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Segment and Disaggregated Revenue Information | 9 Months Ended
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Sep. 27, 2025
Segment Reporting [Abstract] |
Segment and Disaggregated Revenue Information | Segment and Disaggregated Revenue Information 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.
| Three Months Ended |  | Nine Months Ended
(In millions) | September 27, 2025(2) |  | September 28, 2024 |  | September 27, 2025(2) |  | September 28, 2024
Net sales to unaffiliated customers(1) |  |  |  |  |  |  |
Materials Group: |  |  |  |  |  |  |
North America | $ | 481.6 |  |  | $ | 478.1 |  |  | $ | 1,468.1 |  |  | $ | 1,438.4 |
Europe, the Middle East and North Africa | 520.2 |  |  | 498.5 |  |  | 1,586.1 |  |  | 1,583.1 |
Asia Pacific | 391.4 |  |  | 396.7 |  |  | 1,135.5 |  |  | 1,147.5 |
Latin America | 122.8 |  |  | 124.4 |  |  | 356.6 |  |  | 372.0 |
Total Materials Group | 1,516.0 |  |  | 1,497.7 |  |  | 4,546.3 |  |  | 4,541.0 |
Solutions Group: |  |  |  |  |  |  |
Apparel and other | 464.6 |  |  | 464.3 |  |  | 1,351.0 |  |  | 1,400.7 |
Identification Solutions and Vestcom | 234.9 |  |  | 221.4 |  |  | 687.0 |  |  | 628.3 |
Total Solutions Group | 699.5 |  |  | 685.7 |  |  | 2,038.0 |  |  | 2,029.0 |
Net sales to unaffiliated customers | $ | 2,215.5 |  |  | $ | 2,183.4 |  |  | $ | 6,584.3 |  |  | $ | 6,570.0 |
(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. Segment Information During the fourth quarter of 2024, we modified our segment performance measure to exclude other expense (income), net. This change aligns with how our chief operating decision maker evaluates segment performance and allocates resources. Prior-year 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.
| Three Months Ended |  | Nine Months Ended
(In millions) | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Materials Group |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 1,516.0 |  |  | $ | 1,497.7 |  |  | $ | 4,546.3 |  |  | $ | 4,541.0 |
Segment expense(1) | 1,285.9 |  |  | 1,275.5 |  |  | 3,843.4 |  |  | 3,833.8 |
Segment adjusted operating income | $ | 230.1 |  |  | $ | 222.2 |  |  | $ | 702.9 |  |  | $ | 707.2 |
Solutions Group |  |  |  |  |  |  |
Net sales to unaffiliated customers | $ | 699.5 |  |  | $ | 685.7 |  |  | $ | 2,038.0 |  |  | $ | 2,029.0 |
Segment expense(1) | 629.8 |  | 608.3 |  |  | 1,833.1 |  |  | 1,820.9 |
Segment adjusted operating income | $ | 69.7 |  |  | $ | 77.4 |  |  | $ | 204.9 |  |  | $ | 208.1 |
(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 |  | Nine Months Ended
(In millions) | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Segment adjusted operating income |  |  |  |  |  |  |
Materials Group | $ | 230.1 |  |  | $ | 222.2 |  |  | $ | 702.9 |  |  | $ | 707.2 |
Solutions Group | 69.7 |  |  | 77.4 |  |  | 204.9 |  |  | 208.1 |
Total | 299.8 |  |  | 299.6 |  |  | 907.8 |  |  | 915.3 |
Corporate expense | (18.7) |  |  | (19.9) |  |  | (65.5) |  |  | (73.1) |
Other expense (income), net and other items | (16.7) |  |  | (15.3) |  |  | (37.1) |  |  | (61.6) |
Interest expense | (33.3) |  |  | (30.0) |  |  | (98.2) |  |  | (87.8) |
Other non-operating expense (income), net | 3.7 |  |  | 4.9 |  |  | 10.3 |  |  | 19.3 |
Income before taxes | $ | 234.8 |  |  | $ | 239.3 |  |  | $ | 717.3 |  |  | $ | 712.1 |
Additional Segment Information Additional financial information by reportable segment is shown below.
| Three Months Ended |  | Nine Months Ended
(In millions) | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Intersegment sales |  |  |  |  |  |  |
Materials Group | $ | 45.4 |  |  | $ | 37.8 |  |  | $ | 135.3 |  |  | $ | 123.1 |
Solutions Group | 12.2 |  |  | 12.3 |  |  | 37.9 |  |  | 38.6 |
Intersegment sales | $ | 57.6 |  |  | $ | 50.1 |  |  | $ | 173.2 |  |  | $ | 161.7 |
Capital expenditures(1)(2) |  |  |  |  |  |  |
Materials Group | $ | 19.3 |  |  | $ | 19.4 |  |  | $ | 51.3 |  |  | $ | 61.1 |
Solutions Group | 14.8 |  |  | 25.3 |  |  | 49.8 |  |  | 78.5 |
Capital expenditures | $ | 34.1 |  |  | $ | 44.7 |  |  | $ | 101.1 |  |  | $ | 139.6 |
Depreciation and amortization expense(1) |  |  |  |  |  |  |
Materials Group | $ | 34.8 |  |  | $ | 33.1 |  |  | $ | 99.3 |  |  | $ | 98.7 |
Solutions Group | 49.2 |  |  | 45.0 |  |  | 143.4 |  |  | 135.3 |
Depreciation and amortization expense | $ | 84.0 |  |  | $ | 78.1 |  |  | $ | 242.7 |  |  | $ | 234.0 |
(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 |  | Nine Months Ended
(In millions) | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Other expense (income), net, by type |  |  |  |  |  |  |
Restructuring charges, net of reversals: |  |  |  |  |  |  |
Severance and related costs, net of reversals | $ | 7.5 |  |  | $ | 11.0 |  |  | $ | 20.1 |  |  | $ | 22.2 |
Asset impairment and lease cancellation charges | 2.3 |  |  | 1.4 |  |  | 2.6 |  |  | 3.4 |
Other items: |  |  |  |  |  |  |
Outcomes of legal matters and settlements, net | 4.7 |  |  | — |  |  | 4.7 |  |  | (6.5) |
Transaction and related costs | 2.0 |  |  | — |  |  | 2.0 |  |  | .3 |
Losses from Argentine peso remeasurement and Blue Chip Swap transactions | 1.9 |  |  | .4 |  |  | 4.4 |  |  | 15.8 |
(Gain) loss on venture and other investments | (1.3) |  |  | 2.5 |  |  | 14.8 |  |  | 19.7 |
(Gain) loss on sales of assets | (.4) |  |  | — |  |  | (11.5) |  |  | — |
Other expense (income), net | $ | 16.7 |  |  | $ | 15.3 |  |  | $ | 37.1 |  |  | $ | 54.9 |

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