AVERY DENNISON CORP, 10-K filed on 2/25/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 27, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-7685    
Entity Registrant Name AVERY DENNISON CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-1492269    
Entity Address, Address Line One 8080 Norton Parkway    
Entity Address, City or Town Mentor    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 44060    
City Area Code 440    
Local Phone Number 534-6000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 13.6
Entity Common Stock, Shares Outstanding   76,877,940  
Documents Incorporated by Reference
DocumentIncorporated by reference into:
Portions of Definitive Proxy Statement for Annual Meeting of Stockholders to be held on April 30, 2026
Parts III, IV
    
Entity Central Index Key 0000008818    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common stock, $1 par value      
Document Information [Line Items]      
Title of 12(b) Security Common stock, $1 par value    
Trading Symbol AVY    
Security Exchange Name NYSE    
3.750% Senior Notes due 2034      
Document Information [Line Items]      
Title of 12(b) Security 3.750% Senior Notes due 2034    
Trading Symbol AVY34    
Security Exchange Name NASDAQ    
4.000% Senior Notes due 2035      
Document Information [Line Items]      
Title of 12(b) Security 4.000% Senior Notes due 2035    
Trading Symbol AVY35    
Security Exchange Name NASDAQ    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Los Angeles, California
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Current assets:    
Cash and cash equivalents $ 202.8 $ 329.1
Trade accounts receivable, less allowances of $28.1 and $29.0 at year-end 2025 and 2024, respectively 1,503.9 1,466.2
Inventories 975.8 978.1
Other current assets 307.8 305.3
Total current assets 2,990.3 3,078.7
Property, plant and equipment, net 1,607.7 1,586.7
Goodwill 2,272.5 1,976.2
Other intangibles resulting from business acquisitions, net 827.5 755.3
Deferred tax assets 125.3 110.0
Other assets 978.4 897.3
Total assets 8,801.7 8,404.2
Current liabilities:    
Short-term borrowings and current portion of long-term debt and finance leases 522.9 592.3
Accounts payable 1,261.7 1,340.7
Accrued payroll and employee benefits 232.7 288.9
Accrued trade rebates 169.8 157.9
Income taxes payable 86.1 74.7
Other current liabilities 380.4 408.1
Total current liabilities 2,653.6 2,862.6
Long-term debt and finance leases 3,210.0 2,559.9
Long-term retirement benefits and other liabilities 432.0 434.6
Deferred tax liabilities and income taxes payable 264.0 234.8
Commitments and contingencies (see Notes 7 and 8)
Shareholders’ equity:    
Common stock, $1 par value per share, authorized – 400,000,000 shares at year-end 2025 and 2024; issued – 124,126,624 shares at year-end 2025 and 2024; outstanding – 76,877,487 and 79,800,396 shares at year-end 2025 and 2024, respectively 124.1 124.1
Capital in excess of par value 834.3 840.6
Retained earnings 5,597.5 5,151.2
Treasury stock at cost, 47,249,137 and 44,326,228 shares at year-end 2025 and 2024, respectively (3,904.1) (3,347.5)
Accumulated other comprehensive loss (409.7) (456.1)
Total shareholders’ equity 2,242.1 2,312.3
Total liabilities and shareholders' equity $ 8,801.7 $ 8,404.2
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Statement of Financial Position [Abstract]    
Trade accounts receivable, allowances $ 28.1 $ 29.0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, authorized shares (in shares) 400,000,000 400,000,000
Common stock, issued shares (in shares) 124,126,624 124,126,624
Common stock, outstanding shares (in shares) 76,877,487 79,800,396
Treasury stock, shares (in shares) 47,249,137 44,326,228
v3.25.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Income Statement [Abstract]      
Net sales $ 8,855.5 $ 8,755.7 $ 8,364.3
Cost of products sold 6,309.2 6,225.0 6,086.8
Gross profit 2,546.3 2,530.7 2,277.5
Marketing, general and administrative expense 1,422.5 1,415.3 1,313.7
Other expense (income), net 77.5 71.6 180.9
Interest expense 135.4 117.0 119.0
Other non-operating expense (income), net (14.2) (26.7) (30.8)
Income before taxes 925.1 953.5 694.7
Provision for income taxes 237.1 248.6 191.7
Net income $ 688.0 $ 704.9 $ 503.0
Per share amounts:      
Net income per common share (in dollars per share) $ 8.81 $ 8.77 $ 6.23
Net income per common share, assuming dilution (in dollars per share) $ 8.79 $ 8.73 $ 6.20
Weighted average number of shares outstanding:      
Common shares (in shares) 78.1 80.4 80.7
Common shares, assuming dilution (in shares) 78.3 80.7 81.1
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 688.0 $ 704.9 $ 503.0
Foreign currency translation:      
Translation gain (loss) 16.5 (46.9) (14.6)
Pension and other postretirement benefits:      
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit 26.7 (1.3) (25.2)
Reclassifications to net income 2.1 0.8 (1.0)
Cash flow hedges:      
Gain (loss) recognized on cash flow hedges 1.9 (5.4) (7.0)
Reclassifications to net income 2.8 2.8 3.7
Fair value hedges:      
Changes in excluded components of fair value hedges (3.6) 2.0 0.0
Other comprehensive income (loss), net of tax 46.4 (48.0) (44.1)
Total comprehensive income, net of tax $ 734.4 $ 656.9 $ 458.9
v3.25.4
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Common stock, $1 par value
Capital in excess of par value
Retained earnings
Retained earnings
Cumulative Effect, Period of Adoption, Adjustment
 [1]
Treasury stock
Accumulated other comprehensive loss
Beginning balance at Dec. 31, 2022 $ 2,032.2   $ 124.1 $ 879.3 $ 4,414.6   $ (3,021.8) $ (364.0)
Increase (Decrease) in Stockholders' Equity                
Net income 503.0       503.0      
Other comprehensive income (loss), net of tax (44.1)             (44.1)
Repurchase of shares for treasury (137.5)           (137.5)  
Issuance of shares under stock-based compensation plans 0.6     (24.8) 8.9   16.5  
Contribution of shares to 401(k) plan 30.4       22.0   8.4  
Dividends (256.7)       (256.7)      
Ending balance at Dec. 30, 2023 2,127.9   124.1 854.5 4,691.8   (3,134.4) (408.1)
Increase (Decrease) in Stockholders' Equity                
Net income 704.9       704.9      
Other comprehensive income (loss), net of tax (48.0)             (48.0)
Repurchase of shares for treasury (247.5)           (247.5)  
Issuance of shares under stock-based compensation plans 20.6     (13.9) 7.7   26.8  
Contribution of shares to 401(k) plan 31.9       24.3   7.6  
Dividends (277.5)       (277.5)      
Ending balance at Dec. 28, 2024 2,312.3 $ 10.2 124.1 840.6 5,151.2 $ 10.2 (3,347.5) (456.1)
Increase (Decrease) in Stockholders' Equity                
Net income 688.0       688.0      
Other comprehensive income (loss), net of tax 46.4             46.4
Repurchase of shares for treasury (575.6)           (575.6)  
Issuance of shares under stock-based compensation plans 15.3     (6.3) 13.2   8.4  
Contribution of shares to 401(k) plan 33.9       23.3   10.6  
Dividends (288.4)       (288.4)      
Ending balance at Dec. 31, 2025 $ 2,242.1   $ 124.1 $ 834.3 $ 5,597.5   $ (3,904.1) $ (409.7)
[1] In the first quarter of 2025, we adopted accounting guidance that requires crypto assets to be measured at fair value, which resulted in an adjustment to reflect the difference between the carrying value of our holdings in crypto assets and their fair value as of the beginning of 2025. Crypto assets were not material to the Consolidated Financial Statements.
v3.25.4
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Stock issued under stock-based compensation plans (in shares) 119,495 340,048 297,885
Stock issued under 401(k) Plan (in shares) 193,703 149,543 168,404
Dividends per common share (in dollars per share) $ 3.70 $ 3.45 $ 3.18
Accounting Standards Update [Extensible Enumeration] [1]   Accounting Standards Update 2023-08 [Member]  
Treasury stock      
Repurchase of shares for treasury (in shares) 3,236,106 1,184,780 780,721
[1] In the first quarter of 2025, we adopted accounting guidance that requires crypto assets to be measured at fair value, which resulted in an adjustment to reflect the difference between the carrying value of our holdings in crypto assets and their fair value as of the beginning of 2025. Crypto assets were not material to the Consolidated Financial Statements.
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Operating Activities      
Net income $ 688.0 $ 704.9 $ 503.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 206.4 197.1 187.4
Amortization 121.8 115.1 111.0
Provision for credit losses and sales returns 51.2 47.4 49.9
Stock-based compensation 27.9 28.7 22.3
Deferred taxes and other non-cash taxes (19.9) (18.5) (24.4)
Other non-cash expense and loss (income and gain), net 48.8 67.2 37.1
Changes in assets and liabilities and other adjustments:      
Trade accounts receivable 44.0 (107.3) (16.7)
Inventories 53.2 (90.7) 111.7
Accounts payable (144.4) 106.7 (87.6)
Taxes on income (5.1) 40.2 (18.7)
Other assets 3.8 (48.0) 37.7
Other liabilities (194.3) (104.0) (86.7)
Net cash provided by operating activities 881.4 938.8 826.0
Investing Activities      
Purchases of property, plant and equipment (169.0) (208.8) (265.3)
Purchases of software and other deferred charges (31.4) (31.0) (19.8)
Proceeds from company-owned life insurance policies 0.0 0.0 48.1
Purchases of Argentine Blue Chip Swap securities 0.0 (34.2) 0.0
Proceeds from sales of Argentine Blue Chip Swap securities 0.0 24.0 0.0
Proceeds from sales of property, plant and equipment 22.6 0.6 1.0
Proceeds from insurance and sales (purchases) of investments, net 3.5 10.1 1.9
Proceeds from settlement of net investment hedges 6.2 0.0 0.0
Payment for settlement of net investment hedges (26.1) 0.0 0.0
Payments for acquisitions, net of cash acquired, and venture investments (401.8) (3.8) (224.9)
Net cash used in investing activities (596.0) (243.1) (459.0)
Financing Activities      
Net increase (decrease) in borrowings with maturities of three months or less 422.5 (269.0) (36.6)
Additional long-term borrowings 576.5 539.2 394.9
Repayments of long-term debt and finance leases (559.4) (308.1) (255.9)
Dividends paid (288.4) (277.5) (256.7)
Share repurchases (572.3) (247.5) (137.5)
Net (tax withholding) proceeds related to stock-based compensation (12.8) (8.4) (23.8)
Proceeds from settlement of fair value hedges 32.8 0.0 0.0
Payments for settlement of fair value hedges (13.5) 0.0 0.0
Other (0.3) (4.8) (1.6)
Net cash used in financing activities (414.9) (576.1) (317.2)
Effect of foreign currency translation on cash balances 3.2 (5.5) (2.0)
Increase (decrease) in cash and cash equivalents (126.3) 114.1 47.8
Cash and cash equivalents, beginning of year 329.1 215.0 167.2
Cash and cash equivalents, end of year $ 202.8 $ 329.1 $ 215.0
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
We are a global leader in materials science and digital identification solutions. We are Making PossibleTM products and solutions that help advance the industries we serve, providing branding and information solutions that optimize labor and supply chain efficiency, reduce waste and mitigate loss, advance sustainability, circularity and transparency, and better connect brands and consumers. We design and develop labeling and functional materials, radio-frequency identification ("RFID") inlays and tags, software applications that connect the physical and digital, and offerings that enhance branded packaging and carry or display information that improves the customer experience. We serve an array of industries worldwide, including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive.
Principles of Consolidation
Our Consolidated Financial Statements include the accounts of majority-owned and controlled subsidiaries. Intercompany accounts, transactions and profits are eliminated in consolidation.
Fiscal Year
In January 2025, the Audit Committee of our Board of Directors approved a change to our previous 52- or 53-week fiscal year generally ending on the Saturday closest to December 31 to a fiscal year coincident with the calendar year. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025, which resulted in four extra days compared to prior years; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31.
Our 2024 and 2023 fiscal years consisted of 52-week periods ending December 28, 2024 and December 30, 2023, respectively.
Accounting Guidance Updates
Crypto Assets
In the first quarter of 2025, we adopted guidance related to the accounting for and disclosure of crypto assets that requires crypto assets to be measured at fair value, which resulted in an adjustment to reflect the difference between the carrying value of our crypto assets and their fair value as of the beginning of 2025. The impact of our adoption of this guidance was not material to our financial statements or disclosures.
Income Taxes
In the fourth quarter of 2025, we prospectively adopted guidance that requires additional disclosures in the income tax rate reconciliation and income taxes paid. See Note 14, “Taxes Based on Income,” for more information.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions for the reporting period and as of the date of our financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenue and expense. As the effects of future events cannot be determined, actual results could differ significantly from these estimates.
Cash and Cash Equivalents
Cash and cash equivalents generally consist of cash on hand, deposits in banks, cash-in-transit, and bank drafts and short-term investments with maturities of three months or less when purchased or received. The carrying value of these assets approximates fair value due to the short maturity of these instruments.
Inventories
We state inventories at the lower of cost or net realizable value and categorize them as raw materials, work-in-progress or finished goods. Cost is determined using the first-in, first-out method. We record inventory that is damaged, obsolete, excess and slow-moving to cost of products sold and establish a lower cost basis for that inventory. Slow-moving inventory is reviewed by category and may be recognized partially or fully to cost of products sold depending on the type of product, level of usage and length of time the product has been included in inventory.
Trade Accounts Receivable
We record trade accounts receivable at the invoiced amount. Our allowances for credit losses reflect customer trade accounts receivable that are estimated to be partially or entirely uncollectible. These allowances are used to reduce gross trade receivables to their net realizable values. We record these allowances based on estimates related to the financial condition of customers; the aging of receivable balances; our historical collection experience; and current and expected future macroeconomic and market conditions.
Property, Plant and Equipment
We generally compute depreciation using the straight-line method over the estimated useful lives of the respective assets, ranging from ten to 45 years for buildings and improvements and three to 15 years for machinery and equipment. Leasehold improvements are depreciated over the shorter of the asset's useful life and the associated lease term. We expense maintenance and repair costs as incurred; we capitalize renewals and improvements. Upon the sale or retirement of assets, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting gain or loss included in net income.
Leases
Our leases primarily relate to office and warehouse space, machinery, transportation, and equipment for information technology. We determine if an arrangement is a lease or contains a lease at inception. For lease accounting purposes, we do not separate lease and nonlease components, nor do we record operating or finance lease assets and liabilities for short-term leases. We have options to renew or terminate some of our leases. We evaluate renewal and termination options at the lease commencement date and over the lease term to determine if we are reasonably certain to exercise these options. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. We recognize expense for operating leases on a straight-line basis over the lease term, with variable lease payments recognized in the periods in which they are incurred.
Software
We capitalize software costs incurred during the application development stage of software development, including costs incurred for design, coding, installation to hardware, testing, and upgrades and enhancements that provide the software or hardware with additional functionalities and capabilities. We expense software costs, including internal and external training costs and maintenance costs, incurred during the preliminary project stage and the post-implementation and/or operation stage. Capitalized software, which is included in “Other assets” in the Consolidated Balance Sheets, is amortized on a straight-line basis over the estimated useful life of the software, which is generally between five and ten years.
Cloud Computing Arrangements
We capitalize certain costs incurred during the application development stage of implementation under a hosting arrangement that is a service contract. We expense costs incurred during the preliminary project stage and the post-implementation and/or operation stage. Capitalized implementation costs, which are included in “Other assets” in the Consolidated Balance Sheets, are amortized on a straight-line basis over the term of the hosting arrangement plus optional renewal periods, which is generally between five and ten years.
Venture Investments
We primarily invest in privately held companies and utilize the measurement alternative for venture investments that do not have readily determinable fair values, measuring them at cost less impairment plus or minus observable price changes in an orderly transaction. Venture investments that are publicly traded companies are recorded at fair value using Level 1 inputs. The carrying value of our venture investments is included in “Other assets” in the Consolidated Balance Sheets.
See Note 9, “Fair Value Measurements,” for more information.
Impairment of Long-lived Assets
We record impairment charges when the carrying amounts of long-lived assets are determined not to be recoverable. We measure recoverability by comparing the undiscounted cash flows expected from the applicable asset or asset group’s use and eventual disposition to its carrying value. We calculate the amount of impairment loss as the excess of the carrying value over the fair value. Historically, changes in market conditions and management strategy have caused us to reassess the carrying amount of our long-lived assets.
Goodwill and Other Intangibles Resulting from Business Acquisitions
We account for business combinations using the acquisition method, with the excess of the acquisition cost over the fair value of acquired net tangible assets and identified intangible assets considered goodwill. As a result, we disclose goodwill separately from other intangible assets. Other identifiable intangibles include customer relationships, patented and other developed technology, and trade names and trademarks.
We perform an annual impairment test of goodwill during the fourth quarter and, as necessary, if changes in facts and circumstances that indicate the fair value of a reporting unit may be less than its carrying value. Factors that may cause us to perform an impairment test outside of our annual assessment include significant underperformance of a business relative to expected operating results, significant adverse economic or industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, or our decision to divest a portion of a reporting unit. In performing impairment tests, we have the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for goodwill impairment. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. A quantitative assessment primarily uses the present value (discounted cash flow) method to determine the fair value of reporting units with goodwill.
We compare the fair value of each reporting unit to its carrying amount, and, to the extent the carrying amount exceeds the unit’s fair value, we recognize an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit.
In consultation with outside specialists, we estimate the fair value of our reporting units using various valuation techniques, with the primary technique being a discounted cash flow analysis. A discounted cash flow analysis requires us to make various assumptions, including a reporting unit's forecasted sales, profit margins and growth rates, as well as discount rates. Our assumptions about discount rates are based on the weighted average cost of capital of comparable companies. Our assumptions about sales, profit margins and growth rates are based on our forecasts, business plans, economic projections, anticipated future cash flows, and marketplace data. We also make assumptions for varying perpetual growth rates for periods beyond our long-term business plan period. We base our fair value estimates on projected financial information and assumptions that we believe are reasonable. However, actual future results may differ materially from these estimates and projections. The valuation methodology we use to estimate the fair value of reporting units requires inputs and assumptions that reflect current market conditions, as well as the impact of planned business and operational strategies that require management judgment. The estimated fair value could increase or decrease depending on changes in the inputs and assumptions.
We test indefinite-lived intangible assets, consisting of trade names and trademarks, for impairment in the fourth quarter or whenever events or circumstances indicate that it is more-likely-than-not that their carrying amounts exceed their fair values. In performing the impairment tests, we have the option first to assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for indefinite-lived intangible asset impairment. If we decide not to perform a qualitative assessment, or if the qualitative assessment indicates that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we perform a quantitative assessment. Fair value is estimated as the discounted value of future revenues using a royalty rate that a third party would pay to use the asset. Variation in the royalty rates could impact our estimate of fair value. If the carrying amount of an asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.
We amortize finite-lived intangible assets, consisting of customer relationships, patented and other developed technology, trade names and trademarks, and other intangibles, on a straight-line basis over their estimated useful lives.
See Note 3, “Goodwill and Other Intangibles Resulting from Business Acquisitions,” for more information.
Foreign Currency
We translate asset and liability accounts of international operations into U.S. dollars at current rates. Revenues and expenses are translated at the weighted average currency rate for the fiscal year. We record gains and losses resulting from hedging the value of investments in certain international operations and from the translation of balance sheet accounts directly as a component of other comprehensive income.
We account for our operations in Argentina as highly inflationary because the country’s three-year cumulative inflation rate exceeds 100%. As a result, the functional currency of our Argentine subsidiary is the U.S. dollar.
Financial Instruments
We enter into foreign currency exchange derivative instruments to reduce our risk from exchange rate fluctuations associated with receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. From time to time, we enter into interest rate contracts to help manage our exposure to certain interest rate fluctuations. We also enter into futures contracts to hedge certain price fluctuations for a portion of our anticipated domestic purchases of natural gas. The maximum length of time for which we hedge our exposure to the variability in future cash flows is 36 months for forecasted foreign currency exchange and commodity transactions and ten years for cross-currency swap transactions.
On the date we enter into a derivative instrument, we determine whether the it will be designated as a hedge. Other derivative instruments not designated as hedges are recorded at fair value, with changes in fair value recognized in earnings. Our policy is not to purchase or hold any foreign currency, interest rate or commodity contracts for trading purposes.
All derivative instruments are accounted for at fair value and recognized as assets or liabilities in the Consolidated Balance Sheets. Accounting for the gain or loss resulting from changes in the fair value of a derivative instrument depends on whether it has been designated as part of a hedging relationship and is highly effective, as well as the nature of the hedging activity. We formally document all relationships between derivative instruments accounted for as designated hedges, the hedged item, the method for assessing effectiveness and the treatment of excluded components. These financial instruments can be designated as:
•Fair value hedges - Hedges of the change in the fair value of a recognized asset or liability. The gain or loss from the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in income during the period of the change in fair value. Hedge effectiveness is based on the spot method and expected to be perfectly effective. Excluded components are not included in the effectiveness assessment, recognized in a systematic and rational method over the term of the contracts and recorded to the same income statement line as the item being hedged.
•Cash flow hedges - Hedges to reduce the variability of future expected cash flows. For derivative instruments that are designated and qualify as cash flow hedges, the entire gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive loss” and reclassified into earnings in the same period(s) during which the hedged transaction impacts earnings. Gains and losses on these derivative instruments, representing hedge components excluded from the assessment of effectiveness, are recognized in current earnings.
•Net investment hedges - Hedges of the currency exposure related to a net investment in a foreign operation. The gain or loss from the derivative instrument is recognized as foreign currency translation in "Accumulated other comprehensive loss" until the hedged net investment is either sold or substantially liquidated. Hedge effectiveness is based on the spot method, with no ineffectiveness expected over the duration of the hedging relationship. Excluded components are not included in the effectiveness assessment, recorded in a systematic and rational basis over the term of the contracts and recorded to “Marketing, general and administrative expense” in the Consolidated Statements of Income.
We assess, both at the inception of any hedge and on an ongoing basis, whether our hedges are highly effective. If we determine that a hedge is not highly effective, we prospectively discontinue hedge accounting. For cash flow hedges, we record gains and losses as components of other comprehensive income and reclassify them into earnings in the same period during which the hedged transaction affects earnings. In the event that the anticipated transaction is no longer highly probable to occur, we recognize the change in fair value of the hedging instrument in current period earnings. We recognize changes in fair value hedges in current period earnings. We also recognize changes in the fair value of underlying hedged items (such as recognized assets or liabilities) in current period earnings and offset the changes in the fair value of the derivative instrument.
In the Consolidated Statements of Cash Flows, hedges are classified in the same category as the hedged item.
See Note 5, “Financial Instruments,” for more information.
Fair Value Measurements
We define fair value as the price that would be received from selling an asset or paid for transferring a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability.
We determine fair value based on a three-tier fair value hierarchy, which we use to prioritize the inputs used in measuring fair value. These tiers consist of Level 1, which are observable inputs such as quoted prices in active markets; Level 2, which are inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which are unobservable inputs for which little or no market data exists, requiring us to develop our own assumptions to determine the best estimate of fair value.
Revenue Recognition
Substantially all of our revenue is derived from the sale of products. Our Materials Group reportable segment sells pressure-sensitive label materials (including label materials with RFID inlays), films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions. Our Solutions Group reportable segment sells a wide variety of branding and information solutions-oriented products, such as tickets, tags, labels (including RFID inlays), as well as related equipment, services and supplies. We recognize revenue in an amount that reflects the consideration which we expect from the sale of our products when we satisfy a performance obligation by transferring control of our products to a customer. We consider a number of factors in determining when we have transferred control to a customer, including the following: (i) our present right to payment; (ii) the customer’s legal title to the asset; (iii) physical possession of the asset; (iv) the customer’s significant risks and rewards of ownership of the asset; and (v) the customer’s acceptance of the asset. Generally, there are no substantive differences in revenue recognition considerations among our various products. Control generally transfers to a customer upon shipment or delivery, depending on the specific terms of sale with the customer.
Our payment terms with customers are generally consistent with those used in the industries and regions in which we operate.
We accept sales returns in certain limited circumstances. We record a liability for estimated returns and a corresponding reduction to sales in the amount we expect to repay or credit customers, which we base on historical returns and outstanding customer claims. We update our estimates each reporting period.
Sales rebates, discounts and other customer concessions represent variable consideration and are common in the industries and regions in which we operate, which we account for as a reduction to sales based on estimates at the time at which products are sold. We base these estimates on our historical experience, as well as current information such as sales forecasts. We regularly review our estimates and adjust the revenue recognized from sales as necessary as additional information becomes available.
We exclude sales, value-added and other taxes we collect from customers from sales. We account for shipping and handling activities after control of a product is transferred to a customer as fulfillment costs and not as separate performance obligations. As a practical expedient, we have elected not to disclose the value of unsatisfied performance obligations for contracts with an expected length of less than one year. We expense sales commissions when incurred because their expected amortization period is one year or less. We record these costs in “Marketing, general and administrative expense” in the Consolidated Statements of Income.
