | — |  |  | .3 |
Other expense (income), net | $ | .5 |  |  | $ | 27.0 |  |  | $ | 20.4 |  |  | $ | 39.6 |
Schedule of Segment Results and Reconciliation to Income Before Taxes | Segment results and reconciliation to income before taxes are presented below.
| Three Months Ended |  | Six Months Ended
(In millions) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Materials Group |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 1,550.2 |  |  | $ | 1,546.8 |  |  | $ | 3,030.3 |  |  | $ | 3,043.3 |
Segment expense(1) | 1,307.7 |  |  | 1,302.3 |  |  | 2,557.5 |  |  | 2,558.3 |
Segment adjusted operating income | $ | 242.5 |  |  | $ | 244.5 |  |  | $ | 472.8 |  |  | $ | 485.0 |
Solutions Group |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 670.3 |  |  | $ | 688.5 |  |  | $ | 1,338.5 |  |  | $ | 1,343.3 |
Segment expense(1) | 603.3 |  | 618.7 |  |  | 1,203.3 |  |  | 1,212.6 |
Segment adjusted operating income | $ | 67.0 |  |  | $ | 69.8 |  |  | $ | 135.2 |  |  | $ | 130.7 |
(1)Segment expense included cost of products sold and marketing, general and administrative expense and excluded other expense (income), net, and other items.
| Three Months Ended |  | Six Months Ended
(In millions) | June 28, 2025 |  | June 29, 2024 |  | June 28, 2025 |  | June 29, 2024
Segment adjusted operating income |  |  |  |  |  |  |
Materials Group | $ | 242.5 |  |  | $ | 244.5 |  |  | $ | 472.8 |  |  | $ | 485.0 |
Solutions Group | 67.0 |  |  | 69.8 |  |  | 135.2 |  |  | 130.7 |
Total | 309.5 |  |  | 314.3 |  |  | 608.0 |  |  | 615.7 |
Corporate expense | (22.8) |  |  | (25.5) |  |  | (46.8) |  |  | (53.2) |
Other expense (income), net and other items | (.5) |  |  | (27.0) |  |  | (20.4) |  |  | (46.3) |
Interest expense | (34.0) |  |  | (29.2) |  |  | (64.9) |  |  | (57.8) |
Other non-operating expense (income), net | 3.3 |  |  | 5.8 |  |  | 6.6 |  |  | 14.4 |
Income before taxes | $ | 255.5 |  |  | $ | 238.4 |  |  | $ | 482.5 |  |  | $ | 472.8 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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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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