Research and Development
Research and development costs are related to research, design and testing of new products and applications, which we expense as incurred.
Long-Term Incentive Compensation
No long-term incentive compensation expense was capitalized in 2025, 2024 or 2023.
Valuation of Stock-Based Awards
We base our stock-based compensation expense on the fair value of awards, adjusted for estimated forfeitures, amortized on a straight-line basis over the requisite service period for stock options and restricted stock units (“RSUs”). We base compensation expense for performance units (“PUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a straight-line basis as these awards cliff-vest at the end of the requisite service period. We base compensation expense related to market-leveraged stock units (“MSUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a graded-vesting basis over their respective performance periods.
Compensation expense for awards with a market condition as a performance objective, which includes MSUs and a component of PUs, is not adjusted if the condition is not met, as long as the requisite service period is met.
We estimate the fair value of stock options as of the grant date using the Black-Scholes option-pricing model. This model requires input assumptions for our expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term.
We determine the fair value of RSUs and the component of PUs that is subject to the achievement of a performance objective using a financial performance condition based on the fair market value of our common stock as of the grant date, adjusted for foregone dividends. Over the performance period of the PUs, the estimated number of shares of our common stock issuable upon vesting is adjusted upward or downward from the target shares based on the probability of the performance objectives established for the award being achieved.
We determine the fair value of stock-based awards that are subject to the achievement of performance objectives based on a market condition, which includes MSUs and the other component of PUs, using the Monte-Carlo simulation method, which utilizes multiple input variables, including expected stock price volatility and other assumptions appropriate for determining fair value, to estimate the probability of satisfying the performance objectives established for the award.
Certain of these assumptions are based on management’s estimates, in consultation with outside specialists. Significant changes in assumptions for future awards and actual forfeiture rates could materially impact stock-based compensation expense and our results of operations.
Valuation of Cash-Based Awards
Cash-based awards consist of long-term incentive units (“LTI Units”). We classify LTI Units as liability awards and remeasure them at each quarter-end over the applicable vesting or performance period. In addition to LTI Units with terms and conditions that mirror those of RSUs, we also grant certain employees LTI Units with terms and conditions that mirror those of PUs and MSUs.
Forfeitures
We estimate expected forfeitures in determining the compensation cost to be recognized each period, rather than accounting for forfeitures as they occur. We record changes in estimated forfeiture rates as cumulative adjustments in the period estimates are revised.
See Note 12, “Long-term Incentive Compensation,” for more information.
Taxes Based on Income
Because we are subject to income tax in the U.S. and multiple foreign jurisdictions, judgment is required in evaluating and estimating our worldwide provision for income taxes, accruals for taxes, deferred taxes and tax positions. Our provision for income taxes is determined using the asset and liability approach in accordance with GAAP. Under this approach, deferred taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets when uncertainty regarding their realizability exists. We recognize and measure our uncertain tax positions following the more-likely-than-not threshold for recognition and measurement for tax positions we take or expect to take on a tax return.
See Note 14, “Taxes Based on Income,” for more information.
Reclassifications
Certain prior-period amounts have been reclassified to conform to the current-year presentation. Refer to Note 15, “Segment and Disaggregated Revenue Information,” to the Consolidated Financial Statements for more information.
Recent Accounting Requirements
In September 2025, the Financial Accounting Standards Board (“FASB”) issued guidance changing the capitalization criteria for internal-use software, eliminating references to project stages and requiring that projects meet completion probability before costs can be capitalized. This guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the impact of adopting this guidance on our consolidated financial statements.
In November 2024, the FASB issued guidance expanding the disclosure requirements for certain expenses in notes to consolidated financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently assessing the impact of adopting this guidance on our consolidated financial statement disclosures.
v3.25.4
BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
2025 Business Acquisition
On October 20, 2025, we completed our business acquisition of W.F. Taylor Holdings, Inc. ("Taylor Adhesives"), a Georgia-based flooring adhesives business, for the purchase price of approximately $390 million. This acquisition expanded the high-value category portfolio in our Materials Group reportable segment.
We funded the Taylor Adhesives acquisition using cash and proceeds from our issuance of senior notes in September 2025.
The final allocations of purchase consideration to assets and liabilities are ongoing as we continue to evaluate certain balances, estimates and assumptions during the measurement period (up to one year from the acquisition date). Our valuation of certain acquired assets and liabilities is currently pending finalization within the allowable time to complete our assessment.
The Taylor Adhesives acquisition was not material to the Consolidated Financial Statements.
2023 Business Acquisitions
On November 23, 2023, we completed our business acquisition of Silver Crystal Group ("Silver Crystal"), a Canada-based provider of sports apparel customization and application solutions across in-venue, direct-to-business and e-commerce platforms. On May 22, 2023, we completed our business acquisition of LG Group, Inc. ("Lion Brothers"), a Maryland-based designer and manufacturer of apparel brand embellishments. On March 6, 2023, we completed our business acquisition of Thermopatch, Inc. ("Thermopatch"), a New York-based manufacturer specializing in labeling, embellishments and transfers for the sports, industrial laundry, workwear and hospitality industries. These acquisitions expanded the product portfolio in our Solutions Group reportable segment. The acquisitions of Silver Crystal, Lion Brothers and Thermopatch are referred to collectively as the "2023 Acquisitions."
The aggregate purchase consideration, including purchase consideration payable, for the 2023 Acquisitions was approximately $231 million. We funded the 2023 Acquisitions using cash and commercial paper borrowings. In addition to the cash paid at closing, the sellers in one of these acquisitions are eligible for earn-out payments of up to $5 million, subject to the acquired company achieving certain post-acquisition performance targets. As of the acquisition date, we included an estimate of the fair value of these earn-out payments in the aggregate purchase consideration.
The 2023 Acquisitions were not material, individually or in the aggregate, to the Consolidated Financial Statements.
v3.25.4
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS
Goodwill
Results from our annual goodwill impairment test in the fourth quarter of 2025 indicated that no impairment occurred during 2025. The assumptions used in our assessment were primarily based on Level 3 inputs.
Changes in the net carrying amount of goodwill for 2025 and 2024 by reportable segment are shown below.
(In millions)Materials GroupSolutions GroupTotal
Goodwill as of December 30, 2023
$630.7 $1,382.9 $2,013.6 
Acquisition adjustments(1)
— (2.7)(2.7)
Translation adjustments(24.6)(10.1)(34.7)
Goodwill as of December 28, 2024
606.1 1,370.1 1,976.2 
Acquisition(2)
237.6 — 237.6 
Translation adjustments42.3 16.4 58.7 
Goodwill as of December 31, 2025
$886.0 $1,386.5 $2,272.5 
(1) Measurement period adjustments related to the finalization of the purchase price allocation for our 2023 Acquisitions.
(2) Goodwill acquired related to our 2025 acquisition of Taylor Adhesives. We expect nearly all of the recognized goodwill related to this acquisition not to be deductible for income tax purposes.
The carrying amounts of goodwill at December 31, 2025 and December 28, 2024 were net of accumulated impairment losses of approximately $820 million recognized in fiscal year 2009 by our Solutions Group reportable segment.
Indefinite-Lived Intangible Assets
In connection with our acquisition of Taylor Adhesives, we acquired $18.7 million of identifiable indefinite lived intangible assets, consisting of trade names and trademarks. We utilized the income approach to estimate the fair values of intangible assets, primarily using Level 3 inputs. We applied significant judgment in determining the fair value of intangible assets, which included our estimates and assumptions with respect to the estimated future revenue and related profit margins, royalty rates, discount rates and economic lives assigned to the acquired intangible assets.
Results from our annual indefinite-lived intangible assets impairment test in the fourth quarter indicated that no impairment occurred during 2025. The carrying value of indefinite-lived intangible assets resulting from business acquisitions, consisting of trade names and trademarks, was $174.8 million and $154.5 million at December 31, 2025 and December 28, 2024, respectively.
Finite-Lived Intangible Assets
In connection with our acquisition of Taylor Adhesives, we acquired $139.6 million of identifiable finite-lived intangible assets, which consisted of customer relationships and developed technology. We utilized the income approach to estimate the fair value of acquired identifiable intangibles, primarily using Level 3 inputs. We applied significant judgment in determining the fair value of intangible assets, which included our estimates and assumptions with respect to estimated future revenue and related profit margins, customer retention rates, technology migration curves, royalty rates, discount rates and economic lives assigned to the acquired intangible assets.
The table below summarizes the amounts and useful lives of the intangible assets associated with our acquisition of Taylor Adhesives as of the acquisition date.
Amount
(in millions)
Amortization
period
(in years)
Customer relationships$112.5 9
Developed technology
27.1 8
Refer to Note 2, “Business Acquisitions,” for more information.
The table below sets forth our finite-lived intangible assets resulting from business acquisitions at December 31, 2025 and December 28, 2024, which continue to be amortized.
20252024
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$1,040.8 $509.5 $531.3 $916.0 $438.5 $477.5 
Patented and other developed technology305.0 187.2 117.8 275.2 156.8 118.4 
Trade names and trademarks17.5 14.0 3.5 17.1 12.8 4.3 
Other intangibles3.3 3.2 .1 3.2 2.6 .6 
Total$1,366.6 $713.9 $652.7 $1,211.5 $610.7 $600.8 
Amortization expense for finite-lived intangible assets resulting from business acquisitions was $92.8 million for 2025, $89.4 million for 2024 and $86.3 million for 2023.
We expect estimated amortization expense for finite-lived intangible assets resulting from business acquisitions for each of the next five fiscal years and thereafter to be as follows:
(In millions)Estimated
Amortization
Expense
2026$102.0 
2027101.7 
202893.6 
202978.4 
203076.5 
2031 and thereafter200.5 
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Borrowings
We had $101.5 million in outstanding borrowings from U.S. commercial paper as of December 31, 2025 with a weighted average interest rate of 3.93% and no outstanding borrowings from U.S. commercial paper as of December 28, 2024.
We have a Euro-Commercial Paper Program under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million. Proceeds from issuances under this program may be used for general corporate purposes. The maturities of the notes vary, but may not exceed 364 days from the date of issuance. Our payment obligations with respect to any notes issued under this program are backed by our revolving credit facility (the “Revolver”). There are no financial covenants under this program. Under this program, we had a $415.5 million outstanding balance as of December 31, 2025 with a weighted average interest rate of 2.19% and no outstanding balance as of December 28, 2024.
Short-Term Credit Facilities
In June 2024, we entered into a Credit Agreement (the "Credit Agreement") related to the Revolver to borrow up to an aggregate of $1.2 billion through its maturity date of June 26, 2029. The Revolver refinanced the prior revolving credit facility under the Fifth Amended and Restated Credit Agreement dated as of February 13, 2020, as amended. Pursuant to the Credit Agreement, the commitments under the Revolver may be increased by up to $600 million, subject to lender approvals and customary requirements. Under certain circumstances, we may request that the commitments under the Revolver be extended for one-year periods in accordance with the terms and conditions of the Credit Agreement. We use the Revolver as a back-up facility for our commercial paper program and for other corporate purposes.
No balance was outstanding under the Revolver as of December 31, 2025 or December 28, 2024. Commitment fees associated with revolving credit facilities in 2025, 2024 and 2023 were $1.3 million, $1.5 million and $1.2 million, respectively.
In addition to the Revolver, we have short-term lines of credit available in various countries of approximately $222 million in the aggregate at December 31, 2025. These lines may be cancelled at any time by us or the issuing banks. Borrowings under our short-term lines of credit were not material as of December 31, 2025 or December 28, 2024.
From time to time, we provide guarantees on certain arrangements with banks. Our exposure to these guarantees is not material.
Long-Term Borrowings
In September 2025, we issued €500 million of senior notes, due September 11, 2035, which bear an interest rate of 4.000% per year, payable annually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were approximately €494 million ($577 million), which we used in part to finance the Taylor Adhesives acquisition and repay existing indebtedness under our commercial paper program. Refer to Note 2, “Business Acquisitions,” to the Consolidated Financial Statements for more information regarding our acquisition of Taylor Adhesives.
In the third quarter of 2025, we repaid our $5 million of medium-term notes at maturity using cash flows from operations and commercial paper borrowings.
In the second quarter of 2025, we repaid our $25 million of medium-term notes at maturity using cash flows from operations and commercial paper borrowings.
In the first quarter of 2025, we repaid our €500 million of senior notes at maturity using the net proceeds from the €500 million of senior notes we issued in the fourth quarter of 2024, cash flows from operations and commercial paper borrowings.
In November 2024, we issued €500 million of senior notes, due November 4, 2034, which bear an interest rate of 3.750% per year, payable annually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were approximately €495 million ($539 million), which we used to repay our €500 million of senior notes maturing in March 2025 and for general corporate purposes.
In August 2024, we repaid our $300 million of senior notes at maturity using cash flows from operations and commercial paper borrowings.
During 2024, we reclassified our $5 million of medium-term notes due in the third quarter of 2025, $25 million of medium-term notes due in the second quarter of 2025 and €500 million of senior notes due in the first quarter of 2025 from "Long-term debt and finance leases" to "Short-term borrowings and current portion of long-term debt and finance leases" in the Consolidated Balance Sheets.
In March 2023, we issued $400 million of senior notes, due March 15, 2033, which bear an interest rate of 5.750% per year, payable semiannually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were $394.9 million, which we used to repay indebtedness under our commercial paper programs and our $250 million of senior notes that matured on April 15, 2023.
Our long-term debt, and related interest rates, at year-end 2025 and 2024 is shown below.
(In millions)20252024
Long-term debt
Medium-term notes:
Series 1995 due 2025
$— $30.0 
Long-term notes:
Senior notes due 2025 at 1.250%(1)
— 521.1 
Senior notes due 2028 at 4.875%
498.0 497.4 
Senior notes due 2030 at 2.650%
497.4 496.7 
Senior notes due 2032 at 2.250%
496.3 495.7 
Senior notes due 2033 at 6.000%
149.4 149.3 
Senior notes due 2033 at 5.750%
396.3 395.8 
Senior notes due 2034 at 3.750%(1)
582.0 515.9 
Senior notes due 2035 at 4.000%(1)
579.6 — 
Less amount classified as current— (551.1)
Total long-term debt(2)
$3,199.0 $2,550.8 
(1) These senior notes are euro-denominated, each with a face value of €500 million.
(2) Included unamortized debt issuance costs and debt discounts of $14.6 million and $10.2 million, respectively, as of year-end 2025 and $12.6 million and $7.9 million, respectively, as of year-end 2024.
At year-end 2024, our medium-term notes had accrued interest at a weighted average fixed rate of 7.5%.
We expect maturities of our long-term debt for each of the next five fiscal years and thereafter to be as follows:
Year(In millions)
2026$— 
2027— 
2028500.0 
2029— 
2030500.0 
2031 and thereafter2,223.8 
Refer to Note 7, “Commitments and Leases,” for information related to finance leases.
Other
The Revolver contains a financial covenant requiring that we maintain a specified ratio of total debt minus unrestricted cash and cash equivalents in excess of $50 million to a certain measure of income. As of December 31, 2025 and December 28, 2024, we were in compliance with this financial covenant.
Our total interest costs in 2025, 2024 and 2023 were $138.3 million, $124.0 million and $126.5 million, respectively, of which $2.9 million, $7.0 million and $7.5 million, respectively, was capitalized as part of the cost of property, plant and equipment, capitalized software and capitalized implementation costs associated with cloud computing arrangements.
The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities or euro government bond securities, as applicable, on notes with similar rates, credit ratings and remaining maturities. The fair value of short-term borrowings, which includes commercial paper issuances and short-term lines of credit, approximates their carrying value given their short duration. The fair value of our total debt was $3.67 billion at December 31, 2025 and $3.01 billion at December 28, 2024. Fair value amounts were determined based primarily on Level 2 inputs. Refer to Note 1, “Summary of Significant Accounting Policies,” for more information.
v3.25.4
FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
We use various derivative instruments to manage risks in foreign currency exchange rates, commodity prices and interest rates. We recognize derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets.
Fair Value Hedges
We enter into foreign currency forward contracts to hedge our euro-denominated debt to offset changes in the fair value of the hedged item attributable to foreign currency risk. As of December 31, 2025, the foreign currency forward contracts hedging our €500 million of senior notes due in the third quarter of 2035 and our €500 million of senior notes due in the fourth quarter of 2034 mature in September 2026 and December 2026, respectively.
Cash Flow Hedges
We entered into U.S. dollar to euro cross-currency swap contracts with a total notional amount of $250 million to effectively convert our fixed-rate U.S. dollar-denominated debt into euro-denominated debt, including semiannual interest payments and the payment of principal at maturity. During the term of the contracts, which end on April 30, 2030, we pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars.
We designate commodity forward contracts on forecasted purchases of commodities as cash flow hedges.
During 2025 and 2024, we entered into interest rate forward-starting swap contracts that we designated as cash flow hedges that were terminated upon the issuance of our €500 million of senior notes due in the third quarter of 2035 and our €500 million of senior notes due in the fourth quarter of 2034. The resulting gains and losses will be amortized to interest expense over the term of the hedged fixed-rate interest payments.
Net Investment Hedges
We enter into foreign currency contracts and zero-cost collars, which are combined as net investment hedges for accounting purposes. The net investment hedges minimize the effect of foreign currency exchange rates on our net investment in certain foreign operations between the sold put strike and bought call strike rates of the contracts. As of December 31, 2025, the notional value of these hedges totaled €1.0 billion, consisting of two €500 million tranches that mature in September 2026 and December 2026.
Other Derivative Instruments
Our outstanding foreign currency exchange contracts as of December 31, 2025 were recorded in various currencies, primarily the U.S. dollar, Canadian dollar, euro, Chinese renminbi, British pound sterling and Hong Kong dollar. We enter into foreign currency exchange contracts to reduce the risk from foreign currency exchange rate fluctuations associated with our receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. For other derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings.
Derivative Instrument Financial Statement Impacts
The following table shows the fair value and balance sheet locations of our derivative instruments as of December 31, 2025 and December 28, 2024:
(In millions)Notional Amount
Other Current Assets
Other Non-Current Assets
Other Current Liabilities
Other Non-Current Liabilities
Type of Hedge
December 31, 2025
Derivatives designated as hedges:
Foreign currency forward contracts
$1,173.8 $— $— $— $4.5 Fair value
Cross-currency swap contracts
250.0 — — — 9.9 Cash flow
Commodity contracts1.7 — — .3 — Cash flow
Foreign currency forward contracts with collars
1,173.8 — 2.6 — — Net investment
Total$— $2.6 $.3 $14.4 
Derivatives not designated as hedges:
Foreign currency exchange contracts$1,467.5 $4.2 $— $3.4 $— 
December 28, 2024
Derivatives designated as hedges:
Foreign currency forward contracts
$958.9 $.2 $— $36.7 $— Fair value
Cross-currency swap contracts250.0 — 10.9 — — Cash flow
Commodity contracts2.9 .4 — .4 — Cash flow
Foreign currency forward contracts with collars
958.9 17.8 — .2 — Net investment
Total$18.4 $10.9 $37.3 $— 
Derivatives not designated as hedges:
Foreign currency exchange contracts
$1,741.8 $11.9 $— $4.2 $— 
The following tables show the components of the net gains (losses) recognized in income related to derivative instruments designated as fair value hedges:
(In millions)202520242023
Gain (loss) on derivatives designated as fair value hedges:
Foreign currency forward contracts - Marketing, general and administrative expense
$70.2 $(36.4)$— 
The impact of the hedged items associated with the derivative instrument in the table above are recorded to the same income statement line as the derivative instrument. The net gains (losses) recognized in income related to our cross-currency swap contracts and commodity contracts were not material in 2025, 2024 or 2023.
The loss recognized in translation for net investment hedges was approximately $49 million for the year ended December 31, 2025. The gain recognized in translation for net investment hedges was approximately $15 million for the year ended December 28, 2024.
The following table shows the components of the net gains (losses) recognized in income related to the derivative instruments not designated as hedges:
(In millions)
Statements of Income Location
202520242023
Foreign currency exchange contracts
Cost of products sold$(.9)$3.2 $3.4 
Foreign currency exchange contracts
Marketing, general and administrative expense1.9 (15.2)5.5 
$1.0 $(12.0)$8.9 
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFITS PENSION AND OTHER POSTRETIREMENT BENEFITS
Defined Benefit Plans
We sponsor a number of defined benefit plans, the accrual of benefits under some of which has been frozen, covering eligible employees in the U.S. and certain other countries. Benefits payable to an employee are based primarily on years of service and the employee’s compensation during the course of his or her employment with our company.
We are also obligated to pay unfunded termination indemnity benefits to certain employees outside the U.S., which are subject to applicable agreements, laws and regulations. No costs related to these benefits have been included in the disclosures below because they have not been significant.
Plan Assets
Assets in our non-U.S. plans are invested in accordance with locally accepted practices and primarily include equity securities, fixed income securities, insurance contracts and cash. Asset allocations and investments vary by country and plan. Our target plan asset investment allocation for our non-U.S. plans in the aggregate is approximately 26% in equity securities, 58% in fixed income securities and cash, and 16% in insurance contracts and other investments, subject to periodic fluctuations among these asset classes.
Fair Value Measurements
The valuation methodologies we use for assets measured at fair value are described below.
Cash is valued at nominal value. Cash equivalents and mutual funds are valued at fair value as determined by quoted market prices, based upon the net asset value (“NAV”) of shares held at year-end. Pooled funds are structured as collective trusts, not publicly traded and valued by calculating NAV per unit based on the NAV of the underlying funds/trusts as a practical expedient for the fair value of the pooled funds. The pooled funds are categorized by the investment strategy, which is primarily equity and fixed income securities. The pooled funds categorized as other investments are primarily investments in real estate funds. Insurance contracts are valued at book value, which approximates fair value and is calculated using the prior-year balance plus or minus investment returns and changes in cash flows.
These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe these valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table sets forth, by level within the fair value hierarchy (as applicable), non-U.S. plan assets at fair value:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
2025
Cash$1.6 $1.6 $— $— 
Insurance contracts52.6 — — 52.6 
Pooled funds – real estate investment trusts4.2 — — 4.2 
Pooled funds – fixed income securities(1)
412.4 
Pooled funds – equity securities(1)
198.6 
Pooled funds – other investments(1)
63.1 
Total non-U.S. plan assets at fair value
$732.5 
2024 
Cash$2.1 $2.1 $— $— 
Insurance contracts39.0 — — 39.0 
Pooled funds – real estate investment trusts5.3 — — 5.3 
Pooled funds – fixed income securities(1)
381.0 
Pooled funds – equity securities(1)
174.2 
Pooled funds – other investments(1)
57.9 
Total non-U.S. plan assets at fair value
$659.5 
(1) Pooled funds that are measured at fair value using the NAV per unit (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table reconcile to total non-U.S. plan assets.
The following table presents a reconciliation of Level 3 non-U.S. plan asset activity during 2025 and 2024:
Level 3 Assets
(In millions)Insurance ContractsPooled Funds –
Real Estate
Investment Trusts		Total
Balance at December 30, 2023
$42.6 $6.4 $49.0 
Net realized and unrealized gain (loss)1.1 (1.0).1 
Purchases3.7 — 3.7 
Settlements(5.8)— (5.8)
Impact of changes in foreign currency exchange rates(2.6)(.1)(2.7)
Balance at December 28, 2024
39.0 5.3 44.3 
Net realized and unrealized gain (loss)1.2 (1.5)(.3)
Purchases5.5 — 5.5 
Settlements(2.6)— (2.6)
Transfer
4.4 — 4.4 
Impact of changes in foreign currency exchange rates5.1 .4 5.5 
Balance at December 31, 2025
$52.6 $4.2 $56.8 
Plan Assumptions
Discount Rate
In consultation with our actuaries, we annually review and determine the discount rates used to value our pension and other postretirement obligations. The assumed discount rate for each pension plan reflects market rates for currently available high quality corporate bonds. Our discount rate is determined by evaluating yield curves consisting of large populations of high quality corporate bonds. The projected pension benefit payment streams are then matched with bond portfolios to determine a rate that reflects the liability duration unique to our plans.
We use the full-yield curve approach to estimate the service and interest cost components of net periodic benefit cost for our pension and other postretirement benefit plans. Under this approach, we apply multiple discount rates from a yield curve composed of the rates of return on several hundred high-quality, fixed income corporate bonds available at the measurement date. We believe that this approach provides a more precise measurement of service and interest cost by aligning the timing of a plan’s liability cash flows to its corresponding rates on the yield curve.
Long-term Return on Assets
We determine the long-term rate of return assumption for plan assets by reviewing the historical and expected returns of both the equity and fixed income markets, taking into account our asset allocation, the correlation between returns in our asset classes, and our mix of active and passive investments. Additionally, we evaluate current market conditions, including interest rates, and review market data for reasonableness and appropriateness.
Measurement Date
When applicable, we measure the actuarial value of our benefit obligations and plan assets using the calendar month-end closest to our fiscal year-end and adjust for any contributions or other significant events between the measurement date and our fiscal year-end.
Plan Balance Sheet Reconciliations
The following table provides a reconciliation of benefit obligations, plan assets, funded status of the plans and accumulated other comprehensive loss for our non-U.S. defined benefit plans:
Plan Benefit Obligations
Pension Benefits
(In millions)20252024
Change in projected benefit obligations
Projected benefit obligations at beginning of year$664.4 $679.9 
Service cost14.7 13.8 
Interest cost26.2 24.1 
Participant contributions
5.1 4.7 
Amendments1.4 5.1 
Actuarial (gain) loss(82.2)2.8 
Transfer
4.1 — 
Benefits paid(27.2)(24.5)
Settlements— (6.0)
Foreign currency translation73.7 (35.5)
Projected benefit obligations at end of year$680.2 $664.4 
Accumulated benefit obligations at end of year$629.4 $608.0 
The actuarial gain we recorded in 2025 was primarily due to higher discount rates used to measure our projected benefit obligations at the end of the year.
Plan Assets
Pension Benefits
(In millions)20252024
Change in plan assets
Plan assets at beginning of year$659.5 $663.2 
Actual return on plan assets(4.8)41.6 
Transfer
4.4 — 
Employer contributions19.2 15.5 
Participant contributions5.1 4.7 
Benefits paid(27.2)(24.5)
Settlements— (6.0)
Foreign currency translation76.3 (35.0)
Plan assets at end of year$732.5 $659.5 
Funded Status
Pension Benefits
(In millions)20252024
Funded status of the plans
Other assets$138.7 $84.7 
Other accrued liabilities(4.4)(3.2)
Long-term retirement benefits and other liabilities(82.0)(86.4)
Plan assets more (less) than benefit obligations$52.3 $(4.9)

Pension Benefits
20252024
Weighted average assumptions used to determine year-end benefit obligations
Discount rate4.57 %3.95 %
Compensation rate increase2.68 2.80 
For non-U.S. plans, the projected benefit obligations and fair values of plan assets for pension plans with projected benefit obligations in excess of plan assets were approximately $268 million and $181 million, respectively, at year-end 2025 and approximately $245 million and $156 million, respectively, at year-end 2024.
For non-U.S. plans, the accumulated benefit obligations and fair values of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were approximately $227 million and $152 million, respectively, at year-end 2025 and approximately $230 million and $151 million, respectively, at year-end 2024.
Accumulated Other Comprehensive Loss
The pre-tax amounts related to our non-U.S. defined benefit plans recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets are detailed below:
Pension Benefits
(In millions)20252024
Net actuarial loss$31.2 $69.4 
Prior service cost3.7 2.3 
Net amount recognized in accumulated other comprehensive loss$34.9 $71.7 
The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:
Pension Benefits
(In millions)202520242023
Net actuarial (gain) loss$(36.8)$(3.4)$32.6 
Prior service credit1.4 5.1 (.1)
Amortization of unrecognized:
Net actuarial (gain) loss
(1.5)(.4)2.1 
Prior service cost
.1 .5 .4 
Settlements— .1 .1 
Net amount recognized in other comprehensive loss (income)$(36.8)$1.9 $35.1 
Plan Income Statement Reconciliations
The following table shows the components of net periodic benefit cost for our non-U.S. defined benefit plans:
Pension Benefits
(In millions)202520242023
Service cost$14.7 $13.8 $10.5 
Interest cost26.2 24.1 24.7 
Expected return on plan assets(36.6)(37.4)(33.2)
Amortization of actuarial (gain) loss
1.5 .4 (2.1)
Amortization of prior service cost
(.1)(.5)(.4)
Recognized gain on settlements
— (.1)(.1)
Net periodic benefit cost (credit)$5.7 $.3 $(.6)
Service cost and components of net periodic benefit cost other than service cost were included in “Marketing, general and administrative expense” and “Other non-operating expense (income), net” in the Consolidated Statements of Income, respectively.
The following table shows the weighted average assumptions used to determine net periodic cost:
Pension Benefits
202520242023
Discount rate3.95 %3.78 %4.36 %
Expected return on assets4.72 5.04 4.71 
Compensation rate increase2.80 2.73 2.75 
Plan Contributions
We make contributions to our defined benefit plans sufficient to meet the minimum funding requirements of applicable laws and regulations, plus additional amounts, if any, we determine to be appropriate. Our expected contributions in 2026 for our non-U.S. defined benefit plans is $21.3 million.
Future Benefit Payments
The future benefit payments of our non-U.S. defined benefit plans shown below reflect the expected service periods for eligible participants.
(In millions)Pension
Benefits
2026$34.1 
202729.0 
202831.6 
202929.6 
203031.8 
2031-2035176.2 
U.S. Defined Benefit Pension Plans
Our U.S. defined benefit plans, the accrual of benefits which has been frozen, cover certain eligible employees in the U.S. Benefits payable to an employee were based primarily on years of service and the employee’s compensation during the course of his or her employment with our company. Our policy is to fund the cost of these benefits from operating cash flows. At year-end 2025, our U.S. defined pension benefit obligation and related loss recorded in “Accumulated other comprehensive loss” were approximately $41 million and $8 million, respectively. At year-end 2024, our U.S. defined pension benefit obligations and related loss recorded in “Accumulated other comprehensive loss” were approximately $45 million and $9 million, respectively. Net periodic benefit cost was not material in 2025, 2024 or 2023.
Postretirement Health Benefits
We provide postretirement health benefits to certain of our retired U.S. employees up to the age of 65 under a cost-sharing arrangement and provide supplemental Medicare benefits to certain of our U.S. retirees over the age of 65. Our postretirement health benefit plan was closed to new participants retiring after December 31, 2021. Our policy is to fund the cost of these postretirement benefits from operating cash flows. While we do not intend to terminate these postretirement health benefits, we may do so at any time, subject to applicable laws and regulations. At year-end 2025, our postretirement health benefits obligation and related loss recorded in “Accumulated other comprehensive loss” were approximately $2 million and $9 million, respectively. At year-end 2024, our postretirement health benefits obligation and related loss recorded in “Accumulated other comprehensive loss” were approximately $2 million and $9 million, respectively. Net periodic benefit cost was not material in 2025, 2024 or 2023.
Defined Contribution Plans
We sponsor various defined contribution plans worldwide, the largest of which is the Avery Dennison Corporation Employee Savings Plan (“Savings Plan”), a 401(k) plan for our U.S. employees.
We recognized expense of $34.0 million, $31.9 million and $30.3 million in 2025, 2024 and 2023, respectively, related to our employer contributions and employer match of participant contributions to the Savings Plan.
Other Retirement Plans
We have deferred compensation plans and programs that permit eligible employees to defer a portion of their compensation. The compensation voluntarily deferred by the participant, together with certain employer contributions, earns specified and variable rates of return. As of year-end 2025 and 2024, we had accrued $99.8 million and $99.0 million, respectively, for our obligations under these plans. A portion of the interest on certain of our contributions may be forfeited by participants if their employment terminates before age 55 other than by reason of death or disability.
Our Directors Deferred Equity Compensation Program allows our non-employee directors to elect to receive their cash compensation in deferred stock units (“DSUs”) issued under our equity plan. Additionally, two legacy deferred compensation plans had DSUs that were issued under our then-active equity plans. Dividend equivalents, representing the value of dividends per share paid on shares of our common stock and calculated with reference to the number of DSUs held as of a quarterly dividend record date, are credited in the form of additional DSUs on the applicable dividend payable date. DSUs are converted into shares of our common stock, less fractional shares, and issued to a participating director upon his or her separation from our Board. DSUs in the amount of 0.03 million and 0.04 million were outstanding as of year-end 2025 and 2024, respectively, with an aggregate value of approximately $5 million and $8 million, respectively.
We hold company-owned life insurance policies, the proceeds from which are payable to us upon the death of covered participants. The cash surrender values of these policies, net of outstanding loans, which are included in “Other assets” in the Consolidated Balance Sheets, were $259.7 million and $247.4 million at year-end 2025 and 2024, respectively.
v3.25.4
COMMITMENTS AND LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
COMMITMENTS AND LEASES COMMITMENTS AND LEASES
Supplemental cost information related to leases is shown below.
(In millions)202520242023
Operating lease costs$77.7 $75.1 $73.6 
Lease costs related to finance leases were not material in 2025, 2024 or 2023.
Supplemental balance sheet information related to leases is shown below.
(In millions)Balance Sheet Location20252024
Assets
OperatingOther assets$215.8 $227.5 
Finance(1)
Property, plant and equipment, net15.9 32.5 
Total leased assets$231.7 $260.0 
Liabilities
Current:
OperatingOther current liabilities$53.1 $49.6 
FinanceShort-term borrowings and current portion of long-term debt and finance leases5.2 4.3 
Non-current:
OperatingLong-term retirement benefits and other liabilities167.6 176.1 
FinanceLong-term debt and finance leases11.0 9.1 
Total lease liabilities$236.9 $239.1 
(1) Finance lease assets are net of accumulated amortization of $16.0 million and $18.7 million as of year-end 2025 and 2024, respectively.
Supplemental cash flow information related to leases is shown below.
(In millions)202520242023
Cash paid for amounts included in measurement of operating lease liabilities
$63.8 $61.0 $55.8 
Operating lease assets obtained in exchange for operating lease liabilities47.6 93.0 92.4 
Cash flows related to finance leases were not material in 2025, 2024 or 2023.
Weighted average remaining lease term and discount rate information related to leases as of December 31, 2025 and December 28, 2024 is shown below.
20252024
Weighted average remaining lease term (in years):
Operating6.56.7
Finance3.63.6
Weighted average discount rate (percentage):
Operating4.7 %4.6 %
Finance4.7 4.7 
Operating and finance lease liabilities by maturity date from December 31, 2025 are shown below.
(In millions)Operating LeasesFinance Leases
2026$59.7 $6.0 
202746.9 5.0 
202833.6 3.3 
202928.1 2.3 
203022.2 1.0 
2031 and thereafter66.9 .3 
Total lease payments257.4 17.9 
Less: imputed interest(36.7)(1.7)
Present value of lease liabilities$220.7 $16.2 
As of December 31, 2025, we had no significant operating or finance leases that had not yet commenced.
COMMITMENTS AND LEASES COMMITMENTS AND LEASES
Supplemental cost information related to leases is shown below.
(In millions)202520242023
Operating lease costs$77.7 $75.1 $73.6 
Lease costs related to finance leases were not material in 2025, 2024 or 2023.
Supplemental balance sheet information related to leases is shown below.
(In millions)Balance Sheet Location20252024
Assets
OperatingOther assets$215.8 $227.5 
Finance(1)
Property, plant and equipment, net15.9 32.5 
Total leased assets$231.7 $260.0 
Liabilities
Current:
OperatingOther current liabilities$53.1 $49.6 
FinanceShort-term borrowings and current portion of long-term debt and finance leases5.2 4.3 
Non-current:
OperatingLong-term retirement benefits and other liabilities167.6 176.1 
FinanceLong-term debt and finance leases11.0 9.1 
Total lease liabilities$236.9 $239.1 
(1) Finance lease assets are net of accumulated amortization of $16.0 million and $18.7 million as of year-end 2025 and 2024, respectively.
Supplemental cash flow information related to leases is shown below.
(In millions)202520242023
Cash paid for amounts included in measurement of operating lease liabilities
$63.8 $61.0 $55.8 
Operating lease assets obtained in exchange for operating lease liabilities47.6 93.0 92.4 
Cash flows related to finance leases were not material in 2025, 2024 or 2023.
Weighted average remaining lease term and discount rate information related to leases as of December 31, 2025 and December 28, 2024 is shown below.
20252024
Weighted average remaining lease term (in years):
Operating6.56.7
Finance3.63.6
Weighted average discount rate (percentage):
Operating4.7 %4.6 %
Finance4.7 4.7 
Operating and finance lease liabilities by maturity date from December 31, 2025 are shown below.
(In millions)Operating LeasesFinance Leases
2026$59.7 $6.0 
202746.9 5.0 
202833.6 3.3 
202928.1 2.3 
203022.2 1.0 
2031 and thereafter66.9 .3 
Total lease payments257.4 17.9 
Less: imputed interest(36.7)(1.7)
Present value of lease liabilities$220.7 $16.2 
As of December 31, 2025, we had no significant operating or finance leases that had not yet commenced.
v3.25.4
CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Legal Proceedings
We are involved in various lawsuits, claims, inquiries and other regulatory and compliance matters, most of which are routine to the nature of our business. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these claims could affect future results of operations should our exposure be materially different from our estimates or should we incur liabilities that were not previously accrued. Probable insurance reimbursements are not offset against potential liabilities.
Because of the uncertainties associated with claims resolution and litigation, future expenses to resolve legal proceedings could be higher than the liabilities we have accrued. If information were to become available that allowed us to reasonably estimate an amount higher or lower than what we have accrued in the range of potential expenses determined to be probable, we would adjust our accrued liabilities accordingly. Additional lawsuits, claims, inquiries and other regulatory and compliance matters could arise in the future. The range of expenses for resolving any future matters would be assessed as they arise; until then, a range of potential expenses for their resolution cannot be determined. Based upon current information, we believe that the impact of the resolution of legal proceedings would not be, individually or in the aggregate, material to our financial position, results of operations or cash flows.
We were party to a patent infringement litigation filed by ADASA Inc. (“Adasa”), an unrelated third party, in 2017 regarding certain RFID products within our Solutions Group reportable segment. We recorded a contingent liability in the amount of $26.6 million related to this matter in 2021. We increased our contingent liability to $82.9 million as of December 30, 2023, reflecting our best estimate of the anticipated judgment following a July 2023 jury retrial that affirmed the patent's validity.
On April 25, 2024, we entered into a Settlement Agreement, License and Mutual Release with Adasa pursuant to which, among other things, (i) we agreed to pay $75.0 million to Adasa without any concessions or admissions of liability; (ii) Adasa agreed to grant us a worldwide, nonexclusive, nontransferable fully-paid up, and ongoing royalty-free perpetual license, without the right to sublicense, to the patents at issue in the litigation; and (iii) the parties mutually released all claims against one another. We paid the agreed-upon settlement amount to Adasa on April 26, 2024 and Adasa filed a Stipulation of Satisfaction of Judgment with the trial court on April 29, 2024. The settlement payment and adjustments to our prior contingent liability are reflected in our fiscal 2024 and 2023 consolidated financial statements.
Environmental Expenditures
Environmental expenditures are generally expensed. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these matters could affect future results of operations should our exposure be materially different from our estimates or should we incur liabilities that were not previously accrued. Probable insurance reimbursements are not offset against potential liabilities. We review our estimates of the costs of complying with environmental laws related to the remediation and cleanup of various sites, including sites in which governmental agencies have designated us as a potentially responsible party (“PRP”). However, environmental expenditures for newly acquired assets and those that extend or improve the economic useful life of existing assets are capitalized and amortized over the shorter of the estimated useful life of the acquired asset or the remaining life of the existing asset.
As of December 31, 2025, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a PRP at ten waste disposal or waste recycling sites that are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination. No settlement of our liability related to any of these sites has been agreed upon. We are participating with other PRPs at these sites and anticipate that our share of remediation costs will be determined pursuant to agreements that we negotiate with the EPA or other governmental authorities.
These estimates could change as a result of changes in planned remedial actions, remediation technologies, site conditions, the estimated time to complete remediation, environmental laws and regulations, and other factors. Because of the uncertainties associated with environmental assessment and remediation activities, our future expenses to remediate these sites could be higher than the liabilities we have accrued. If information were to become available that allowed us to reasonably estimate an amount higher or lower than what we have accrued in the range of potential expenses, we would adjust our environmental liabilities accordingly. In addition, we may be identified as a PRP at additional sites in the future. The range of expenses for remediation of any future-identified sites would be addressed as they arise; until then, a range of expenses for their remediation cannot be determined.
The activity related to our environmental liabilities in 2025 and 2024 is shown below:
(In millions)20252024
Balance at beginning of year$13.0 $24.5 
Charges, net of reversals2.9 1.9 
Payments(5.9)(13.4)
Balance at end of year$10.0 $13.0 
Approximately $2 million and $5 million of this balance was classified as short-term and included in “Other current liabilities” in the Consolidated Balance Sheets as of December 31, 2025 and December 28, 2024, respectively.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2025 were as follows:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$49.1 $24.1 $25.0 $— 
Derivative assets7.2 — 7.2 — 
Bank drafts7.5 7.5 — — 
Liabilities
Derivative liabilities$18.0 $.3 $17.7 $— 
Contingent consideration liabilities2.7 — — 2.7 
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2024 were as follows:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$48.0 $24.2 $23.8 $— 
Derivative assets41.2 .4 40.8 — 
Bank drafts5.2 5.2 — — 
Liabilities
Derivative liabilities$41.5 $.4 $41.1 $— 
Contingent consideration liabilities4.8 — — 4.8 
Investments included fixed income securities (primarily U.S. government and corporate debt securities) measured at fair value using quoted prices/bids and a money market fund measured at fair value using NAV. As of December 31, 2025, investments of $1.1 million, $46.9 million, and $1.1 million were included in “Cash and cash equivalents,” “Other current assets,” and "Other assets," respectively, in the Consolidated Balance Sheets. As of December 28, 2024, investments of $1.5 million, $38.1 million, and $8.4 million were included in “Cash and cash equivalents,” “Other current assets,” and "Other assets," respectively, in the Consolidated Balance Sheets. Derivative instruments that are exchange-traded are measured at fair value using quoted market prices and classified within Level 1 of the valuation hierarchy. Derivative instruments measured based on foreign currency exchange rate inputs that are readily available in public markets are classified within Level 2 of the valuation hierarchy. Bank drafts (maturities greater than three months) are valued at face value due to their short-term nature and were included in “Other current assets” in the Consolidated Balance Sheets.
Contingent consideration liabilities relate to estimated earn-out payments associated with an acquisition completed in 2022, which is subject to the acquired company achieving certain post-acquisition performance targets. This liability was recorded based on the expected payments and has been classified as Level 3. Activity related to contingent consideration was immaterial in 2025 and 2024.
In addition to the investments described above, we hold venture investments that had a total carrying value of approximately $58 million and $45 million as of December 31, 2025 and December 28, 2024, respectively, which was included in “Other assets” in the Consolidated Balance Sheets. We hold certain venture investments based on Level 1 inputs; the fair value of these investments was $1.1 million as of December 31, 2025, and $8.4 million as of December 28, 2024. We recognized $23.3 million and $19.2 million in net losses in 2025 and 2024, respectively, and no net gains or losses in 2023 in our venture and other investments. These net gains or losses were recorded in “Other expense (income), net” in the Consolidated Statements of Income.
v3.25.4
NET INCOME PER COMMON SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME PER COMMON SHARE NET INCOME PER COMMON SHARE
Net income per common share was computed as follows:
(In millions, except per share amounts)202520242023
(A) Net income$688.0 $704.9 $503.0 
(B) Weighted average number of common shares outstanding78.1 80.4 80.7 
Dilutive shares (additional common shares issuable under stock-based awards).2 .3 .4 
(C) Weighted average number of common shares outstanding, assuming dilution78.3 80.7 81.1 
Net income per common share (A) ÷ (B)$8.81 $8.77 $6.23 
Net income per common share, assuming dilution (A) ÷ (C)$8.79 $8.73 $6.20 
Certain stock-based compensation awards were excluded from the computation of net income per common share, assuming dilution, because they would not have had a dilutive effect. Stock-based compensation awards excluded from the computation totaled 0.1 million shares in 2025, 2024 and 2023.
v3.25.4
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION
Common Stock and Share Repurchase Program
Our Amended and Restated Certificate of Incorporation, as amended, authorizes five million shares of $1 par value preferred stock (of which no shares are outstanding), with respect to which our Board may fix the series and terms of issuance, and 400 million shares of $1 par value voting common stock.
From time to time, our Board authorizes the repurchase of shares of our outstanding common stock. Repurchased shares may be reissued under our long-term incentive plan or used for other corporate purposes. In 2025, we repurchased approximately 3.2 million shares of our common stock at an aggregate cost of $575.6 million. In 2024, we repurchased approximately 1.2 million shares of our common stock at an aggregate cost of $247.5 million.
In April 2025, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750 million, excluding any fees, commissions or other expenses related to such purchases and in addition to the amount outstanding under our previous Board authorization. Shares of our common stock in the aggregate amount of $526.3 million remained authorized for repurchase under this Board authorization as of December 31, 2025. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased.
Treasury Shares Reissuance
We fund a portion of our employee-related costs using shares of our common stock held in treasury. We reduce capital in excess of par value based on the grant date fair value of vesting awards and record net gains or losses associated with using treasury shares to retained earnings.
Accumulated Other Comprehensive Loss
The changes in “Accumulated other comprehensive loss” (net of tax) for 2025 and 2024 were as follows:
(In millions)
Foreign
Currency
Translation(1)
Pension and
Other
Postretirement
Benefits		Cash Flow
Hedges
Fair Value Hedges
Total
Balance as of December 30, 2023$(328.6)$(77.5)$(2.0)$— $(408.1)
Other comprehensive income (loss) before reclassifications, net of tax(46.9)(1.3)(5.4)2.0 (51.6)
Reclassifications to net income, net of tax— .8 2.8 — 3.6 
Net current-period other comprehensive income (loss), net of tax(46.9)(.5)(2.6)2.0 (48.0)
Balance as of December 28, 2024$(375.5)$(78.0)$(4.6)$2.0 $(456.1)
Other comprehensive income (loss) before reclassifications, net of tax16.5 26.7 1.9 (3.6)41.5 
Reclassifications to net income, net of tax— 2.1 2.8 — 4.9 
Net current-period other comprehensive income (loss), net of tax16.5 28.8 4.7 (3.6)46.4 
Balance as of December 31, 2025$(359.0)$(49.2)$.1 $(1.6)$(409.7)
(1) Included the impact of our foreign currency forward contracts and zero-cost collars, accounted for as net investment hedges. Refer to Note 5, "Financial Instruments," to the Consolidated Financial Statements for more information.
The following table sets forth the income tax expense (benefit) allocated to each component of other comprehensive income (loss):
(In millions)202520242023
Foreign currency translation:
Translation gain (loss)
$(4.9)$.1 $1.2 
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit8.6 (.6)(8.2)
Reclassifications to net income.7 .4 (.3)
Cash flow hedges:
Gain (loss) recognized on cash flow hedges.5 (1.7)(2.2)
Reclassifications to net income1.0 .9 1.2 
Fair value hedges:
Changes in excluded components of fair value hedges(1.1).6 — 
Income tax expense (benefit) allocated to components of other comprehensive income (loss)
$4.8 $(.3)$(8.3)
v3.25.4
LONG-TERM INCENTIVE COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
LONG-TERM INCENTIVE COMPENSATION LONG-TERM INCENTIVE COMPENSATION
Stock-Based Awards
Stock-Based Compensation
We generally grant our annual stock-based compensation awards to eligible employees in March and non-employee directors in May. Certain awards granted to retirement-eligible employees one or more years before their retirement date vest upon retirement; these awards are accounted for as fully vested one year from the grant date.
Our 2017 Incentive Award Plan, a long-term incentive plan for employees and non-employee directors, allows us to grant stock-based compensation awards – including stock options, RSUs, PUs, MSUs and DSUs – or a combination of these and other awards. Under this plan, 5.4 million shares were made available for issuance, with each full value award counted as 1.5 shares for purposes of the number of shares authorized for issuance. Full value awards include RSUs, PUs and MSUs.
Stock-based compensation expense and the related recognized tax benefit were as follows:
(In millions)202520242023
Stock-based compensation expense$27.9 $28.7 $22.3 
Tax benefit3.2 2.6 2.4 
This expense was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income.
As of December 31, 2025, we had approximately $40 million of unrecognized compensation expense related to unvested stock-based awards, which is expected to be recognized over the remaining weighted average requisite service period of approximately two years.
Stock Options
Stock options may be granted to employees and non-employee directors at no less than 100% of the fair market value of our common stock on the grant date and generally vest over a four-year period. Options expire ten years from the grant date.
The fair value of stock options is estimated as of the grant date using the Black-Scholes option-pricing model. This model requires input assumptions for our expected dividend yield, expected stock price volatility, risk-free interest rate and the expected option term.
No stock options were granted in fiscal years 2025 or 2024. The weighted average grant date fair value per share for stock options granted in 2023 was $47.65.
The following assumptions are used in estimating the fair value of granted stock options:
Risk-free interest rate is based on the 52-week average of the Treasury-Bond rate that has a term corresponding to the expected option term. For 2023, it was 3.84%.
Expected stock price volatility represents an average of the implied and historical volatility. For 2023, it was 23.90%.
Expected dividend yield is based on the current annual dividend divided by the 12-month average of our monthly stock price prior to grant. For 2023, it was 1.84%.
Expected option term is determined based on historical experience under our long-term incentive plans. For 2023, it was 6.31 years.
The following table summarizes information related to stock options:
Number of
options
(in thousands)
Weighted average
exercise price		Weighted average
remaining
contractual life
(in years)		Aggregate
intrinsic value
(in millions)
Outstanding at December 28, 202463.0 $190.54 8.68$— 
Exercised— — 
Outstanding at December 31, 202563.0 $190.54 7.67$— 
Options vested and expected to vest at December 31, 202558.5 190.54 7.67— 
Options exercisable at December 31, 2025— $— $— 
There were no stock option exercises in 2025 or 2023. The total intrinsic value of stock options exercised in 2024 was $19.5 million. We received approximately $10 million in 2024 from the exercise of stock options, and the tax benefit associated with these exercised options was $4.8 million. The intrinsic value of a stock option is based on the amount by which the market value of our stock exceeds the exercise price of the option.
Performance Units (“PUs”)
PUs are performance-based awards granted to eligible employees under our equity plan. PUs are payable in shares of our common stock at the end of a three- or four-year cliff vesting period provided that the designated performance objectives are achieved at the end of the period. Over the performance period, the estimated number of shares of our common stock issuable upon vesting is adjusted upward or downward based on the probability of achieving the performance objectives established for the award. The number of shares issued generally ranges from 0% to 200% of the target shares at the time of grant; however the shares issued for certain special PU awards can range up to 300% of the target shares at time of grant. The weighted average grant date fair value for PUs was $175.53, $224.82 and $180.12 in 2025, 2024 and 2023, respectively.
The following table summarizes information related to awarded PUs:
Number of
 PUs
(in thousands)		Weighted
 average
grant-date
 fair value
Unvested at December 28, 2024292.1 $181.94 
Granted at target154.2 175.53 
Adjustment for performance achievement(1)
(32.5)162.57 
Vested(38.7)164.91 
Forfeited/cancelled(16.9)184.27 
Unvested at December 31, 2025358.2 $182.66 
(1) Reflects adjustments for performance for the 2022-2024 PUs.
The fair value of vested PUs was $6.4 million in 2025, $20.6 million in 2024 and $22.7 million in 2023.
Market-Leveraged Stock Units (“MSUs”)
MSUs are performance-based awards granted to eligible employees under our equity plan. MSUs are payable in shares of our common stock over a four-year period provided that the designated performance objective is achieved as of the end of each vesting period. MSUs accrue dividend equivalents during the vesting period, which are earned and paid only at vesting provided that, at a minimum, threshold-level performance is achieved. The number of shares earned is based upon our absolute total shareholder return at each vesting date and can range from 0% to 200% of the target amount of MSUs subject to vesting. Each of the four vesting periods represents one tranche of MSUs and the fair value of each of these four tranches was determined using the Monte-Carlo simulation model, which utilizes multiple input variables, including expected stock price volatility and other assumptions, to estimate the probability of achieving the performance objective established for the award. The weighted average grant date fair value for MSUs was $190.36, $259.75 and $192.53 in 2025, 2024 and 2023, respectively.
The following table summarizes information related to awarded MSUs:
Number of
MSUs
(in thousands) 		Weighted
average
grant-
date fair
value
Unvested at December 28, 2024163.7 $202.83 
Granted at target83.7 190.36 
Adjustment for performance achievement(1)
.3 204.59 
Vested(67.5)195.87 
Forfeited/cancelled(9.8)196.20 
Unvested at December 31, 2025170.4 $200.85 
(1) Reflects adjustments for performance for the tranches of MSUs vesting in 2025.
The fair value of vested MSUs was $13.2 million in 2025, $14.6 million in 2024 and $16.1 million in 2023.
Restricted Stock Units (“RSUs”)
RSUs are service-based awards granted to eligible employees and non-employee directors under our equity plan. RSUs granted to employees generally vest over a period between one and four years. RSUs granted to non-employee directors generally vest in one year. The vesting of RSUs is subject to continued service through the applicable vesting date. If that condition is not met, unvested RSUs are generally forfeited. The weighted average grant date fair value for RSUs was $171.82, $210.74 and $175.88 in 2025, 2024 and 2023, respectively.
The following table summarizes information related to awarded RSUs:
Number of
RSUs
(in thousands) 		Weighted
average
grant-date
fair value
Unvested at December 28, 202494.9 $191.22 
Granted73.4 171.82 
Vested(64.7)191.49 
Forfeited/cancelled(1.8)184.65 
Unvested at December 31, 2025101.8 $177.19 
The fair value of vested RSUs was $12.4 million, $3.2 million and $2.7 million in 2025, 2024 and 2023, respectively.
Cash-Based Awards
Long-Term Incentive Units (“LTI Units”)
LTI Units are cash-based awards granted to eligible employees under our long-term incentive unit plan. LTI Units are service-based awards that generally vest ratably over a four-year period. The settlement value equals the number of vested LTI Units multiplied by the average of the high and low market prices of our common stock on the vesting date. The compensation expense related to these awards is amortized on a straight-line basis and the fair value is remeasured using the estimated percentage of units expected to be earned multiplied by the average of the high and low market prices of our common stock at each quarter-end.
We also grant cash-based awards in the form of performance and market-leveraged LTI Units to eligible employees. Performance LTI Units are payable in cash at the end of a three-year cliff vesting period provided that certain performance objectives are achieved at the end of the performance period. Market-leveraged LTI Units are payable in cash and vest ratably over a period of four years. The number of performance and market-leveraged LTI Units earned at vesting is adjusted upward or downward based upon the probability of achieving the performance objectives established for the respective award and the actual number of units issued can range from 0% to 200% of the designated target units subject to vesting. Performance and market-leveraged LTI Units are remeasured using the estimated percentage of units expected to be earned multiplied by the average of the high and low market prices of our common stock at each quarter-end over their respective performance periods. The compensation expense related to performance LTI Units is amortized on a straight-line basis over their respective performance periods. The compensation expense related to market-leveraged LTI Units is amortized on a graded-vesting basis over their respective performance periods.
The compensation expense related to LTI Units was $12.9 million in 2025, $14.9 million in 2024 and $16.3 million in 2023. This expense was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income. The total recognized tax benefit related to LTI Units was $3.2 million in 2025, $3.6 million in 2024 and $3.9 million in 2023.
v3.25.4
COST REDUCTION ACTIONS
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
COST REDUCTION ACTIONS COST REDUCTION ACTIONS
Restructuring Charges
We have plans that provide eligible employees with severance benefits in the event of an involuntary termination. We calculate severance using the benefit formulas under the applicable plans. We record restructuring charges from qualifying cost reduction actions for severance and other exit costs (including asset impairment charges and lease and other contract cancellation costs) when they are probable and estimable.
2025 Actions
During 2025, we recorded $48.8 million in restructuring charges, net of reversals, related to our 2025 actions. These charges consisted of severance and related costs for the reduction of approximately 1,200 positions, as well as asset impairment charges, at numerous locations across our company, as a result of actions taken to optimize our operational footprint.
In the fourth quarter of 2024, we recorded $13.1 million in restructuring charges related to our 2025 actions. These charges consisted of severance and related costs for the reduction of approximately 90 positions, as well as asset impairment charges, reflecting actions at numerous locations in our Solutions Group reportable segment.
2023 Actions
During 2024, we recorded $28.8 million in restructuring charges, net of reversals, related to these actions. These charges consisted of severance and related costs for the reduction of approximately 1,280 positions, as well as asset impairment charges, at numerous locations across our company.
During 2025, we recorded $1.6 million of reversals related to our 2023 Actions that were completed in the fourth quarter of 2025.
Accruals for severance and related costs and lease cancellation costs were included in “Other current liabilities” and "Long-term retirement benefits and other liabilities" in the Consolidated Balance Sheets. Asset impairment charges were based on the estimated market value of the assets, less selling costs, if applicable. Restructuring charges were included in “Other expense (income), net” in the Consolidated Statements of Income.
During 2025, restructuring charges and payments were as follows:
(In millions)Accrual at
December 28,
2024		Charges,
Net of
Reversals		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation 		Accrual at
December 31,
2025
2025 Actions
Severance and related costs$10.0 $45.7 $(41.5)$— $.2 $14.4 
Asset impairment charges— 3.1 — (3.1)— — 
Total$10.0 $48.8 $(41.5)$(3.1)$.2 $14.4 
During 2024, restructuring charges and payments were as follows:
(In millions)Accrual at
December 30,
2023		Charges,
Net of
Reversals 		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation		Accrual at
December 28,
2024
2025 Actions
Severance and related costs$— $10.0 $— $— $— $10.0 
Asset impairment charges— 3.1 — (3.1)— — 
2023 Actions
Severance and related costs27.7 25.4 (43.3)— (.6)9.2 
Asset impairment charges— 3.0 — (3.0)— — 
Lease cancellation costs— .4 (.6)— — (.2)
Total$27.7 $41.9 $(43.9)$(6.1)$(.6)$19.0 
The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate.
(In millions)202520242023
Restructuring charges by reportable segment and Corporate
Materials Group$22.9 $5.7 $52.4 
Solutions Group23.4 35.8 23.2 
Corporate.9 .4 3.8 
Total$47.2 $41.9 $79.4 
v3.25.4
TAXES BASED ON INCOME
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
TAXES BASED ON INCOME TAXES BASED ON INCOME
Taxes based on income were as follows:
(In millions)202520242023
Current:
U.S. federal tax$45.9 $36.0 $42.5 
State taxes11.0 10.6 9.0 
Foreign taxes
205.3 214.9 160.8 
262.2 261.5 212.3 
Deferred:
U.S. federal tax(17.2)(8.7)(29.0)
State taxes(1.3)(3.3)(3.5)
Foreign taxes
(6.6)(.9)11.9 
(25.1)(12.9)(20.6)
Provision for income taxes$237.1 $248.6 $191.7 
A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income before taxes for the year ended December 31, 2025 is provided below:
2025
(In millions, except percentages)
Amount
Percent
U.S. federal statutory tax rate
$194.3 21.0 %
State and local income taxes, net of federal income tax effect(1)
7.7 .8 %
Foreign tax effects
China18.0 1.9 %
The Netherlands
Nontaxable or nondeductible items(9.9)(1.1)%
Other
5.4 .6 %
Germany
Changes in valuation allowances(10.6)(1.1)%
Other
2.5 .3 %
Other foreign jurisdictions
44.9 4.9 %
Effect of cross-border tax laws(18.1)(2.0)%
Tax credits(8.8)(1.0)%
Changes in valuation allowances8.3 .9 %
Nontaxable or nondeductible items2.9 .3 %
Changes in unrecognized tax benefits.5 .1 %
Provision for income taxes and effective tax rate
$237.1 25.6 %
(1) State taxes in California, Illinois, Pennsylvania, Wisconsin, New York and New Jersey made up the majority of the tax effect in this category.
A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income before taxes previously disclosed for the years ended December 28, 2024 and December 30, 2023 is provided below:
(In millions)20242023
Tax provision computed at U.S. federal statutory rate(1)
$200.2 $145.9 
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit2.7 2.6 
Foreign earnings taxed at different rates(1)
49.5 50.4 
Global intangible low-taxed income high-tax exclusion election, net(2)
(6.2)(10.0)
Valuation allowances
15.9 2.6 
U.S. federal research and development tax credits(7.7)(8.3)
Tax contingencies and audit settlements1.9 11.9 
Other items, net(7.7)(3.4)
Provision for income taxes$248.6 $191.7 
(1) Both years included certain U.S. international tax provisions and foreign earnings taxed in the U.S., net of credits.
(2) In 2024, we recognized $6.2 million from our current year global intangible low-taxed income exclusion election. In 2023, we recognized $4.4 million from our 2023 exclusion election and $5.6 million related to the exclusion election made on our 2022 U.S. federal tax return.
Income before taxes from our U.S. and foreign operations was as follows:
(In millions)202520242023
U.S.$160.4 $211.4 $187.2 
Foreign
764.7 742.1 507.5 
Income before taxes$925.1 $953.5 $694.7 
Our effective tax rate was 25.6%, 26.1% and 27.6% for fiscal years 2025, 2024 and 2023, respectively.
Our 2025 provision for income taxes included (i) $15.4 million of net tax charge related to the tax on global intangible low-taxed income ("GILTI") of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from foreign-derived intangible income (“FDII”); (ii) $10.6 million of tax benefit from the release of valuation allowance as a result of completing a foreign restructuring transaction; and (iii) net tax benefit from a favorable ruling related to deductibility of interest expense.
Our 2024 provision for income taxes included (i) $15.9 million of net tax charge related to the tax on GILTI of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from FDII; (ii) $15.9 million of tax charge from valuation allowances due to the uncertainty of the realization of certain deferred tax assets; and (iii) excess tax benefits associated with stock-based payments, and return-to-provision benefits related to our 2023 U.S. federal tax return, partially offset by net tax charge primarily from the recognition of uncertain tax positions and tax audit settlements in certain foreign jurisdictions.
Our 2023 provision for income taxes included (i) $16.4 million of net tax charge related to the tax on GILTI of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from FDII; (ii) $14.7 million of return-to-provision benefit primarily related to our GILTI exclusion election and benefits from additional foreign tax credits recognized under temporary relief granted by the Internal Revenue Service ("IRS") in July 2023, related to our 2022 U.S. federal tax return, (iii) $10.5 million of tax charge related to non-deductible expenses resulting from the impact of the Argentine peso remeasurement loss; and (iv) $9.5 million of net tax charge primarily from the recognition of uncertain tax positions in certain foreign jurisdictions, partially offset by decreases in tax reserves as a result of closing tax years.
Deferred Taxes
Deferred taxes reflect the temporary differences between the amounts at which assets and liabilities are recorded for financial reporting purposes and the amounts utilized for tax purposes. The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:
(In millions)20252024
Accrued expenses not currently deductible$32.2 $29.8 
Net operating loss carryforwards144.7 137.9 
Tax credit carryforwards24.3 14.8 
Capitalized research expenses94.0 81.7 
Stock-based compensation9.0 8.8 
Pension and other postretirement benefits13.7 31.1 
Inventory reserve19.7 19.2 
Lease liabilities44.8 44.7 
Other assets38.8 31.6 
Valuation allowances
(77.5)(72.7)
Total deferred tax assets(1)
343.7 326.9 
Depreciation and amortization(335.9)(306.0)
Repatriation accrual(33.0)(24.2)
Foreign operating loss recapture
— (3.1)
Lease assets(44.5)(44.3)
Total deferred tax liabilities(1)
(413.4)(377.6)
Total net deferred tax assets (liabilities)$(69.7)$(50.7)
(1) Reflect gross amounts before jurisdictional netting of deferred tax assets and liabilities.
We assess available positive and negative evidence to estimate if sufficient future taxable income is expected to be generated to use existing deferred tax assets. On the basis of our assessment, we record valuation allowances only with respect to the portion of the deferred tax asset that is not more-likely-than-not to be realized. Our assessment of the future realizability of our deferred tax assets relies heavily on our forecasted earnings in certain jurisdictions determined by the manner in which we operate our business and the relevant carryforward periods. Any changes to our operations may affect our assessment of deferred tax assets considered realizable if the positive evidence no longer outweighs the negative evidence.
Net operating loss carryforwards of foreign subsidiaries at December 31, 2025 and December 28, 2024 were approximately $495 million and $466 million, respectively. Tax credit carryforwards of both domestic and foreign subsidiaries at December 31, 2025 and December 28, 2024 totaled approximately $24 million and $15 million, respectively. If unused, foreign net operating losses and tax credit carryforwards will expire as follows:
(In millions)
Net Operating Losses(1)
Tax Credits
Year of Expiry
2026$2.3 $.2 
20273.2 .3 
20285.7 .7 
202921.4 .4 
203013.7 1.4 
2031-204524.9 20.3 
Indefinite life/no expiry423.4 1.0 
Total$494.6 $24.3 
(1) Net operating losses are presented before tax effects and valuation allowances.
Certain indefinite-lived foreign net operating losses may require decades to be fully utilized under our current business model.
At December 31, 2025, we had net operating loss carryforwards in certain states of approximately $681 million before tax effects. Based on our estimates of future state taxable income, it is more-likely-than-not that the majority of these carryforwards will not be realized before they expire. Accordingly, a valuation allowance has been recorded on approximately $660 million of these carryforwards.
As of December 31, 2025, our provision for income taxes did not materially benefit from applicable tax holidays in foreign jurisdictions.
Unrecognized Tax Benefits
As of December 31, 2025, our unrecognized tax benefits totaled approximately $81 million, $73 million of which, if recognized, would reduce our annual effective income tax rate. As of December 28, 2024, our unrecognized tax benefits totaled approximately $81 million, $74 million of which, if recognized, would reduce our annual effective income tax rate.
Where applicable, we accrue potential interest and penalties related to unrecognized tax benefits in income tax expense. The interest and penalties we recognized during fiscal years 2025, 2024 and 2023 were not material, individually or in aggregate, to the Consolidated Statements of Income. We have approximately $18 million and $17 million of accrued interest and penalties, net of tax benefit, in the Consolidated Balance Sheets at December 31, 2025 and December 28, 2024, respectively.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is provided below.
(In millions)20252024
Balance at beginning of year$81.1 $88.0 
Additions for tax positions of current year9.4 11.4 
Additions (reductions) for tax positions of prior years, net(8.2)(7.2)
Settlements with tax authorities(.2)(4.6)
Expirations of statutes of limitations(4.7)(3.7)
Changes due to foreign currency translation
3.5 (2.8)
Balance at end of year$80.9 $81.1 
The amount of income taxes we pay is subject to ongoing audits by taxing jurisdictions around the world. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts, and circumstances existing at the time. We believe we have adequately provided for reasonably foreseeable outcomes related to these matters. However, our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate. The final determination of tax audits and any related legal proceedings could materially differ from amounts reflected in our tax provision for income taxes and the related liabilities. To date, we and our U.S. subsidiaries have completed the IRS’ Compliance Assurance Process through 2023. With limited exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2010.
Cash Paid for Income Taxes (Net of Refunds Received)
Cash paid for income taxes, net of refunds received, for the year ended December 31, 2025 was as follows:
(In millions)2025
U.S. federal
$35.7 
State10.4 
Foreign
China
58.3 
The Netherlands
18.6 
India
16.4 
Other125.6 
Cash paid for income taxes (net of refunds received)
$265.0 
Cash paid for income taxes, net of refunds received, for the years ended December 28, 2024 and December 30, 2023 was $226.8 million and $234.9 million, respectively.
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
 12 Months Ended
Dec. 31, 2025
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 (including label materials with RFID inlays), 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)
2025(2)
20242023
Net sales to unaffiliated customers(1)
Materials Group:
 North America $1,943.1 $1,879.6 $1,846.3 
 Europe, the Middle East and North Africa 2,146.4 2,091.0 2,007.1 
 Asia 1,534.3 1,552.7 1,483.7 
 Latin America 469.5 489.7 474.2 
Total Materials Group6,093.3 6,013.0 5,811.3 
Solutions Group:
Apparel and other
1,811.8 1,876.8 1,662.9 
Identification Solutions and Vestcom950.4 865.9 890.1 
Total Solutions Group2,762.2 2,742.7 2,553.0 
Net sales to unaffiliated customers$8,855.5 $8,755.7 $8,364.3 
(1) Certain prior-year 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, revenue 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.
Revenue from our Materials Group reportable segment by product group is shown below.
(In millions)202520242023
Net sales to unaffiliated customers(1)
Materials Group:
Labels, graphics and reflectives
$5,332.2 $5,266.0 $5,076.8 
 Performance materials(2)
547.2 516.6 522.8 
 Other 213.9 230.4 211.7 
Total Materials Group$6,093.3 $6,013.0 $5,811.3 
(1) Certain prior-year amounts have been reclassified to conform to the current-year presentation.
(2) Performance materials includes industrial and medical tapes, trade adhesives and Taylor Adhesives.
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)202520242023
Net sales to unaffiliated customers
U.S.$2,751.0 $2,613.4 $2,578.3 
Europe, the Middle East and North Africa2,457.1 2,418.6 2,306.7 
Asia2,726.8 2,763.1 2,545.2 
Latin America567.3 599.8 582.3 
Other353.3 360.8 351.8 
Net sales to unaffiliated customers$8,855.5 $8,755.7 $8,364.3 
Net sales to unaffiliated customers in Asia included sales in China (including Hong Kong) of $1.35 billion in 2025, $1.40 billion in 2024 and $1.30 billion in 2023.
No single customer represented 10% or more of our net sales in year-end 2025, 2024 or 2023. Our ten largest customers, which include apparel retailers and brand owners, in the aggregate represented approximately 17% of our net sales during 2025 and approximately 16% of our net sales during 2024 and 2023.
Segment Information
Our CODM uses segment adjusted operating income to evaluate segment performance and allocate resources. 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)202520242023
Materials Group
Net sales to unaffiliated customers
$6,093.3 $6,013.0 $5,811.3 
Segment expense(1)
5,171.1 5,088.3 5,022.1 
Segment adjusted operating income$922.2 $924.7 $789.2 
Solutions Group
Net sales to unaffiliated customers
$2,762.2 $2,742.7 $2,553.0 
Segment expense(1)
2,475.9 2,453.4 2,301.0 
Segment adjusted operating income$286.3 $289.3 $252.0 
(1) Segment expense included cost of products sold and marketing, general and administrative expense and excluded other expense (income), net, and other items.
(In millions)202520242023
Segment adjusted operating income
Materials Group
$922.2 $924.7 $789.2 
Solutions Group286.3 289.3 252.0 
Total1,208.5 1,214.0 1,041.2 
Corporate expense(84.7)(91.9)(77.4)
Other expense (income), net and other items(77.5)(78.3)(180.9)
Interest expense(135.4)(117.0)(119.0)
Other non-operating expense (income), net14.2 26.7 30.8 
Income before taxes$925.1 $953.5 $694.7 
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)202520242023
Intersegment sales
Materials Group
$174.0 $162.8 $157.1 
Solutions Group55.1 52.3 35.5 
Intersegment sales$229.1 $215.1 $192.6 
Capital expenditures(1)(2)
Materials Group
$96.2 $96.3 $117.8 
Solutions Group75.1 120.8 148.7 
Capital expenditures$171.3 $217.1 $266.5 
Depreciation and amortization expense(1)
Materials Group
$137.4 $130.9 $127.8 
Solutions Group190.8 181.3 170.6 
Depreciation and amortization expense$328.2 $312.2 $298.4 
(1) Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their respective 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)202520242023
Other expense (income), net, by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals
$43.2 $35.4 $70.8 
Asset impairment and lease cancellation charges
4.0 6.5 8.6 
Other items:
(Gain) loss on venture and other investments, net23.3 19.2 1.5 
Losses from Argentine peso remeasurement and Blue Chip Swap transactions5.6 16.4 29.9 
Transaction and related costs5.1 .3 5.3 
Outcomes of legal matters and settlements, net(1)
9.2 (6.2)64.3 
(Gain) loss on sales of assets
(12.9)— .5 
Other expense (income), net$77.5 $71.6 $180.9 
(1) Amount for 2023 included an additional contingent liability of $56.3 million related to the Adasa litigation. 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)20252024
Long-lived assets
U.S.$615.6 $642.7 
Non-U.S.
1,207.9 1,171.5 
Long-lived assets
$1,823.5 $1,814.2 
Long-lived assets located in China (including Hong Kong) were approximately $273 million and $288 million in 2025 and 2024, respectively.
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2025
Supplemental Financial Information  
SUPPLEMENTAL FINANCIAL INFORMATION SUPPLEMENTAL FINANCIAL INFORMATION
Inventories
Inventories at year-end were as follows:
(In millions)20252024
Raw materials$387.6 $435.0 
Work-in-progress242.5 224.9 
Finished goods345.7 318.2 
Inventories$975.8 $978.1 
Property, Plant and Equipment, Net
Major classes of property, plant and equipment, stated at cost, at year-end were as follows:
(In millions)20252024
Land$37.4 $35.1 
Buildings and improvements903.5 852.3 
Machinery and equipment3,192.6 2,903.4 
Construction-in-progress138.4 202.7 
Property, plant and equipment4,271.9 3,993.5 
Accumulated depreciation(2,664.2)(2,406.8)
Property, plant and equipment, net$1,607.7 $1,586.7 
Software
Capitalized software costs at year-end were as follows:
(In millions)20252024
Cost$396.3 $360.0 
Accumulated amortization(278.7)(249.3)
Software, net$117.6 $110.7 
Software amortization expense was $28.5 million in 2025, $25.1 million in 2024 and $23.4 million in 2023.
Cloud Computing Arrangements
Capitalized implementation costs at year-end were as follows:
(In millions)20252024
Cost$134.4 $97.1 
Accumulated amortization(29.7)(17.9)
Capitalized implementation costs, net
$104.7 $79.2 
Capitalized implementation cost amortization expense was $11.7 million in 2025, $8.0 million in 2024 and $4.5 million in 2023.
Allowance for Credit Losses
Given the short-term nature of trade receivables, our allowance for credit losses is based on the financial condition of customers, the aging of receivable balances, our historical collections experience, and current and expected future macroeconomic and market conditions. Balances are written off in the period in which they are determined to be uncollectible.
The activity related to our allowance for credit losses was as follows:
(In millions)20252024
Balance at beginning of year$29.0 $34.4 
Provision for credit losses
3.2 4.6 
Amounts written off(5.9)(8.9)
Other, including foreign currency translation1.8 (1.1)
Balance at end of year$28.1 $29.0 
The provision for credit losses was $4.4 million in 2023.
Research and Development
Research and development expense, which was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income, was as follows:
(In millions)202520242023
Research and development expense$136.6 $137.8 $135.8 
Supplemental Cash Flow Information
Cash paid for interest was as follows:
(In millions)202520242023
Interest$131.3 $111.8 $109.9 
The accrued amount of excise taxes payable on 2025 share repurchases was $4.9 million as of December 31, 2025.
Foreign Currency Effects
Gains and losses resulting from foreign currency transactions are included in income in the period incurred. Transactions in foreign currencies (including receivables, payables and loans denominated in currencies other than the functional currency), including hedging impacts, were not material in 2025, 2024 or 2023.
Deferred Revenue
Deferred revenue primarily relates to constrained variable consideration on supply agreements for sales of products, as well as payments received in advance of performance under a contract. Deferred revenue is recognized as revenue as or when we perform under a contract.
The following table shows the amounts and balance sheet locations of deferred revenue as of December 31, 2025 and December 28, 2024:
(In millions)December 31, 2025December 28, 2024
Other current liabilities$16.2 $15.5 
Long-term retirement benefits and other liabilities1.6 1.2 
Total deferred revenue$17.8 $16.7 
Revenue recognized from amounts included in deferred revenue as of December 28, 2024 was $14.9 million in 2025. Revenue recognized from amounts included in deferred revenue as of December 30, 2023 was $17.5 million in 2024. Revenue recognized from amounts included in deferred revenue as of December 31, 2022 was $21.0 million in 2023. This revenue was included in “Net sales” in the Consolidated Statements of Income.
Supplier Finance Programs
We have agreements with third-party financial institutions to facilitate payments to suppliers. These third-party financial institutions offer voluntary supply chain finance programs that enable certain of our suppliers, at the supplier’s sole discretion, to sell our payment obligations to a financial institution on terms directly negotiated with the financial institution. Participating suppliers decide which payment obligations are sold to the financial institution and we have no economic interest in a supplier’s decision to sell these payment obligations. We make payments to the financial institution on the invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under these arrangements. Amounts due under our supply chain finance programs are included in accounts payable in our Consolidated Balance Sheets and activities related to these programs are presented as operating activities in our Consolidated Statements of Cash Flows. As of December 31, 2025 and December 28, 2024, the amounts due to financial institutions for suppliers that participate in these programs were $383.8 million and $384.6 million, respectively.
The activity related to our supplier finance programs was as follows:
(In millions)20252024
Balance at beginning of year$384.6 $397.4 
Invoices confirmed during the year
1,291.3 1,339.3 
Invoices paid during the year
(1,316.6)(1,328.9)
Other, including foreign currency translation24.5 (23.2)
Balance at end of year$383.8 $384.6 
Argentine Blue Chip Swap Transactions
In 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies or remit foreign currency out of Argentina. Due to these restrictions, markets in Argentina use a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars in and out of Argentina. During 2024, we entered into Blue Chip Swap transactions that resulted in losses of approximately $10 million that we recorded in "Other expense (income), net" in our Consolidated Statements of Income. Purchases and the proceeds from sales of Argentine Blue Chip Swap securities were included in investing activities in our Consolidated Statements of Cash Flows.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Mitchell R. Butier [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 24, 2025, Mitchell R. Butier, our Chairman, adopted a Rule 10b5-1 trading plan providing for the potential sale of up to 113,000 shares of our common stock beginning on March 5, 2026 and ending on March 31, 2026, unless terminated sooner in accordance with the terms of the plan and our insider trading policy. As of February 25, 2026, Mr. Butier directly held 303,331 shares of our common stock, excluding shares held in the Avery Dennison Corporation Employee Savings Plan. Mr. Butier's trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and our insider trading policy.
Name Mitchell R. Butier
Title Chairman
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 24, 2025
Expiration Date March 31, 2026
Arrangement Duration 26 days
Aggregate Available 113,000
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Our cybersecurity risk management program, which is designed to protect the confidentiality, integrity and availability of our critical systems and information, includes a comprehensive security incident response plan. It complements our enterprise risk management program overseen by our Board, using similar methodologies and governance processes to identify risks and mitigating strategies.
We design and assess our program based on the ISO 27000 and the National Institute of Standards and Technology ("NIST") SP-800 and Cybersecurity Framework. We use these frameworks to help us identify, assess and manage cybersecurity risks relevant to our business and do not intend to suggest that we meet any particular technical standards, specifications or requirements.
Our cybersecurity risk management program includes risk assessments designed to help identify potentially material cybersecurity risks to our critical systems, information security, products and services, as well as our broader enterprise information technology environment; an information technology security team principally responsible for managing our cybersecurity risk assessment processes, security controls and response to any cybersecurity events; the use of third party experts and service providers, where appropriate, to assess, test and otherwise assist with protecting our security environment; cybersecurity awareness training for our employees and further training for our incident response personnel and senior management; a security incident response plan that includes procedures for assessing and coordinating our response to cybersecurity events; and a third-party risk management program designed to identify and mitigate risks associated with our supply chain and vendor ecosystem, which includes initial security posture assessments, contractual security requirements and ongoing monitoring of critical third parties to address potential cybersecurity threats.
We have not experienced cybersecurity events that have materially affected our operations, results of operations or financial condition. However, we face ongoing risks from cybersecurity threats in an ever-evolving threat landscape that, if realized, could be reasonably likely to materially affect our business.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We design and assess our program based on the ISO 27000 and the National Institute of Standards and Technology ("NIST") SP-800 and Cybersecurity Framework. We use these frameworks to help us identify, assess and manage cybersecurity risks relevant to our business and do not intend to suggest that we meet any particular technical standards, specifications or requirements.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk as part of its overall risk oversight. In 2025, its Audit Committee was primarily responsible for overseeing our strategies, policies and risk management practices related to cybersecurity and information security, engaging with management, including our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”), a member of our Company Leadership Team and a direct report of our Chief Executive Officer (“CEO”). During 2025, our CIO and CISO provided semiannual updates on our cybersecurity preparedness to the Audit Committee. These updates covered the overall status of our cybersecurity program, results of risk assessments, the evolving threat landscape, performance against key performance indicators and the progress with strategic information security initiatives. The Audit Committee Chair reported on these matters to our full Board. In addition, management updated the Cybersecurity Advisory Council, composed of members of our Board and management, to obtain additional insights into our cybersecurity risk management, and, if and as needed, to the Audit Committee regarding any significant cybersecurity events, as well as events that may have had lesser potential impact. Effective January 2026, our Board formed a standalone Cybersecurity Committee to be primarily responsible for overseeing our strategies, policies and risk management practices related to cybersecurity and information security and the Cybersecurity Advisory Council ceased operating.
Our cybersecurity leadership team ("CSLT") — which includes leaders accountable for security operations, incident response, risk and compliance, data security, application security, digital solutions security, vulnerability management and operational technology security — is responsible for assessing and managing our risks from cybersecurity threats. The CSLT, which is led by our CIO and CISO, is primarily responsible for our overall cybersecurity risk management program and supervises both our internal cybersecurity and information security personnel and the external consultants advising our company on these matters. Our information security management and personnel maintain a variety of technical and managerial security certifications and have broad security experience in manufacturing, finance, software and information technology environments.
The CSLT manages our efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through a variety of means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants; and reports from cybersecurity systems deployed in our information technology environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board considers cybersecurity risk as part of its overall risk oversight. In 2025, its Audit Committee was primarily responsible for overseeing our strategies, policies and risk management practices related to cybersecurity and information security, engaging with management, including our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”), a member of our Company Leadership Team and a direct report of our Chief Executive Officer (“CEO”).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] During 2025, our CIO and CISO provided semiannual updates on our cybersecurity preparedness to the Audit Committee. These updates covered the overall status of our cybersecurity program, results of risk assessments, the evolving threat landscape, performance against key performance indicators and the progress with strategic information security initiatives. The Audit Committee Chair reported on these matters to our full Board. In addition, management updated the Cybersecurity Advisory Council, composed of members of our Board and management, to obtain additional insights into our cybersecurity risk management, and, if and as needed, to the Audit Committee regarding any significant cybersecurity events, as well as events that may have had lesser potential impact.
Cybersecurity Risk Role of Management [Text Block] Our cybersecurity leadership team ("CSLT") — which includes leaders accountable for security operations, incident response, risk and compliance, data security, application security, digital solutions security, vulnerability management and operational technology security — is responsible for assessing and managing our risks from cybersecurity threats. The CSLT, which is led by our CIO and CISO, is primarily responsible for our overall cybersecurity risk management program and supervises both our internal cybersecurity and information security personnel and the external consultants advising our company on these matters.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Board considers cybersecurity risk as part of its overall risk oversight. In 2025, its Audit Committee was primarily responsible for overseeing our strategies, policies and risk management practices related to cybersecurity and information security, engaging with management, including our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”), a member of our Company Leadership Team and a direct report of our Chief Executive Officer (“CEO”). During 2025, our CIO and CISO provided semiannual updates on our cybersecurity preparedness to the Audit Committee. These updates covered the overall status of our cybersecurity program, results of risk assessments, the evolving threat landscape, performance against key performance indicators and the progress with strategic information security initiatives. The Audit Committee Chair reported on these matters to our full Board. In addition, management updated the Cybersecurity Advisory Council, composed of members of our Board and management, to obtain additional insights into our cybersecurity risk management, and, if and as needed, to the Audit Committee regarding any significant cybersecurity events, as well as events that may have had lesser potential impact. Effective January 2026, our Board formed a standalone Cybersecurity Committee to be primarily responsible for overseeing our strategies, policies and risk management practices related to cybersecurity and information security and the Cybersecurity Advisory Council ceased operating.
Our cybersecurity leadership team ("CSLT") — which includes leaders accountable for security operations, incident response, risk and compliance, data security, application security, digital solutions security, vulnerability management and operational technology security — is responsible for assessing and managing our risks from cybersecurity threats. The CSLT, which is led by our CIO and CISO, is primarily responsible for our overall cybersecurity risk management program and supervises both our internal cybersecurity and information security personnel and the external consultants advising our company on these matters. Our information security management and personnel maintain a variety of technical and managerial security certifications and have broad security experience in manufacturing, finance, software and information technology environments.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] information security management and personnel maintain a variety of technical and managerial security certifications and have broad security experience in manufacturing, finance, software and information technology environments.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our Board considers cybersecurity risk as part of its overall risk oversight. In 2025, its Audit Committee was primarily responsible for overseeing our strategies, policies and risk management practices related to cybersecurity and information security, engaging with management, including our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”), a member of our Company Leadership Team and a direct report of our Chief Executive Officer (“CEO”).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Nature of Operations
Nature of Operations
We are a global leader in materials science and digital identification solutions. We are Making PossibleTM products and solutions that help advance the industries we serve, providing branding and information solutions that optimize labor and supply chain efficiency, reduce waste and mitigate loss, advance sustainability, circularity and transparency, and better connect brands and consumers. We design and develop labeling and functional materials, radio-frequency identification ("RFID") inlays and tags, software applications that connect the physical and digital, and offerings that enhance branded packaging and carry or display information that improves the customer experience. We serve an array of industries worldwide, including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive.
Principles of Consolidation
Principles of Consolidation
Our Consolidated Financial Statements include the accounts of majority-owned and controlled subsidiaries. Intercompany accounts, transactions and profits are eliminated in consolidation.
Fiscal Year
Fiscal Year
In January 2025, the Audit Committee of our Board of Directors approved a change to our previous 52- or 53-week fiscal year generally ending on the Saturday closest to December 31 to a fiscal year coincident with the calendar year. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025, which resulted in four extra days compared to prior years; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31.
Our 2024 and 2023 fiscal years consisted of 52-week periods ending December 28, 2024 and December 30, 2023, respectively.
Accounting Guidance Updates and Recent Accounting Requirements
Accounting Guidance Updates
Crypto Assets
In the first quarter of 2025, we adopted guidance related to the accounting for and disclosure of crypto assets that requires crypto assets to be measured at fair value, which resulted in an adjustment to reflect the difference between the carrying value of our crypto assets and their fair value as of the beginning of 2025. The impact of our adoption of this guidance was not material to our financial statements or disclosures.
Income Taxes
In the fourth quarter of 2025, we prospectively adopted guidance that requires additional disclosures in the income tax rate reconciliation and income taxes paid. See Note 14, “Taxes Based on Income,” for more information.
Recent Accounting Requirements
In September 2025, the Financial Accounting Standards Board (“FASB”) issued guidance changing the capitalization criteria for internal-use software, eliminating references to project stages and requiring that projects meet completion probability before costs can be capitalized. This guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the impact of adopting this guidance on our consolidated financial statements.
In November 2024, the FASB issued guidance expanding the disclosure requirements for certain expenses in notes to consolidated financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently assessing the impact of adopting this guidance on our consolidated financial statement disclosures.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions for the reporting period and as of the date of our financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenue and expense. As the effects of future events cannot be determined, actual results could differ significantly from these estimates.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents generally consist of cash on hand, deposits in banks, cash-in-transit, and bank drafts and short-term investments with maturities of three months or less when purchased or received. The carrying value of these assets approximates fair value due to the short maturity of these instruments.
Inventories
Inventories
We state inventories at the lower of cost or net realizable value and categorize them as raw materials, work-in-progress or finished goods. Cost is determined using the first-in, first-out method. We record inventory that is damaged, obsolete, excess and slow-moving to cost of products sold and establish a lower cost basis for that inventory. Slow-moving inventory is reviewed by category and may be recognized partially or fully to cost of products sold depending on the type of product, level of usage and length of time the product has been included in inventory.
Trade Accounts Receivable
Trade Accounts Receivable
We record trade accounts receivable at the invoiced amount. Our allowances for credit losses reflect customer trade accounts receivable that are estimated to be partially or entirely uncollectible. These allowances are used to reduce gross trade receivables to their net realizable values. We record these allowances based on estimates related to the financial condition of customers; the aging of receivable balances; our historical collection experience; and current and expected future macroeconomic and market conditions.
Property, Plant and Equipment
Property, Plant and Equipment
We generally compute depreciation using the straight-line method over the estimated useful lives of the respective assets, ranging from ten to 45 years for buildings and improvements and three to 15 years for machinery and equipment. Leasehold improvements are depreciated over the shorter of the asset's useful life and the associated lease term. We expense maintenance and repair costs as incurred; we capitalize renewals and improvements. Upon the sale or retirement of assets, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting gain or loss included in net income.
Leases
Leases
Our leases primarily relate to office and warehouse space, machinery, transportation, and equipment for information technology. We determine if an arrangement is a lease or contains a lease at inception. For lease accounting purposes, we do not separate lease and nonlease components, nor do we record operating or finance lease assets and liabilities for short-term leases. We have options to renew or terminate some of our leases. We evaluate renewal and termination options at the lease commencement date and over the lease term to determine if we are reasonably certain to exercise these options. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. We recognize expense for operating leases on a straight-line basis over the lease term, with variable lease payments recognized in the periods in which they are incurred.
Software
Software
We capitalize software costs incurred during the application development stage of software development, including costs incurred for design, coding, installation to hardware, testing, and upgrades and enhancements that provide the software or hardware with additional functionalities and capabilities. We expense software costs, including internal and external training costs and maintenance costs, incurred during the preliminary project stage and the post-implementation and/or operation stage. Capitalized software, which is included in “Other assets” in the Consolidated Balance Sheets, is amortized on a straight-line basis over the estimated useful life of the software, which is generally between five and ten years.
Cloud Computing Arrangements
Cloud Computing Arrangements
We capitalize certain costs incurred during the application development stage of implementation under a hosting arrangement that is a service contract. We expense costs incurred during the preliminary project stage and the post-implementation and/or operation stage. Capitalized implementation costs, which are included in “Other assets” in the Consolidated Balance Sheets, are amortized on a straight-line basis over the term of the hosting arrangement plus optional renewal periods, which is generally between five and ten years.
Venture Investments
Venture Investments
We primarily invest in privately held companies and utilize the measurement alternative for venture investments that do not have readily determinable fair values, measuring them at cost less impairment plus or minus observable price changes in an orderly transaction. Venture investments that are publicly traded companies are recorded at fair value using Level 1 inputs. The carrying value of our venture investments is included in “Other assets” in the Consolidated Balance Sheets.
Impairment of Long-lived Assets
Impairment of Long-lived Assets
We record impairment charges when the carrying amounts of long-lived assets are determined not to be recoverable. We measure recoverability by comparing the undiscounted cash flows expected from the applicable asset or asset group’s use and eventual disposition to its carrying value. We calculate the amount of impairment loss as the excess of the carrying value over the fair value. Historically, changes in market conditions and management strategy have caused us to reassess the carrying amount of our long-lived assets.
Goodwill and Other Intangibles Resulting from Business Acquisitions
Goodwill and Other Intangibles Resulting from Business Acquisitions
We account for business combinations using the acquisition method, with the excess of the acquisition cost over the fair value of acquired net tangible assets and identified intangible assets considered goodwill. As a result, we disclose goodwill separately from other intangible assets. Other identifiable intangibles include customer relationships, patented and other developed technology, and trade names and trademarks.
We perform an annual impairment test of goodwill during the fourth quarter and, as necessary, if changes in facts and circumstances that indicate the fair value of a reporting unit may be less than its carrying value. Factors that may cause us to perform an impairment test outside of our annual assessment include significant underperformance of a business relative to expected operating results, significant adverse economic or industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, or our decision to divest a portion of a reporting unit. In performing impairment tests, we have the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for goodwill impairment. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. A quantitative assessment primarily uses the present value (discounted cash flow) method to determine the fair value of reporting units with goodwill.
We compare the fair value of each reporting unit to its carrying amount, and, to the extent the carrying amount exceeds the unit’s fair value, we recognize an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit.
In consultation with outside specialists, we estimate the fair value of our reporting units using various valuation techniques, with the primary technique being a discounted cash flow analysis. A discounted cash flow analysis requires us to make various assumptions, including a reporting unit's forecasted sales, profit margins and growth rates, as well as discount rates. Our assumptions about discount rates are based on the weighted average cost of capital of comparable companies. Our assumptions about sales, profit margins and growth rates are based on our forecasts, business plans, economic projections, anticipated future cash flows, and marketplace data. We also make assumptions for varying perpetual growth rates for periods beyond our long-term business plan period. We base our fair value estimates on projected financial information and assumptions that we believe are reasonable. However, actual future results may differ materially from these estimates and projections. The valuation methodology we use to estimate the fair value of reporting units requires inputs and assumptions that reflect current market conditions, as well as the impact of planned business and operational strategies that require management judgment. The estimated fair value could increase or decrease depending on changes in the inputs and assumptions.
We test indefinite-lived intangible assets, consisting of trade names and trademarks, for impairment in the fourth quarter or whenever events or circumstances indicate that it is more-likely-than-not that their carrying amounts exceed their fair values. In performing the impairment tests, we have the option first to assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for indefinite-lived intangible asset impairment. If we decide not to perform a qualitative assessment, or if the qualitative assessment indicates that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we perform a quantitative assessment. Fair value is estimated as the discounted value of future revenues using a royalty rate that a third party would pay to use the asset. Variation in the royalty rates could impact our estimate of fair value. If the carrying amount of an asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.
We amortize finite-lived intangible assets, consisting of customer relationships, patented and other developed technology, trade names and trademarks, and other intangibles, on a straight-line basis over their estimated useful lives.
Foreign Currency
Foreign Currency
We translate asset and liability accounts of international operations into U.S. dollars at current rates. Revenues and expenses are translated at the weighted average currency rate for the fiscal year. We record gains and losses resulting from hedging the value of investments in certain international operations and from the translation of balance sheet accounts directly as a component of other comprehensive income.
We account for our operations in Argentina as highly inflationary because the country’s three-year cumulative inflation rate exceeds 100%. As a result, the functional currency of our Argentine subsidiary is the U.S. dollar.
Financial Instruments
Financial Instruments
We enter into foreign currency exchange derivative instruments to reduce our risk from exchange rate fluctuations associated with receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. From time to time, we enter into interest rate contracts to help manage our exposure to certain interest rate fluctuations. We also enter into futures contracts to hedge certain price fluctuations for a portion of our anticipated domestic purchases of natural gas. The maximum length of time for which we hedge our exposure to the variability in future cash flows is 36 months for forecasted foreign currency exchange and commodity transactions and ten years for cross-currency swap transactions.
On the date we enter into a derivative instrument, we determine whether the it will be designated as a hedge. Other derivative instruments not designated as hedges are recorded at fair value, with changes in fair value recognized in earnings. Our policy is not to purchase or hold any foreign currency, interest rate or commodity contracts for trading purposes.
All derivative instruments are accounted for at fair value and recognized as assets or liabilities in the Consolidated Balance Sheets. Accounting for the gain or loss resulting from changes in the fair value of a derivative instrument depends on whether it has been designated as part of a hedging relationship and is highly effective, as well as the nature of the hedging activity. We formally document all relationships between derivative instruments accounted for as designated hedges, the hedged item, the method for assessing effectiveness and the treatment of excluded components. These financial instruments can be designated as:
•Fair value hedges - Hedges of the change in the fair value of a recognized asset or liability. The gain or loss from the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in income during the period of the change in fair value. Hedge effectiveness is based on the spot method and expected to be perfectly effective. Excluded components are not included in the effectiveness assessment, recognized in a systematic and rational method over the term of the contracts and recorded to the same income statement line as the item being hedged.
•Cash flow hedges - Hedges to reduce the variability of future expected cash flows. For derivative instruments that are designated and qualify as cash flow hedges, the entire gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive loss” and reclassified into earnings in the same period(s) during which the hedged transaction impacts earnings. Gains and losses on these derivative instruments, representing hedge components excluded from the assessment of effectiveness, are recognized in current earnings.
•Net investment hedges - Hedges of the currency exposure related to a net investment in a foreign operation. The gain or loss from the derivative instrument is recognized as foreign currency translation in "Accumulated other comprehensive loss" until the hedged net investment is either sold or substantially liquidated. Hedge effectiveness is based on the spot method, with no ineffectiveness expected over the duration of the hedging relationship. Excluded components are not included in the effectiveness assessment, recorded in a systematic and rational basis over the term of the contracts and recorded to “Marketing, general and administrative expense” in the Consolidated Statements of Income.
We assess, both at the inception of any hedge and on an ongoing basis, whether our hedges are highly effective. If we determine that a hedge is not highly effective, we prospectively discontinue hedge accounting. For cash flow hedges, we record gains and losses as components of other comprehensive income and reclassify them into earnings in the same period during which the hedged transaction affects earnings. In the event that the anticipated transaction is no longer highly probable to occur, we recognize the change in fair value of the hedging instrument in current period earnings. We recognize changes in fair value hedges in current period earnings. We also recognize changes in the fair value of underlying hedged items (such as recognized assets or liabilities) in current period earnings and offset the changes in the fair value of the derivative instrument.
In the Consolidated Statements of Cash Flows, hedges are classified in the same category as the hedged item.
Fair Value Measurements
Fair Value Measurements
We define fair value as the price that would be received from selling an asset or paid for transferring a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability.
We determine fair value based on a three-tier fair value hierarchy, which we use to prioritize the inputs used in measuring fair value. These tiers consist of Level 1, which are observable inputs such as quoted prices in active markets; Level 2, which are inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which are unobservable inputs for which little or no market data exists, requiring us to develop our own assumptions to determine the best estimate of fair value.
Revenue Recognition
Revenue Recognition
Substantially all of our revenue is derived from the sale of products. Our Materials Group reportable segment sells pressure-sensitive label materials (including label materials with RFID inlays), films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions. Our Solutions Group reportable segment sells a wide variety of branding and information solutions-oriented products, such as tickets, tags, labels (including RFID inlays), as well as related equipment, services and supplies. We recognize revenue in an amount that reflects the consideration which we expect from the sale of our products when we satisfy a performance obligation by transferring control of our products to a customer. We consider a number of factors in determining when we have transferred control to a customer, including the following: (i) our present right to payment; (ii) the customer’s legal title to the asset; (iii) physical possession of the asset; (iv) the customer’s significant risks and rewards of ownership of the asset; and (v) the customer’s acceptance of the asset. Generally, there are no substantive differences in revenue recognition considerations among our various products. Control generally transfers to a customer upon shipment or delivery, depending on the specific terms of sale with the customer.
Our payment terms with customers are generally consistent with those used in the industries and regions in which we operate.
We accept sales returns in certain limited circumstances. We record a liability for estimated returns and a corresponding reduction to sales in the amount we expect to repay or credit customers, which we base on historical returns and outstanding customer claims. We update our estimates each reporting period.
Sales rebates, discounts and other customer concessions represent variable consideration and are common in the industries and regions in which we operate, which we account for as a reduction to sales based on estimates at the time at which products are sold. We base these estimates on our historical experience, as well as current information such as sales forecasts. We regularly review our estimates and adjust the revenue recognized from sales as necessary as additional information becomes available.
We exclude sales, value-added and other taxes we collect from customers from sales. We account for shipping and handling activities after control of a product is transferred to a customer as fulfillment costs and not as separate performance obligations. As a practical expedient, we have elected not to disclose the value of unsatisfied performance obligations for contracts with an expected length of less than one year. We expense sales commissions when incurred because their expected amortization period is one year or less. We record these costs in “Marketing, general and administrative expense” in the Consolidated Statements of Income.
Research and Development
Research and Development
Research and development costs are related to research, design and testing of new products and applications, which we expense as incurred.
Long-Term Incentive Compensation
Long-Term Incentive Compensation
No long-term incentive compensation expense was capitalized in 2025, 2024 or 2023.
Valuation of Stock-Based Awards
We base our stock-based compensation expense on the fair value of awards, adjusted for estimated forfeitures, amortized on a straight-line basis over the requisite service period for stock options and restricted stock units (“RSUs”). We base compensation expense for performance units (“PUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a straight-line basis as these awards cliff-vest at the end of the requisite service period. We base compensation expense related to market-leveraged stock units (“MSUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a graded-vesting basis over their respective performance periods.
Compensation expense for awards with a market condition as a performance objective, which includes MSUs and a component of PUs, is not adjusted if the condition is not met, as long as the requisite service period is met.
We estimate the fair value of stock options as of the grant date using the Black-Scholes option-pricing model. This model requires input assumptions for our expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term.
We determine the fair value of RSUs and the component of PUs that is subject to the achievement of a performance objective using a financial performance condition based on the fair market value of our common stock as of the grant date, adjusted for foregone dividends. Over the performance period of the PUs, the estimated number of shares of our common stock issuable upon vesting is adjusted upward or downward from the target shares based on the probability of the performance objectives established for the award being achieved.
We determine the fair value of stock-based awards that are subject to the achievement of performance objectives based on a market condition, which includes MSUs and the other component of PUs, using the Monte-Carlo simulation method, which utilizes multiple input variables, including expected stock price volatility and other assumptions appropriate for determining fair value, to estimate the probability of satisfying the performance objectives established for the award.
Certain of these assumptions are based on management’s estimates, in consultation with outside specialists. Significant changes in assumptions for future awards and actual forfeiture rates could materially impact stock-based compensation expense and our results of operations.
Valuation of Cash-Based Awards
Cash-based awards consist of long-term incentive units (“LTI Units”). We classify LTI Units as liability awards and remeasure them at each quarter-end over the applicable vesting or performance period. In addition to LTI Units with terms and conditions that mirror those of RSUs, we also grant certain employees LTI Units with terms and conditions that mirror those of PUs and MSUs.
Forfeitures
We estimate expected forfeitures in determining the compensation cost to be recognized each period, rather than accounting for forfeitures as they occur. We record changes in estimated forfeiture rates as cumulative adjustments in the period estimates are revised.
Taxes Based on Income
Taxes Based on Income
Because we are subject to income tax in the U.S. and multiple foreign jurisdictions, judgment is required in evaluating and estimating our worldwide provision for income taxes, accruals for taxes, deferred taxes and tax positions. Our provision for income taxes is determined using the asset and liability approach in accordance with GAAP. Under this approach, deferred taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets when uncertainty regarding their realizability exists. We recognize and measure our uncertain tax positions following the more-likely-than-not threshold for recognition and measurement for tax positions we take or expect to take on a tax return.
Reclassifications
Reclassifications
Certain prior-period amounts have been reclassified to conform to the current-year presentation
Supplier Finance Programs
Supplier Finance Programs
We have agreements with third-party financial institutions to facilitate payments to suppliers. These third-party financial institutions offer voluntary supply chain finance programs that enable certain of our suppliers, at the supplier’s sole discretion, to sell our payment obligations to a financial institution on terms directly negotiated with the financial institution. Participating suppliers decide which payment obligations are sold to the financial institution and we have no economic interest in a supplier’s decision to sell these payment obligations. We make payments to the financial institution on the invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under these arrangements. Amounts due under our supply chain finance programs are included in accounts payable in our Consolidated Balance Sheets and activities related to these programs are presented as operating activities in our Consolidated Statements of Cash Flows.
v3.25.4
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Net Carrying Amount of Goodwill
Changes in the net carrying amount of goodwill for 2025 and 2024 by reportable segment are shown below.
(In millions)Materials GroupSolutions GroupTotal
Goodwill as of December 30, 2023
$630.7 $1,382.9 $2,013.6 
Acquisition adjustments(1)
— (2.7)(2.7)
Translation adjustments(24.6)(10.1)(34.7)
Goodwill as of December 28, 2024
606.1 1,370.1 1,976.2 
Acquisition(2)
237.6 — 237.6 
Translation adjustments42.3 16.4 58.7 
Goodwill as of December 31, 2025
$886.0 $1,386.5 $2,272.5 
(1) Measurement period adjustments related to the finalization of the purchase price allocation for our 2023 Acquisitions.
(2) Goodwill acquired related to our 2025 acquisition of Taylor Adhesives. We expect nearly all of the recognized goodwill related to this acquisition not to be deductible for income tax purposes.
Schedule of the Amounts and Weighted Average Useful Lives of Finite-Lived Intangible Assets
The table below summarizes the amounts and useful lives of the intangible assets associated with our acquisition of Taylor Adhesives as of the acquisition date.
Amount
(in millions)
Amortization
period
(in years)
Customer relationships$112.5 9
Developed technology
27.1 8
Schedule of Finite-Lived Intangible Assets Resulting from Business Acquisitions
The table below sets forth our finite-lived intangible assets resulting from business acquisitions at December 31, 2025 and December 28, 2024, which continue to be amortized.
20252024
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$1,040.8 $509.5 $531.3 $916.0 $438.5 $477.5 
Patented and other developed technology305.0 187.2 117.8 275.2 156.8 118.4 
Trade names and trademarks17.5 14.0 3.5 17.1 12.8 4.3 
Other intangibles3.3 3.2 .1 3.2 2.6 .6 
Total$1,366.6 $713.9 $652.7 $1,211.5 $610.7 $600.8 
Schedule of Estimated Amortization Expense for Finite Lived Intangible Assets Resulting From Business Acquisitions
We expect estimated amortization expense for finite-lived intangible assets resulting from business acquisitions for each of the next five fiscal years and thereafter to be as follows:
(In millions)Estimated
Amortization
Expense
2026$102.0 
2027101.7 
202893.6 
202978.4 
203076.5 
2031 and thereafter200.5 
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt, Including its Respective Interest Rates, at Year-End
Our long-term debt, and related interest rates, at year-end 2025 and 2024 is shown below.
(In millions)20252024
Long-term debt
Medium-term notes:
Series 1995 due 2025
$— $30.0 
Long-term notes:
Senior notes due 2025 at 1.250%(1)
— 521.1 
Senior notes due 2028 at 4.875%
498.0 497.4 
Senior notes due 2030 at 2.650%
497.4 496.7 
Senior notes due 2032 at 2.250%
496.3 495.7 
Senior notes due 2033 at 6.000%
149.4 149.3 
Senior notes due 2033 at 5.750%
396.3 395.8 
Senior notes due 2034 at 3.750%(1)
582.0 515.9 
Senior notes due 2035 at 4.000%(1)
579.6 — 
Less amount classified as current— (551.1)
Total long-term debt(2)
$3,199.0 $2,550.8 
(1) These senior notes are euro-denominated, each with a face value of €500 million.
(2) Included unamortized debt issuance costs and debt discounts of $14.6 million and $10.2 million, respectively, as of year-end 2025 and $12.6 million and $7.9 million, respectively, as of year-end 2024.
Schedule of Maturities of Long Term Debt for each of the Next Five Fiscal Years and Thereafter
We expect maturities of our long-term debt for each of the next five fiscal years and thereafter to be as follows:
Year(In millions)
2026$— 
2027— 
2028500.0 
2029— 
2030500.0 
2031 and thereafter2,223.8 
v3.25.4
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Balance Sheet Locations of Other Derivatives, Fair Value
The following table shows the fair value and balance sheet locations of our derivative instruments as of December 31, 2025 and December 28, 2024:
(In millions)Notional Amount
Other Current Assets
Other Non-Current Assets
Other Current Liabilities
Other Non-Current Liabilities
Type of Hedge
December 31, 2025
Derivatives designated as hedges:
Foreign currency forward contracts
$1,173.8 $— $— $— $4.5 Fair value
Cross-currency swap contracts
250.0 — — — 9.9 Cash flow
Commodity contracts1.7 — — .3 — Cash flow
Foreign currency forward contracts with collars
1,173.8 — 2.6 — — Net investment
Total$— $2.6 $.3 $14.4 
Derivatives not designated as hedges:
Foreign currency exchange contracts$1,467.5 $4.2 $— $3.4 $— 
December 28, 2024
Derivatives designated as hedges:
Foreign currency forward contracts
$958.9 $.2 $— $36.7 $— Fair value
Cross-currency swap contracts250.0 — 10.9 — — Cash flow
Commodity contracts2.9 .4 — .4 — Cash flow
Foreign currency forward contracts with collars
958.9 17.8 — .2 — Net investment
Total$18.4 $10.9 $37.3 $— 
Derivatives not designated as hedges:
Foreign currency exchange contracts
$1,741.8 $11.9 $— $4.2 $— 
Schedule of Offsetting Liabilities
The following table shows the fair value and balance sheet locations of our derivative instruments as of December 31, 2025 and December 28, 2024:
(In millions)Notional Amount
Other Current Assets
Other Non-Current Assets
Other Current Liabilities
Other Non-Current Liabilities
Type of Hedge
December 31, 2025
Derivatives designated as hedges:
Foreign currency forward contracts
$1,173.8 $— $— $— $4.5 Fair value
Cross-currency swap contracts
250.0 — — — 9.9 Cash flow
Commodity contracts1.7 — — .3 — Cash flow
Foreign currency forward contracts with collars
1,173.8 — 2.6 — — Net investment
Total$— $2.6 $.3 $14.4 
Derivatives not designated as hedges:
Foreign currency exchange contracts$1,467.5 $4.2 $— $3.4 $— 
December 28, 2024
Derivatives designated as hedges:
Foreign currency forward contracts
$958.9 $.2 $— $36.7 $— Fair value
Cross-currency swap contracts250.0 — 10.9 — — Cash flow
Commodity contracts2.9 .4 — .4 — Cash flow
Foreign currency forward contracts with collars
958.9 17.8 — .2 — Net investment
Total$18.4 $10.9 $37.3 $— 
Derivatives not designated as hedges:
Foreign currency exchange contracts
$1,741.8 $11.9 $— $4.2 $— 
Schedule of Components of the Net Gains (Losses) Recognized in Income Related to Derivative Instruments
The following tables show the components of the net gains (losses) recognized in income related to derivative instruments designated as fair value hedges:
(In millions)202520242023
Gain (loss) on derivatives designated as fair value hedges:
Foreign currency forward contracts - Marketing, general and administrative expense
$70.2 $(36.4)$— 
Schedule of Components of the Net Gains (Losses) Recognized in Income Related to Derivative Instruments
The following table shows the components of the net gains (losses) recognized in income related to the derivative instruments not designated as hedges:
(In millions)
Statements of Income Location
202520242023
Foreign currency exchange contracts
Cost of products sold$(.9)$3.2 $3.4 
Foreign currency exchange contracts
Marketing, general and administrative expense1.9 (15.2)5.5 
$1.0 $(12.0)$8.9 
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule Plan Assets at Fair Value
The following table sets forth, by level within the fair value hierarchy (as applicable), non-U.S. plan assets at fair value:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
2025
Cash$1.6 $1.6 $— $— 
Insurance contracts52.6 — — 52.6 
Pooled funds – real estate investment trusts4.2 — — 4.2 
Pooled funds – fixed income securities(1)
412.4 
Pooled funds – equity securities(1)
198.6 
Pooled funds – other investments(1)
63.1 
Total non-U.S. plan assets at fair value
$732.5 
2024 
Cash$2.1 $2.1 $— $— 
Insurance contracts39.0 — — 39.0 
Pooled funds – real estate investment trusts5.3 — — 5.3 
Pooled funds – fixed income securities(1)
381.0 
Pooled funds – equity securities(1)
174.2 
Pooled funds – other investments(1)
57.9 
Total non-U.S. plan assets at fair value
$659.5 
(1) Pooled funds that are measured at fair value using the NAV per unit (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table reconcile to total non-U.S. plan assets.
Schedule of Reconciliation of Level 3 Assets
The following table presents a reconciliation of Level 3 non-U.S. plan asset activity during 2025 and 2024:
Level 3 Assets
(In millions)Insurance ContractsPooled Funds –
Real Estate
Investment Trusts		Total
Balance at December 30, 2023
$42.6 $6.4 $49.0 
Net realized and unrealized gain (loss)1.1 (1.0).1 
Purchases3.7 — 3.7 
Settlements(5.8)— (5.8)
Impact of changes in foreign currency exchange rates(2.6)(.1)(2.7)
Balance at December 28, 2024
39.0 5.3 44.3 
Net realized and unrealized gain (loss)1.2 (1.5)(.3)
Purchases5.5 — 5.5 
Settlements(2.6)— (2.6)
Transfer
4.4 — 4.4 
Impact of changes in foreign currency exchange rates5.1 .4 5.5 
Balance at December 31, 2025
$52.6 $4.2 $56.8 
Schedule of Reconciliation of Projected Benefit Obligations
The following table provides a reconciliation of benefit obligations, plan assets, funded status of the plans and accumulated other comprehensive loss for our non-U.S. defined benefit plans:
Plan Benefit Obligations
Pension Benefits
(In millions)20252024
Change in projected benefit obligations
Projected benefit obligations at beginning of year$664.4 $679.9 
Service cost14.7 13.8 
Interest cost26.2 24.1 
Participant contributions
5.1 4.7 
Amendments1.4 5.1 
Actuarial (gain) loss(82.2)2.8 
Transfer
4.1 — 
Benefits paid(27.2)(24.5)
Settlements— (6.0)
Foreign currency translation73.7 (35.5)
Projected benefit obligations at end of year$680.2 $664.4 
Accumulated benefit obligations at end of year$629.4 $608.0 
Schedule of Reconciliation of Plan Assets
Pension Benefits
(In millions)20252024
Change in plan assets
Plan assets at beginning of year$659.5 $663.2 
Actual return on plan assets(4.8)41.6 
Transfer
4.4 — 
Employer contributions19.2 15.5 
Participant contributions5.1 4.7 
Benefits paid(27.2)(24.5)
Settlements— (6.0)
Foreign currency translation76.3 (35.0)
Plan assets at end of year$732.5 $659.5 
Schedule of Funded Status of Plans
Pension Benefits
(In millions)20252024
Funded status of the plans
Other assets$138.7 $84.7 
Other accrued liabilities(4.4)(3.2)
Long-term retirement benefits and other liabilities(82.0)(86.4)
Plan assets more (less) than benefit obligations$52.3 $(4.9)
Schedule of Weighted-Average Assumptions Used to Determine Year-End Benefit Obligations
Pension Benefits
20252024
Weighted average assumptions used to determine year-end benefit obligations
Discount rate4.57 %3.95 %
Compensation rate increase2.68 2.80 
Schedule of Pre-Tax Amounts, Recognized in Accumulated Other Comprehensive Loss
The pre-tax amounts related to our non-U.S. defined benefit plans recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets are detailed below:
Pension Benefits
(In millions)20252024
Net actuarial loss$31.2 $69.4 
Prior service cost3.7 2.3 
Net amount recognized in accumulated other comprehensive loss$34.9 $71.7 
Schedule of Pre-Tax Amounts, Recognized in Other comprehensive loss (income)
The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:
Pension Benefits
(In millions)202520242023
Net actuarial (gain) loss$(36.8)$(3.4)$32.6 
Prior service credit1.4 5.1 (.1)
Amortization of unrecognized:
Net actuarial (gain) loss
(1.5)(.4)2.1 
Prior service cost
.1 .5 .4 
Settlements— .1 .1 
Net amount recognized in other comprehensive loss (income)$(36.8)$1.9 $35.1 
Schedule of Components of Net Periodic Benefit Cost (credit)
The following table shows the components of net periodic benefit cost for our non-U.S. defined benefit plans:
Pension Benefits
(In millions)202520242023
Service cost$14.7 $13.8 $10.5 
Interest cost26.2 24.1 24.7 
Expected return on plan assets(36.6)(37.4)(33.2)
Amortization of actuarial (gain) loss
1.5 .4 (2.1)
Amortization of prior service cost
(.1)(.5)(.4)
Recognized gain on settlements
— (.1)(.1)
Net periodic benefit cost (credit)$5.7 $.3 $(.6)
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost
The following table shows the weighted average assumptions used to determine net periodic cost:
Pension Benefits
202520242023
Discount rate3.95 %3.78 %4.36 %
Expected return on assets4.72 5.04 4.71 
Compensation rate increase2.80 2.73 2.75 
Schedule of Anticipated Future Benefit Payments
The future benefit payments of our non-U.S. defined benefit plans shown below reflect the expected service periods for eligible participants.
(In millions)Pension
Benefits
2026$34.1 
202729.0 
202831.6 
202929.6 
203031.8 
2031-2035176.2 
v3.25.4
COMMITMENTS AND LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Supplemental Cost Information Related to Leases
Supplemental cost information related to leases is shown below.
(In millions)202520242023
Operating lease costs$77.7 $75.1 $73.6 
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases is shown below.
(In millions)Balance Sheet Location20252024
Assets
OperatingOther assets$215.8 $227.5 
Finance(1)
Property, plant and equipment, net15.9 32.5 
Total leased assets$231.7 $260.0 
Liabilities
Current:
OperatingOther current liabilities$53.1 $49.6 
FinanceShort-term borrowings and current portion of long-term debt and finance leases5.2 4.3 
Non-current:
OperatingLong-term retirement benefits and other liabilities167.6 176.1 
FinanceLong-term debt and finance leases11.0 9.1 
Total lease liabilities$236.9 $239.1 
(1) Finance lease assets are net of accumulated amortization of $16.0 million and $18.7 million as of year-end 2025 and 2024, respectively.
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases is shown below.
(In millions)202520242023
Cash paid for amounts included in measurement of operating lease liabilities
$63.8 $61.0 $55.8 
Operating lease assets obtained in exchange for operating lease liabilities47.6 93.0 92.4 
Schedule of Weighted Average Remaining Lease Term and Discount Rate Information
Weighted average remaining lease term and discount rate information related to leases as of December 31, 2025 and December 28, 2024 is shown below.
20252024
Weighted average remaining lease term (in years):
Operating6.56.7
Finance3.63.6
Weighted average discount rate (percentage):
Operating4.7 %4.6 %
Finance4.7 4.7 
Schedule of Operating Lease Liabilities by Maturity Date
Operating and finance lease liabilities by maturity date from December 31, 2025 are shown below.
(In millions)Operating LeasesFinance Leases
2026$59.7 $6.0 
202746.9 5.0 
202833.6 3.3 
202928.1 2.3 
203022.2 1.0 
2031 and thereafter66.9 .3 
Total lease payments257.4 17.9 
Less: imputed interest(36.7)(1.7)
Present value of lease liabilities$220.7 $16.2 
Schedule of Finance Lease Liabilities by Maturity Date
Operating and finance lease liabilities by maturity date from December 31, 2025 are shown below.
(In millions)Operating LeasesFinance Leases
2026$59.7 $6.0 
202746.9 5.0 
202833.6 3.3 
202928.1 2.3 
203022.2 1.0 
2031 and thereafter66.9 .3 
Total lease payments257.4 17.9 
Less: imputed interest(36.7)(1.7)
Present value of lease liabilities$220.7 $16.2 
v3.25.4
CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Activity Related to Environmental Liabilities
The activity related to our environmental liabilities in 2025 and 2024 is shown below:
(In millions)20252024
Balance at beginning of year$13.0 $24.5 
Charges, net of reversals2.9 1.9 
Payments(5.9)(13.4)
Balance at end of year$10.0 $13.0 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Carried at Fair Value
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2025 were as follows:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$49.1 $24.1 $25.0 $— 
Derivative assets7.2 — 7.2 — 
Bank drafts7.5 7.5 — — 
Liabilities
Derivative liabilities$18.0 $.3 $17.7 $— 
Contingent consideration liabilities2.7 — — 2.7 
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2024 were as follows:
Fair Value Measurements Using
(In millions)TotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
Assets
Investments$48.0 $24.2 $23.8 $— 
Derivative assets41.2 .4 40.8 — 
Bank drafts5.2 5.2 — — 
Liabilities
Derivative liabilities$41.5 $.4 $41.1 $— 
Contingent consideration liabilities4.8 — — 4.8 
v3.25.4
NET INCOME PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income Per Common Share
Net income per common share was computed as follows:
(In millions, except per share amounts)202520242023
(A) Net income$688.0 $704.9 $503.0 
(B) Weighted average number of common shares outstanding78.1 80.4 80.7 
Dilutive shares (additional common shares issuable under stock-based awards).2 .3 .4 
(C) Weighted average number of common shares outstanding, assuming dilution78.3 80.7 81.1 
Net income per common share (A) ÷ (B)$8.81 $8.77 $6.23 
Net income per common share, assuming dilution (A) ÷ (C)$8.79 $8.73 $6.20 
v3.25.4
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss and Income Tax (Benefit) Expense Allocated to Each Component of Other Comprehensive loss
The changes in “Accumulated other comprehensive loss” (net of tax) for 2025 and 2024 were as follows:
(In millions)
Foreign
Currency
Translation(1)
Pension and
Other
Postretirement
Benefits		Cash Flow
Hedges
Fair Value Hedges
Total
Balance as of December 30, 2023$(328.6)$(77.5)$(2.0)$— $(408.1)
Other comprehensive income (loss) before reclassifications, net of tax(46.9)(1.3)(5.4)2.0 (51.6)
Reclassifications to net income, net of tax— .8 2.8 — 3.6 
Net current-period other comprehensive income (loss), net of tax(46.9)(.5)(2.6)2.0 (48.0)
Balance as of December 28, 2024$(375.5)$(78.0)$(4.6)$2.0 $(456.1)
Other comprehensive income (loss) before reclassifications, net of tax16.5 26.7 1.9 (3.6)41.5 
Reclassifications to net income, net of tax— 2.1 2.8 — 4.9 
Net current-period other comprehensive income (loss), net of tax16.5 28.8 4.7 (3.6)46.4 
Balance as of December 31, 2025$(359.0)$(49.2)$.1 $(1.6)$(409.7)
(1) Included the impact of our foreign currency forward contracts and zero-cost collars, accounted for as net investment hedges. Refer to Note 5, "Financial Instruments," to the Consolidated Financial Statements for more information.
The following table sets forth the income tax expense (benefit) allocated to each component of other comprehensive income (loss):
(In millions)202520242023
Foreign currency translation:
Translation gain (loss)
$(4.9)$.1 $1.2 
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit8.6 (.6)(8.2)
Reclassifications to net income.7 .4 (.3)
Cash flow hedges:
Gain (loss) recognized on cash flow hedges.5 (1.7)(2.2)
Reclassifications to net income1.0 .9 1.2 
Fair value hedges:
Changes in excluded components of fair value hedges(1.1).6 — 
Income tax expense (benefit) allocated to components of other comprehensive income (loss)
$4.8 $(.3)$(8.3)
v3.25.4
LONG-TERM INCENTIVE COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense and the Related Recognized Tax Benefit
Stock-based compensation expense and the related recognized tax benefit were as follows:
(In millions)202520242023
Stock-based compensation expense$27.9 $28.7 $22.3 
Tax benefit3.2 2.6 2.4 
Schedule of Information Related to Stock Options
The following table summarizes information related to stock options:
Number of
options
(in thousands)
Weighted average
exercise price		Weighted average
remaining
contractual life
(in years)		Aggregate
intrinsic value
(in millions)
Outstanding at December 28, 202463.0 $190.54 8.68$— 
Exercised— — 
Outstanding at December 31, 202563.0 $190.54 7.67$— 
Options vested and expected to vest at December 31, 202558.5 190.54 7.67— 
Options exercisable at December 31, 2025— $— $— 
Schedule of Information Related to Awarded PUs
The following table summarizes information related to awarded PUs:
Number of
 PUs
(in thousands)		Weighted
 average
grant-date
 fair value
Unvested at December 28, 2024292.1 $181.94 
Granted at target154.2 175.53 
Adjustment for performance achievement(1)
(32.5)162.57 
Vested(38.7)164.91 
Forfeited/cancelled(16.9)184.27 
Unvested at December 31, 2025358.2 $182.66 
(1) Reflects adjustments for performance for the 2022-2024 PUs.
Schedule of Information Related to Awarded MSUs
The following table summarizes information related to awarded MSUs:
Number of
MSUs
(in thousands) 		Weighted
average
grant-
date fair
value
Unvested at December 28, 2024163.7 $202.83 
Granted at target83.7 190.36 
Adjustment for performance achievement(1)
.3 204.59 
Vested(67.5)195.87 
Forfeited/cancelled(9.8)196.20 
Unvested at December 31, 2025170.4 $200.85 
(1) Reflects adjustments for performance for the tranches of MSUs vesting in 2025.
Schedule of Information Related to Awarded RSUs
The following table summarizes information related to awarded RSUs:
Number of
RSUs
(in thousands) 		Weighted
average
grant-date
fair value
Unvested at December 28, 202494.9 $191.22 
Granted73.4 171.82 
Vested(64.7)191.49 
Forfeited/cancelled(1.8)184.65 
Unvested at December 31, 2025101.8 $177.19 
v3.25.4
COST REDUCTION ACTIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges and Payments
During 2025, restructuring charges and payments were as follows:
(In millions)Accrual at
December 28,
2024		Charges,
Net of
Reversals		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation 		Accrual at
December 31,
2025
2025 Actions
Severance and related costs$10.0 $45.7 $(41.5)$— $.2 $14.4 
Asset impairment charges— 3.1 — (3.1)— — 
Total$10.0 $48.8 $(41.5)$(3.1)$.2 $14.4 
During 2024, restructuring charges and payments were as follows:
(In millions)Accrual at
December 30,
2023		Charges,
Net of
Reversals 		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation		Accrual at
December 28,
2024
2025 Actions
Severance and related costs$— $10.0 $— $— $— $10.0 
Asset impairment charges— 3.1 — (3.1)— — 
2023 Actions
Severance and related costs27.7 25.4 (43.3)— (.6)9.2 
Asset impairment charges— 3.0 — (3.0)— — 
Lease cancellation costs— .4 (.6)— — (.2)
Total$27.7 $41.9 $(43.9)$(6.1)$(.6)$19.0 
Schedule of Restructuring Charges Incurred by Reportable Segment and Corporate
The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate.
(In millions)202520242023
Restructuring charges by reportable segment and Corporate
Materials Group$22.9 $5.7 $52.4 
Solutions Group23.4 35.8 23.2 
Corporate.9 .4 3.8 
Total$47.2 $41.9 $79.4 
v3.25.4
TAXES BASED ON INCOME (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Taxes Based on Income
Taxes based on income were as follows:
(In millions)202520242023
Current:
U.S. federal tax$45.9 $36.0 $42.5 
State taxes11.0 10.6 9.0 
Foreign taxes
205.3 214.9 160.8 
262.2 261.5 212.3 
Deferred:
U.S. federal tax(17.2)(8.7)(29.0)
State taxes(1.3)(3.3)(3.5)
Foreign taxes
(6.6)(.9)11.9 
(25.1)(12.9)(20.6)
Provision for income taxes$237.1 $248.6 $191.7 
Schedule of the Principal Items Accounting for the Difference Between Taxes Computed at the U.S. Federal Statutory Rate
A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income before taxes for the year ended December 31, 2025 is provided below:
2025
(In millions, except percentages)
Amount
Percent
U.S. federal statutory tax rate
$194.3 21.0 %
State and local income taxes, net of federal income tax effect(1)
7.7 .8 %
Foreign tax effects
China18.0 1.9 %
The Netherlands
Nontaxable or nondeductible items(9.9)(1.1)%
Other
5.4 .6 %
Germany
Changes in valuation allowances(10.6)(1.1)%
Other
2.5 .3 %
Other foreign jurisdictions
44.9 4.9 %
Effect of cross-border tax laws(18.1)(2.0)%
Tax credits(8.8)(1.0)%
Changes in valuation allowances8.3 .9 %
Nontaxable or nondeductible items2.9 .3 %
Changes in unrecognized tax benefits.5 .1 %
Provision for income taxes and effective tax rate
$237.1 25.6 %
(1) State taxes in California, Illinois, Pennsylvania, Wisconsin, New York and New Jersey made up the majority of the tax effect in this category.
A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income before taxes previously disclosed for the years ended December 28, 2024 and December 30, 2023 is provided below:
(In millions)20242023
Tax provision computed at U.S. federal statutory rate(1)
$200.2 $145.9 
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit2.7 2.6 
Foreign earnings taxed at different rates(1)
49.5 50.4 
Global intangible low-taxed income high-tax exclusion election, net(2)
(6.2)(10.0)
Valuation allowances
15.9 2.6 
U.S. federal research and development tax credits(7.7)(8.3)
Tax contingencies and audit settlements1.9 11.9 
Other items, net(7.7)(3.4)
Provision for income taxes$248.6 $191.7 
(1) Both years included certain U.S. international tax provisions and foreign earnings taxed in the U.S., net of credits.
(2) In 2024, we recognized $6.2 million from our current year global intangible low-taxed income exclusion election. In 2023, we recognized $4.4 million from our 2023 exclusion election and $5.6 million related to the exclusion election made on our 2022 U.S. federal tax return.
Schedule of Income Before Taxes from the U.S. and International Operations
Income before taxes from our U.S. and foreign operations was as follows:
(In millions)202520242023
U.S.$160.4 $211.4 $187.2 
Foreign
764.7 742.1 507.5 
Income before taxes$925.1 $953.5 $694.7 
Schedule of Components of the Temporary Differences The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:
(In millions)20252024
Accrued expenses not currently deductible$32.2 $29.8 
Net operating loss carryforwards144.7 137.9 
Tax credit carryforwards24.3 14.8 
Capitalized research expenses94.0 81.7 
Stock-based compensation9.0 8.8 
Pension and other postretirement benefits13.7 31.1 
Inventory reserve19.7 19.2 
Lease liabilities44.8 44.7 
Other assets38.8 31.6 
Valuation allowances
(77.5)(72.7)
Total deferred tax assets(1)
343.7 326.9 
Depreciation and amortization(335.9)(306.0)
Repatriation accrual(33.0)(24.2)
Foreign operating loss recapture
— (3.1)
Lease assets(44.5)(44.3)
Total deferred tax liabilities(1)
(413.4)(377.6)
Total net deferred tax assets (liabilities)$(69.7)$(50.7)
(1) Reflect gross amounts before jurisdictional netting of deferred tax assets and liabilities.
Schedule of Tax Credit and Net Operating Loss Carryforwards If unused, foreign net operating losses and tax credit carryforwards will expire as follows:
(In millions)
Net Operating Losses(1)
Tax Credits
Year of Expiry
2026$2.3 $.2 
20273.2 .3 
20285.7 .7 
202921.4 .4 
203013.7 1.4 
2031-204524.9 20.3 
Indefinite life/no expiry423.4 1.0 
Total$494.6 $24.3 
(1) Net operating losses are presented before tax effects and valuation allowances.
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is provided below.
(In millions)20252024
Balance at beginning of year$81.1 $88.0 
Additions for tax positions of current year9.4 11.4 
Additions (reductions) for tax positions of prior years, net(8.2)(7.2)
Settlements with tax authorities(.2)(4.6)
Expirations of statutes of limitations(4.7)(3.7)
Changes due to foreign currency translation
3.5 (2.8)
Balance at end of year$80.9 $81.1 
Schedule of Income Taxes Paid
Cash paid for income taxes, net of refunds received, for the year ended December 31, 2025 was as follows:
(In millions)2025
U.S. federal
$35.7 
State10.4 
Foreign
China
58.3 
The Netherlands
18.6 
India
16.4 
Other125.6 
Cash paid for income taxes (net of refunds received)
$265.0 
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Net Sales to Unaffiliated Customers and Additional Financial Information by Reportable Segment and Other Expense (Income), Net by Type 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)
2025(2)
20242023
Net sales to unaffiliated customers(1)
Materials Group:
 North America $1,943.1 $1,879.6 $1,846.3 
 Europe, the Middle East and North Africa 2,146.4 2,091.0 2,007.1 
 Asia 1,534.3 1,552.7 1,483.7 
 Latin America 469.5 489.7 474.2 
Total Materials Group6,093.3 6,013.0 5,811.3 
Solutions Group:
Apparel and other
1,811.8 1,876.8 1,662.9 
Identification Solutions and Vestcom950.4 865.9 890.1 
Total Solutions Group2,762.2 2,742.7 2,553.0 
Net sales to unaffiliated customers$8,855.5 $8,755.7 $8,364.3 
(1) Certain prior-year 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, revenue 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.
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)202520242023
Intersegment sales
Materials Group
$174.0 $162.8 $157.1 
Solutions Group55.1 52.3 35.5 
Intersegment sales$229.1 $215.1 $192.6 
Capital expenditures(1)(2)
Materials Group
$96.2 $96.3 $117.8 
Solutions Group75.1 120.8 148.7 
Capital expenditures$171.3 $217.1 $266.5 
Depreciation and amortization expense(1)
Materials Group
$137.4 $130.9 $127.8 
Solutions Group190.8 181.3 170.6 
Depreciation and amortization expense$328.2 $312.2 $298.4 
(1) Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their respective 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)202520242023
Other expense (income), net, by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals
$43.2 $35.4 $70.8 
Asset impairment and lease cancellation charges
4.0 6.5 8.6 
Other items:
(Gain) loss on venture and other investments, net23.3 19.2 1.5 
Losses from Argentine peso remeasurement and Blue Chip Swap transactions5.6 16.4 29.9 
Transaction and related costs5.1 .3 5.3 
Outcomes of legal matters and settlements, net(1)
9.2 (6.2)64.3 
(Gain) loss on sales of assets
(12.9)— .5 
Other expense (income), net$77.5 $71.6 $180.9 
(1) Amount for 2023 included an additional contingent liability of $56.3 million related to the Adasa litigation. Refer to Note 8, “Contingencies” for more information.
Schedule of Material Group Revenue By Product
Revenue from our Materials Group reportable segment by product group is shown below.
(In millions)202520242023
Net sales to unaffiliated customers(1)
Materials Group:
Labels, graphics and reflectives
$5,332.2 $5,266.0 $5,076.8 
 Performance materials(2)
547.2 516.6 522.8 
 Other 213.9 230.4 211.7 
Total Materials Group$6,093.3 $6,013.0 $5,811.3 
(1) Certain prior-year amounts have been reclassified to conform to the current-year presentation.
(2) Performance materials includes industrial and medical tapes, trade adhesives and Taylor Adhesives.
Schedule of Revenue is Attributed to Geographic Areas Based on the Location
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)202520242023
Net sales to unaffiliated customers
U.S.$2,751.0 $2,613.4 $2,578.3 
Europe, the Middle East and North Africa2,457.1 2,418.6 2,306.7 
Asia2,726.8 2,763.1 2,545.2 
Latin America567.3 599.8 582.3 
Other353.3 360.8 351.8 
Net sales to unaffiliated customers$8,855.5 $8,755.7 $8,364.3 
Schedule of Segment Results and Reconciliation to Income before Taxes and Segment Expenses Segment results and reconciliation to income before taxes are presented below.
(In millions)202520242023
Materials Group
Net sales to unaffiliated customers
$6,093.3 $6,013.0 $5,811.3 
Segment expense(1)
5,171.1 5,088.3 5,022.1 
Segment adjusted operating income$922.2 $924.7 $789.2 
Solutions Group
Net sales to unaffiliated customers
$2,762.2 $2,742.7 $2,553.0 
Segment expense(1)
2,475.9 2,453.4 2,301.0 
Segment adjusted operating income$286.3 $289.3 $252.0 
(1) Segment expense included cost of products sold and marketing, general and administrative expense and excluded other expense (income), net, and other items.
(In millions)202520242023
Segment adjusted operating income
Materials Group
$922.2 $924.7 $789.2 
Solutions Group286.3 289.3 252.0 
Total1,208.5 1,214.0 1,041.2 
Corporate expense(84.7)(91.9)(77.4)
Other expense (income), net and other items(77.5)(78.3)(180.9)
Interest expense(135.4)(117.0)(119.0)
Other non-operating expense (income), net14.2 26.7 30.8 
Income before taxes$925.1 $953.5 $694.7 
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)20252024
Long-lived assets
U.S.$615.6 $642.7 
Non-U.S.
1,207.9 1,171.5 
Long-lived assets
$1,823.5 $1,814.2 
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Financial Information  
Schedule of Inventories
Inventories at year-end were as follows:
(In millions)20252024
Raw materials$387.6 $435.0 
Work-in-progress242.5 224.9 
Finished goods345.7 318.2 
Inventories$975.8 $978.1 
Schedule of Property, Plant and Equipment
Major classes of property, plant and equipment, stated at cost, at year-end were as follows:
(In millions)20252024
Land$37.4 $35.1 
Buildings and improvements903.5 852.3 
Machinery and equipment3,192.6 2,903.4 
Construction-in-progress138.4 202.7 
Property, plant and equipment4,271.9 3,993.5 
Accumulated depreciation(2,664.2)(2,406.8)
Property, plant and equipment, net$1,607.7 $1,586.7 
Schedule of Capitalized Software Costs
Capitalized software costs at year-end were as follows:
(In millions)20252024
Cost$396.3 $360.0 
Accumulated amortization(278.7)(249.3)
Software, net$117.6 $110.7 
Schedule of Hosting Arrangement, Service Contract, Implementation Cost
Capitalized implementation costs at year-end were as follows:
(In millions)20252024
Cost$134.4 $97.1 
Accumulated amortization(29.7)(17.9)
Capitalized implementation costs, net
$104.7 $79.2 
Schedule of Allowance for Credit Losses
The activity related to our allowance for credit losses was as follows:
(In millions)20252024
Balance at beginning of year$29.0 $34.4 
Provision for credit losses
3.2 4.6 
Amounts written off(5.9)(8.9)
Other, including foreign currency translation1.8 (1.1)
Balance at end of year$28.1 $29.0 
Schedule of Research and Development Expense
Research and development expense, which was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income, was as follows:
(In millions)202520242023
Research and development expense$136.6 $137.8 $135.8 
Schedule of Cash Paid for Interest and Income Taxes
Cash paid for interest was as follows:
(In millions)202520242023
Interest$131.3 $111.8 $109.9 
Schedule of Balance Sheet Locations of Deferred Revenue
The following table shows the amounts and balance sheet locations of deferred revenue as of December 31, 2025 and December 28, 2024:
(In millions)December 31, 2025December 28, 2024
Other current liabilities$16.2 $15.5 
Long-term retirement benefits and other liabilities1.6 1.2 
Total deferred revenue$17.8 $16.7 
Schedule of Supplier Finance Program
The activity related to our supplier finance programs was as follows:
(In millions)20252024
Balance at beginning of year$384.6 $397.4 
Invoices confirmed during the year
1,291.3 1,339.3 
Invoices paid during the year
(1,316.6)(1,328.9)
Other, including foreign currency translation24.5 (23.2)
Balance at end of year$383.8 $384.6 
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Summary Of Significant Accounting Policies [Line Items]      
Stock-based compensation expense capitalized $ 0 $ 0 $ 0
Foreign Exchange And Commodity Transactions      
Summary Of Significant Accounting Policies [Line Items]      
Maximum length of time for which exposure is hedged to the variability in future cash flows 36 months    
Cross-currency swap contracts      
Summary Of Significant Accounting Policies [Line Items]      
Maximum length of time for which exposure is hedged to the variability in future cash flows 10 years    
Minimum      
Summary Of Significant Accounting Policies [Line Items]      
Software estimated useful lives (in years) 5 years    
Cloud computing arrangements, useful life including renewal periods (in years) 5 years    
Minimum | Buildings and improvements      
Summary Of Significant Accounting Policies [Line Items]      
Property and equipment estimated useful lives (in years) 10 years    
Minimum | Machinery and equipment      
Summary Of Significant Accounting Policies [Line Items]      
Property and equipment estimated useful lives (in years) 3 years    
Maximum      
Summary Of Significant Accounting Policies [Line Items]      
Software estimated useful lives (in years) 10 years    
Cloud computing arrangements, useful life including renewal periods (in years) 10 years    
Maximum | Buildings and improvements      
Summary Of Significant Accounting Policies [Line Items]      
Property and equipment estimated useful lives (in years) 45 years    
Maximum | Machinery and equipment      
Summary Of Significant Accounting Policies [Line Items]      
Property and equipment estimated useful lives (in years) 15 years    
v3.25.4
BUSINESS ACQUISITIONS (Details) - USD ($)
$ in Millions
 9 Months Ended
Oct. 20, 2025
Nov. 23, 2023
W.F. Taylor Holdings, Inc.    
Acquisitions [Line Items]    
Purchase consideration $ 390  
2023 Business Acquisitions    
Acquisitions [Line Items]    
Purchase consideration   $ 231
Business combination contingent consideration maximum amount   $ 5
v3.25.4
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Narrative (Details) - USD ($)
 12 Months Ended
Oct. 20, 2025
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Indefinite-Lived Intangible Assets [Line Items]        
Goodwill, impairment   $ 0    
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]        
Impairment of indefinite-lived intangible assets   0    
Indefinite-lived intangible assets, carrying value   174,800,000 $ 154,500,000  
Finite-Lived Intangible Assets Acquired        
Amortization expense on finite-lived intangible assets from business acquisition   92,800,000 89,400,000 $ 86,300,000
W.F. Taylor Holdings, Inc.        
Finite-Lived Intangible Assets Acquired        
Indefinite-lived intangible assets acquired $ 18,700,000      
Finite-lived intangible assets acquired $ 139,600,000      
Solutions Group        
Indefinite-Lived Intangible Assets [Line Items]        
Accumulated impairment losses   $ 820,000,000 $ 820,000,000  
v3.25.4
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of Changes in Net Carrying Amount of Goodwill (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Oct. 20, 2025
Changes in the net carrying amount of goodwill      
Goodwill, beginning balance $ 1,976,200,000 $ 2,013,600,000  
Acquisitions 237,600,000    
Acquisition adjustment   (2,700,000)  
Translation adjustments 58,700,000 (34,700,000)  
Goodwill, ending balance 2,272,500,000 1,976,200,000  
W.F. Taylor Holdings, Inc.      
Changes in the net carrying amount of goodwill      
Business acquisition, goodwill, expected tax deductible amount     $ 0
Materials Group      
Changes in the net carrying amount of goodwill      
Goodwill, beginning balance 606,100,000 630,700,000  
Acquisitions 237,600,000    
Acquisition adjustment   0  
Translation adjustments 42,300,000 (24,600,000)  
Goodwill, ending balance 886,000,000.0 606,100,000  
Solutions Group      
Changes in the net carrying amount of goodwill      
Goodwill, beginning balance 1,370,100,000 1,382,900,000  
Acquisitions 0    
Acquisition adjustment   (2,700,000)  
Translation adjustments 16,400,000 (10,100,000)  
Goodwill, ending balance $ 1,386,500,000 $ 1,370,100,000  
v3.25.4
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of the Amounts and Weighted Average Useful Lives of Finite-Lived Intangible Assets (Details) - W.F. Taylor Holdings, Inc.
$ in Millions
Oct. 20, 2025
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Amount $ 139.6
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Amount $ 112.5
Weighted average amortization period 9 years
Developed technology  
Finite-Lived Intangible Assets [Line Items]  
Amount $ 27.1
Weighted average amortization period 8 years
v3.25.4
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of Finite-Lived Intangible Assets Resulting from Business Acquisitions (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,366.6 $ 1,211.5
Accumulated Amortization 713.9 610.7
Net Carrying Amount 652.7 600.8
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,040.8 916.0
Accumulated Amortization 509.5 438.5
Net Carrying Amount 531.3 477.5
Patented and other developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 305.0 275.2
Accumulated Amortization 187.2 156.8
Net Carrying Amount 117.8 118.4
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 17.5 17.1
Accumulated Amortization 14.0 12.8
Net Carrying Amount 3.5 4.3
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3.3 3.2
Accumulated Amortization 3.2 2.6
Net Carrying Amount $ 0.1 $ 0.6
v3.25.4
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of Estimated Amortization Expense for Finite Lived Intangible Assets Resulting From Business Acquisitions (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Estimated Amortization Expense  
2026 $ 102.0
2027 101.7
2028 93.6
2029 78.4
2030 76.5
2031 and thereafter $ 200.5
v3.25.4
DEBT - Short-Term Borrowings (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Short-term borrowings from Commercial paper    
Short-term debt [Line Items]    
U.S. commercial paper $ 101,500,000 $ 0
Weighted average interest rate (as a percent) 3.93%  
Short-term borrowings from Euro-Commercial paper    
Short-term debt [Line Items]    
Weighted average interest rate (as a percent) 2.19%  
Maximum borrowing capacity $ 500,000,000  
Maturities of the notes (in days) 364 days  
Euro-commercial paper $ 415,500,000 $ 0
v3.25.4
DEBT - Short-Term Credit Facilities (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 29, 2024
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Jun. 30, 2024
Uncommitted lines of credit          
Line of Credit Facility [Line Items]          
Uncommitted lines of credit   $ 222,000,000      
Revolving Credit Facility | Line of Credit          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity         $ 1,200,000,000
Line of credit facility, increase limit         $ 600,000,000
Commitments under the revolver, extended period (in years) 1 year        
Line of Credit          
Line of Credit Facility [Line Items]          
Amount outstanding   0 $ 0    
Commitment fees   $ 1,300,000 $ 1,500,000 $ 1,200,000  
v3.25.4
DEBT - Long-Term Borrowings (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 27, 2025
EUR (€)
Sep. 27, 2025
USD ($)
Mar. 31, 2025
USD ($)
Nov. 30, 2024
EUR (€)
Nov. 30, 2024
USD ($)
Aug. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Sep. 27, 2025
USD ($)
Jun. 28, 2025
USD ($)
Mar. 29, 2025
EUR (€)
Dec. 28, 2024
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
USD ($)
Dec. 28, 2024
EUR (€)
Dec. 28, 2024
USD ($)
Debt Instrument [Line Items]                              
Weighted-average interest rate (as a percent)                           7.50% 7.50%
Series 1995 due 2025                         $ 0   $ 30,000,000.0
4.000% Senior Notes due 2035                              
Debt Instrument [Line Items]                              
Face amount | € € 500,000,000                     € 500,000,000      
Stated interest rate (as a percent) 4.00%                            
Proceeds from issuance of senior notes € 494,000,000 $ 577,000,000                          
Medium-Term Note                              
Debt Instrument [Line Items]                              
Repayments of senior notes               $ 5,000,000 $ 25,000,000            
Medium-Term Note | Medium-Term Note Due In Third Quarter Of 2025                              
Debt Instrument [Line Items]                              
Medium term notes                     $ 5,000,000        
Medium-Term Note | Medium-Term Note Due In Second Quarter Of 2025                              
Debt Instrument [Line Items]                              
Medium term notes                     $ 25,000,000        
Senior Notes Due 2025                              
Debt Instrument [Line Items]                              
Face amount | €                       € 500,000,000      
Stated interest rate (as a percent)                       1.25% 1.25%    
Repayments of senior notes | €                   € 500,000,000          
Repayments of debt     $ 500,000,000 € 500,000,000                      
3.750% Senior Notes due 2034                              
Debt Instrument [Line Items]                              
Face amount | €       € 500,000,000               € 500,000,000   € 500,000,000  
Stated interest rate (as a percent)       3.75%                      
Proceeds from issuance of senior notes       € 495,000,000 $ 539,000,000                    
Senior Notes                              
Debt Instrument [Line Items]                              
Repayments of senior notes           $ 300,000,000                  
Senior notes due 2033 at 5.750%                              
Debt Instrument [Line Items]                              
Face amount             $ 400,000,000                
Stated interest rate (as a percent)             5.75%                
Proceeds from issuance of senior notes             $ 394,900,000                
Senior notes due 2023 at 3.4%                              
Debt Instrument [Line Items]                              
Repayments of debt             $ 250,000,000                
v3.25.4
DEBT - Schedule of Long-Term Debt, Including its Respective Interest Rates, at Year-End (Details)
$ in Millions
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
USD ($)
Sep. 27, 2025
EUR (€)
Dec. 28, 2024
EUR (€)
Dec. 28, 2024
USD ($)
Nov. 30, 2024
EUR (€)
Long-term Debt, Unclassified            
Series 1995 due 2025   $ 0.0     $ 30.0  
Less amount classified as current   0.0     (551.1)  
Total long-term debt   3,199.0     2,550.8  
Unamortized debt issuance cost   14.6     12.6  
Unamortized debt discount   10.2     7.9  
Senior notes due 2025 at 1.250%            
Long-term Debt, Unclassified            
Senior notes   $ 0.0     521.1  
Interest rate of senior notes 1.25% 1.25%        
Senior notes issued | € € 500,000,000          
Senior notes due 2028 at 4.875%            
Long-term Debt, Unclassified            
Senior notes   $ 498.0     497.4  
Interest rate of senior notes 4.875% 4.875%        
Senior notes due 2030 at 2.650%            
Long-term Debt, Unclassified            
Senior notes   $ 497.4     496.7  
Interest rate of senior notes 2.65% 2.65%        
Senior notes due 2032 at 2.250%            
Long-term Debt, Unclassified            
Senior notes   $ 496.3     495.7  
Interest rate of senior notes 2.25% 2.25%        
Senior notes due 2033 at 6.000%            
Long-term Debt, Unclassified            
Senior notes   $ 149.4     149.3  
Interest rate of senior notes 6.00% 6.00%        
Senior notes due 2033 at 5.750%            
Long-term Debt, Unclassified            
Senior notes   $ 396.3     395.8  
Interest rate of senior notes 5.75% 5.75%        
Senior notes due 2034 at 3.750%            
Long-term Debt, Unclassified            
Senior notes   $ 582.0     515.9  
Interest rate of senior notes 3.75% 3.75%        
Senior notes due 2035 at 4.000%            
Long-term Debt, Unclassified            
Senior notes   $ 579.6     $ 0.0  
Interest rate of senior notes 4.00% 4.00%        
3.750% Senior Notes due 2034            
Long-term Debt, Unclassified            
Interest rate of senior notes           3.75%
Senior notes issued | € € 500,000,000     € 500,000,000   € 500,000,000
4.000% Senior Notes due 2035            
Long-term Debt, Unclassified            
Interest rate of senior notes     4.00%      
Senior notes issued | € € 500,000,000   € 500,000,000      
v3.25.4
DEBT - Schedule of Maturities of Long Term Debt for each of the Next Five Fiscal Years and Thereafter (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 0.0
2027 0.0
2028 500.0
2029 0.0
2030 500.0
2031 and thereafter $ 2,223.8
v3.25.4
DEBT - Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Debt Disclosure [Abstract]      
Financial covenant unrestricted cash and cash equivalents over debt $ 50.0    
Interest costs 138.3 $ 124.0 $ 126.5
Interest costs capitalized 2.9 7.0 $ 7.5
Fair value of debt $ 3,670.0 $ 3,010.0  
v3.25.4
FINANCIAL INSTRUMENTS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 28, 2024
USD ($)
Dec. 31, 2025
EUR (€)
tranche
Dec. 31, 2025
USD ($)
tranche
Sep. 27, 2025
EUR (€)
Dec. 28, 2024
EUR (€)
Dec. 28, 2024
USD ($)
Nov. 30, 2024
EUR (€)
Jan. 02, 2021
USD ($)
Financial Instruments [Line Items]                  
(Loss) gain recognized in translation for the net investment hedges | $ $ (49.0) $ 15.0              
Cross Currency Swap Contract | Cash Flow Hedging | Designated as Hedging Instrument                  
Financial Instruments [Line Items]                  
Notional amount | $                 $ 250.0
Foreign currency forward contracts | Designated as Hedging Instrument                  
Financial Instruments [Line Items]                  
Notional amount | $       $ 1,173.8     $ 958.9    
Foreign currency forward contracts | Net Investment Hedging | Designated as Hedging Instrument                  
Financial Instruments [Line Items]                  
Notional amount     € 1,000,000,000.0            
Number of tranches | tranche     2 2          
Foreign Exchange Forward, Maturity Date September 2026 | Net Investment Hedging | Designated as Hedging Instrument                  
Financial Instruments [Line Items]                  
Notional amount     € 500,000,000            
Foreign Exchange Forward, Maturity Date December 2026 | Net Investment Hedging | Designated as Hedging Instrument                  
Financial Instruments [Line Items]                  
Notional amount     500,000,000            
4.000% Senior Notes due 2035                  
Financial Instruments [Line Items]                  
Senior notes issued     500,000,000   € 500,000,000        
3.750% Senior Notes due 2034                  
Financial Instruments [Line Items]                  
Senior notes issued     € 500,000,000     € 500,000,000   € 500,000,000  
v3.25.4
FINANCIAL INSTRUMENTS - Schedule of Balance Sheet Locations of Other Derivatives, Fair Value and Offsetting Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets $ 0.0 $ 18.4
Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 2.6 10.9
Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.3 37.3
Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 14.4 0.0
Foreign currency forward contracts | Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 1,173.8 958.9
Foreign currency forward contracts | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 0.2
Foreign currency forward contracts | Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 0.0
Foreign currency forward contracts | Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 36.7
Foreign currency forward contracts | Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 4.5 0.0
Cross-currency swap contracts | Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 250.0 250.0
Cross-currency swap contracts | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 0.0
Cross-currency swap contracts | Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 10.9
Cross-currency swap contracts | Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 0.0
Cross-currency swap contracts | Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 9.9 0.0
Commodity contracts | Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 1.7 2.9
Commodity contracts | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 0.4
Commodity contracts | Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 0.0
Commodity contracts | Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.3 0.4
Commodity contracts | Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 0.0
Foreign currency forward contracts with collars | Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 1,173.8 958.9
Foreign currency forward contracts with collars | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 17.8
Foreign currency forward contracts with collars | Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 2.6 0.0
Foreign currency forward contracts with collars | Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 0.2
Foreign currency forward contracts with collars | Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 0.0
Foreign currency exchange contracts | Not Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 1,467.5 1,741.8
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 4.2 11.9
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 0.0
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 3.4 4.2
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability $ 0.0 $ 0.0
v3.25.4
FINANCIAL INSTRUMENTS - Schedule of Components of the Net Gains (Losses) Recognized in Income Related to Derivative Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Foreign currency forward contracts - Marketing, general and administrative expense $ 70.2 $ (36.4) $ 0.0
v3.25.4
FINANCIAL INSTRUMENTS - Schedule of Components of the Net Gains (Losses) Recognized in Income Related to Derivative Instruments (Details) - Other Derivatives - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Other Derivatives, Fair Value [Line Items]      
Fair value and cash flow hedges $ 1.0 $ (12.0) $ 8.9
Foreign currency exchange contracts | Cost of products sold      
Other Derivatives, Fair Value [Line Items]      
Fair value and cash flow hedges (0.9) 3.2 3.4
Foreign currency exchange contracts | Marketing, general and administrative expense      
Other Derivatives, Fair Value [Line Items]      
Fair value and cash flow hedges $ 1.9 $ (15.2) $ 5.5
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
compensationPlan
shares
Dec. 28, 2024
USD ($)
shares
Dec. 30, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Recognized defined contribution plan cost $ 34.0 $ 31.9 $ 30.3
Deferred compensation plan accrued $ 99.8 $ 99.0  
Minimum age of participant for termination of employment to determine forfeiture of interest on contribution 55 years    
Number of legacy deferred compensation plans | compensationPlan 2    
DSUs outstanding under deferred compensation plans (in shares) | shares 30 40  
Value of DSUs outstanding under deferred compensation plans $ 5.0 $ 8.0  
Cash surrender value included in other assets 259.7 247.4  
Postretirement Health Coverage      
Defined Benefit Plan Disclosure [Line Items]      
Postretirement health benefits obligation 2.0 2.0  
Accumulated other comprehensive loss relating to postretirement health benefits obligation 9.0 9.0  
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation in excess of plan assets 268.0 245.0  
Fair value of plan assets, benefit obligations in excess of plan assets 181.0 156.0  
Accumulated benefit obligations 227.0 230.0  
Fair value of plan assets 152.0 151.0  
Postretirement health benefits obligation 680.2 664.4 $ 679.9
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Postretirement health benefits obligation $ 41.0 $ 45.0  
Pooled funds - equity securities | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target assets allocation (as a percent) 26.00%    
Fixed income securities and cash | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target assets allocation (as a percent) 58.00%    
Other investments | Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Target assets allocation (as a percent) 16.00%    
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule Plan Assets at Fair Value (Details) - Foreign Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value $ 732.5 $ 659.5 $ 663.2
Cash      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 1.6 2.1  
Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 52.6 39.0  
Pooled funds – real estate investment trusts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 4.2 5.3  
Pooled funds - fixed income securities      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 412.4 381.0  
Pooled funds - equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 198.6 174.2  
Pooled funds - other investments      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 63.1 57.9  
Quoted Prices in Active Markets (Level 1) | Cash      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 1.6 2.1  
Quoted Prices in Active Markets (Level 1) | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 0.0 0.0  
Quoted Prices in Active Markets (Level 1) | Pooled funds – real estate investment trusts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 0.0 0.0  
Significant Other Observable Inputs (Level 2) | Cash      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 0.0 0.0  
Significant Other Observable Inputs (Level 2) | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 0.0 0.0  
Significant Other Observable Inputs (Level 2) | Pooled funds – real estate investment trusts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 0.0 0.0  
Significant Other Unobservable Inputs (Level 3) | Cash      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 0.0 0.0  
Significant Other Unobservable Inputs (Level 3) | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 52.6 39.0  
Significant Other Unobservable Inputs (Level 3) | Pooled funds – real estate investment trusts      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value $ 4.2 $ 5.3  
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Reconciliation of Level 3 Assets (Details) - Significant Other Unobservable Inputs (Level 3) - Foreign Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Reconciliation of Level 3 assets [Roll Forward]    
Balance at the beginning of the year $ 44.3 $ 49.0
Net realized and unrealized gain (loss) (0.3) 0.1
Purchases 5.5 3.7
Settlements (2.6) (5.8)
Transfer 4.4  
Impact of changes in foreign currency exchange rates 5.5 (2.7)
Balance at the end of the year 56.8 44.3
Insurance contracts    
Reconciliation of Level 3 assets [Roll Forward]    
Balance at the beginning of the year 39.0 42.6
Net realized and unrealized gain (loss) 1.2 1.1
Purchases 5.5 3.7
Settlements (2.6) (5.8)
Transfer 4.4  
Impact of changes in foreign currency exchange rates 5.1 (2.6)
Balance at the end of the year 52.6 39.0
Pooled Funds – Real Estate Investment Trusts    
Reconciliation of Level 3 assets [Roll Forward]    
Balance at the beginning of the year 5.3 6.4
Net realized and unrealized gain (loss) (1.5) (1.0)
Purchases 0.0 0.0
Settlements 0.0 0.0
Transfer 0.0  
Impact of changes in foreign currency exchange rates 0.4 (0.1)
Balance at the end of the year $ 4.2 $ 5.3
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Reconciliation of Projected Benefit Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
U.S.      
Change in projected benefit obligations [Roll Forward]      
Projected benefit obligations at beginning of year $ 45.0    
Projected benefit obligations at end of year 41.0 $ 45.0  
Foreign Plan      
Change in projected benefit obligations [Roll Forward]      
Projected benefit obligations at beginning of year 664.4 679.9  
Service cost 14.7 13.8 $ 10.5
Interest cost 26.2 24.1 24.7
Participant contributions 5.1 4.7  
Amendments 1.4 5.1  
Actuarial (gain) loss (82.2) 2.8  
Transfer 4.1 0.0  
Benefits paid (27.2) (24.5)  
Settlements 0.0 (6.0)  
Foreign currency translation 73.7 (35.5)  
Projected benefit obligations at end of year 680.2 664.4 $ 679.9
Accumulated benefit obligations at end of year $ 629.4 $ 608.0  
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Reconciliation of Plan Assets (Details) - Foreign Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Change in plan assets    
Plan assets at beginning of year $ 659.5 $ 663.2
Actual return on plan assets (4.8) 41.6
Transfer 4.4 0.0
Employer contributions 19.2 15.5
Participant contributions 5.1 4.7
Benefits paid (27.2) (24.5)
Settlements 0.0 (6.0)
Foreign currency translation 76.3 (35.0)
Plan assets at end of year $ 732.5 $ 659.5
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Funded Status of Plans and Weighted-Average Assumptions Used to Determine Year-End Benefit Obligations (Details) - Foreign Plan - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Funded status of the plans    
Other assets $ 138.7 $ 84.7
Other accrued liabilities (4.4) (3.2)
Long-term retirement benefits and other liabilities (82.0) (86.4)
Plan assets more (less) than benefit obligations $ 52.3 $ (4.9)
Weighted average assumptions used to determine year-end benefit obligations    
Discount rate 4.57% 3.95%
Compensation rate increase 2.68% 2.80%
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Pre-Tax Amounts, Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
U.S.    
Pretax amounts recognized in accumulated other comprehensive loss    
Net amount recognized in accumulated other comprehensive loss $ 8.0 $ 9.0
Foreign Plan    
Pretax amounts recognized in accumulated other comprehensive loss    
Net actuarial loss 31.2 69.4
Prior service cost 3.7 2.3
Net amount recognized in accumulated other comprehensive loss $ 34.9 $ 71.7
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Pre-Tax Amounts, Recognized in Other comprehensive loss (income) (Details) - Foreign Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial (gain) loss $ (36.8) $ (3.4) $ 32.6
Prior service credit 1.4 5.1 (0.1)
Net actuarial (gain) loss (1.5) (0.4) 2.1
Prior service cost 0.1 0.5 0.4
Settlements 0.0 0.1 0.1
Net amount recognized in other comprehensive loss (income) $ (36.8) $ 1.9 $ 35.1
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Components of Net Periodic Benefit Cost (credit) (Details) - Foreign Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Components of net periodic benefit cost (credit)      
Service cost $ 14.7 $ 13.8 $ 10.5
Interest cost 26.2 24.1 24.7
Expected return on plan assets (36.6) (37.4) (33.2)
Amortization of actuarial (gain) loss 1.5 0.4 (2.1)
Amortization of prior service cost (0.1) (0.5) (0.4)
Recognized gain on settlements 0.0 (0.1) (0.1)
Net periodic benefit cost (credit) $ 5.7 $ 0.3 $ (0.6)
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost and Defined Benefit Plan Contributions (Details) - Foreign Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 3.95% 3.78% 4.36%
Expected return on assets 4.72% 5.04% 4.71%
Compensation rate increase 2.80% 2.73% 2.75%
Company's contributions to the defined benefit plan in the next fiscal year $ 21.3    
v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS - Schedule of Anticipated Future Benefit Payments (Details) - Foreign Plan
$ in Millions
Dec. 31, 2025
USD ($)
Future Benefit Payments [Line Items]  
2026 $ 34.1
2027 29.0
2028 31.6
2029 29.6
2030 31.8
2031-2035 $ 176.2
v3.25.4
COMMITMENTS AND LEASES - Schedule of Supplemental Cost Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Leases [Abstract]      
Operating lease costs $ 77.7 $ 75.1 $ 73.6
v3.25.4
COMMITMENTS AND LEASES - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Assets    
Operating $ 215.8 $ 227.5
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance $ 15.9 $ 32.5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Total leased assets $ 231.7 $ 260.0
Current:    
Operating lease, current liabilities 53.1 49.6
Finance lease, current liabilities 5.2 4.3
Non-current:    
Operating lease, non-current liabilities 167.6 176.1
Finance lease, non-current liabilities 11.0 9.1
Total lease liabilities $ 236.9 $ 239.1
Operating lease, current liabilities (balance sheet location) Other current liabilities Other current liabilities
Finance lease, current liabilities (balance sheet location) Short-term borrowings and current portion of long-term debt and finance leases Short-term borrowings and current portion of long-term debt and finance leases
Operating lease, non-current liabilities (balance sheet location) Long-term retirement benefits and other liabilities Long-term retirement benefits and other liabilities
Finance lease, non-current liabilities (balance sheet location) Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation
Accumulated amortization, finance lease assets $ 16.0 $ 18.7
v3.25.4
COMMITMENTS AND LEASES - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Leases [Abstract]      
Cash paid for amounts included in measurement of operating lease liabilities $ 63.8 $ 61.0 $ 55.8
Operating lease assets obtained in exchange for operating lease liabilities $ 47.6 $ 93.0 $ 92.4
v3.25.4
COMMITMENTS AND LEASES - Schedule of Weighted Average Remaining Lease Term and Discount Rate Information (Details)
Dec. 31, 2025
Dec. 28, 2024
Weighted average remaining lease term (in years):    
Operating 6 years 6 months 6 years 8 months 12 days
Finance 3 years 7 months 6 days 3 years 7 months 6 days
Weighted average discount rate (percentage):    
Operating 4.70% 4.60%
Finance 4.70% 4.70%
v3.25.4
COMMITMENTS AND LEASES - Schedule of Operating and Finance Lease Liabilities by Maturity Date (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Operating Leases  
2026 $ 59.7
2027 46.9
2028 33.6
2029 28.1
2030 22.2
2031 and thereafter 66.9
Total lease payments 257.4
Less: imputed interest (36.7)
Present value of lease liabilities 220.7
Finance Leases  
2026 6.0
2027 5.0
2028 3.3
2029 2.3
2030 1.0
2031 and thereafter 0.3
Total lease payments 17.9
Less: imputed interest (1.7)
Present value of lease liabilities $ 16.2
v3.25.4
CONTINGENCIES - Narrative (Details)
$ in Millions
Apr. 25, 2024
USD ($)
Dec. 31, 2025
USD ($)
site
Dec. 28, 2024
USD ($)
Dec. 30, 2023
USD ($)
May 14, 2021
USD ($)
Loss Contingencies [Line Items]          
Environmental site contingency number of sites | site   10      
Short term environmental liabilities   $ 2.0 $ 5.0    
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]   Other current liabilities Other current liabilities    
Infringement of patent          
Loss Contingencies [Line Items]          
Contingent liability       $ 82.9 $ 26.6
Litigation settlement, amount awarded to other party $ 75.0        
v3.25.4
CONTINGENCIES - Schedule of Activity Related to Environmental Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Environmental Liabilities Associated with Remediation [Roll Forward]    
Balance at beginning of year $ 13.0 $ 24.5
Charges, net of reversals 2.9 1.9
Payments (5.9) (13.4)
Balance at end of year $ 10.0 $ 13.0
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Long-term retirement benefits and other liabilities Long-term retirement benefits and other liabilities
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Carried at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Assets    
Investments $ 49.1 $ 48.0
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets Assets
Derivative assets $ 7.2 $ 41.2
Bank drafts $ 7.5 $ 5.2
Liabilities    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities and Equity Liabilities and Equity
Derivative liabilities $ 18.0 $ 41.5
Contingent consideration liabilities 2.7 4.8
Quoted Prices in Active Markets (Level 1)    
Assets    
Investments 24.1 24.2
Derivative assets 0.0 0.4
Bank drafts 7.5 5.2
Liabilities    
Derivative liabilities 0.3 0.4
Contingent consideration liabilities 0.0 0.0
Significant Other Observable Inputs (Level 2)    
Assets    
Investments 25.0 23.8
Derivative assets 7.2 40.8
Bank drafts 0.0 0.0
Liabilities    
Derivative liabilities 17.7 41.1
Contingent consideration liabilities 0.0 0.0
Significant Other Unobservable Inputs (Level 3)    
Assets    
Investments 0.0 0.0
Derivative assets 0.0 0.0
Bank drafts 0.0 0.0
Liabilities    
Derivative liabilities 0.0 0.0
Contingent consideration liabilities $ 2.7 $ 4.8
v3.25.4
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments $ 49.1 $ 48.0  
Debt securities, available-for-sale, excluding accrued interest, noncurrent 1.1 8.4  
Equity securities without readily determinable fair value, amount 58.0 45.0  
Loss on private venture companies 23.3 19.2 $ 0.0
Gain on private venture companies     $ 0.0
Quoted Prices in Active Markets (Level 1)      
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments 24.1 24.2  
Debt securities, available-for-sale, excluding accrued interest, noncurrent 1.1    
Cash and cash equivalents      
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments 1.1 1.5  
Other Current Assets      
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments $ 46.9 $ 38.1  
v3.25.4
NET INCOME PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Net Income Per Common Share      
Net income $ 688.0 $ 704.9 $ 503.0
Weighted average number of common shares outstanding (in shares) 78.1 80.4 80.7
Dilutive shares (additional common shares issuable under stock-based awards) (in shares) 0.2 0.3 0.4
Weighted average number of common shares outstanding, assuming dilution (in shares) 78.3 80.7 81.1
Net income per common share (in dollars per share) $ 8.81 $ 8.77 $ 6.23
Net income per common share, assuming dilution (in dollars per share) $ 8.79 $ 8.73 $ 6.20
Antidilutive securities excluded from computation of earnings per share (in shares) 0.1 0.1 0.1
v3.25.4
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Apr. 30, 2025
Class of Stock [Line Items]        
Preferred stock, shares authorized (in shares) 5,000,000      
Preferred stock, par value (in dollars per share) $ 1      
Preferred stock, outstanding shares (in shares) 0      
Common stock, authorized shares (in shares) 400,000,000 400,000,000    
Common stock, par value (in dollars per share) $ 1 $ 1    
Repurchase of common stock, value $ 575.6 $ 247.5 $ 137.5  
Share repurchase authorized amount       $ 750.0
Share repurchase remained authorized amount $ 526.3      
Treasury stock        
Class of Stock [Line Items]        
Repurchase of shares for treasury (in shares) 3,236,106 1,184,780 780,721  
Repurchase of common stock, value $ 575.6 $ 247.5 $ 137.5  
v3.25.4
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Schedule of Change in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 2,312.3 $ 2,127.9 $ 2,032.2
Other comprehensive income (loss) before reclassifications, net of tax 41.5 (51.6)  
Reclassifications to net income, net of tax 4.9 3.6  
Net current-period other comprehensive income (loss), net of tax 46.4 (48.0) (44.1)
Ending balance 2,242.1 2,312.3 2,127.9
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (456.1) (408.1) (364.0)
Net current-period other comprehensive income (loss), net of tax 46.4 (48.0) (44.1)
Ending balance (409.7) (456.1) (408.1)
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (375.5) (328.6)  
Other comprehensive income (loss) before reclassifications, net of tax 16.5 (46.9)  
Reclassifications to net income, net of tax 0.0 0.0  
Net current-period other comprehensive income (loss), net of tax 16.5 (46.9)  
Ending balance (359.0) (375.5) (328.6)
Pension and Other Postretirement Benefits      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (78.0) (77.5)  
Other comprehensive income (loss) before reclassifications, net of tax 26.7 (1.3)  
Reclassifications to net income, net of tax 2.1 0.8  
Net current-period other comprehensive income (loss), net of tax 28.8 (0.5)  
Ending balance (49.2) (78.0) (77.5)
Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (4.6) (2.0)  
Other comprehensive income (loss) before reclassifications, net of tax 1.9 (5.4)  
Reclassifications to net income, net of tax 2.8 2.8  
Net current-period other comprehensive income (loss), net of tax 4.7 (2.6)  
Ending balance 0.1 (4.6) (2.0)
Fair Value Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 2.0 0.0  
Other comprehensive income (loss) before reclassifications, net of tax (3.6) 2.0  
Reclassifications to net income, net of tax 0.0 0.0  
Net current-period other comprehensive income (loss), net of tax (3.6) 2.0  
Ending balance $ (1.6) $ 2.0 $ 0.0
v3.25.4
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Schedule of Income Tax (Benefit) Expense Allocated to Each Component of Other Comprehensive loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Foreign currency translation:      
Translation gain (loss) $ (4.9) $ 0.1 $ 1.2
Pension and other postretirement benefits:      
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit 8.6 (0.6) (8.2)
Reclassifications to net income 0.7 0.4 (0.3)
Cash flow hedges:      
Gain (loss) recognized on cash flow hedges 0.5 (1.7) (2.2)
Reclassifications to net income 1.0 0.9 1.2
Fair value hedges:      
Changes in excluded components of fair value hedges (1.1) 0.6 0.0
Income tax expense (benefit) allocated to components of other comprehensive income (loss) $ 4.8 $ (0.3) $ (8.3)
v3.25.4
LONG-TERM INCENTIVE COMPENSATION - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
vestingPeriod
tranche
$ / shares
shares
Dec. 28, 2024
USD ($)
$ / shares
Dec. 30, 2023
USD ($)
$ / shares
Long-Term Incentive Compensation [Line Items]      
Aggregate number of shares available under the plan (in shares) | shares 5,400,000    
Fungible share ratio (in shares) | shares 1.5    
Unrecognized compensation cost related to share based compensation cost $ 40,000,000    
Unrecognized compensation cost weighted average recognition period (in years) 2 years    
Weighted average grant date fair value (in dollars per share) | $ / shares $ 0 $ 0 $ 47.65
Risk-free interest rate (as a percent)     3.84%
Expected stock price volatility (as a percent)     23.90%
Expected dividend yield (as a percent)     1.84%
Expected option term (in years)     6 years 3 months 21 days
Total intrinsic value of stock options exercised $ 0 $ 19,500,000 $ 0
Proceeds from exercises of stock options   10,000,000  
Tax benefit associated with option exercises   $ 4,800,000  
Stock Options      
Long-Term Incentive Compensation [Line Items]      
Vesting period (in years) 4 years    
Option expiration period (in years) 10 years    
Stock Options | Minimum      
Long-Term Incentive Compensation [Line Items]      
Purchase price of common stock as a percentage of its fair market value granted to non-employee directors and employees (as a percent) 100.00%    
Performance units (PUs)      
Long-Term Incentive Compensation [Line Items]      
Maximum special performance units issued (as a percent) 300.00%    
Granted at target (in usd per share) | $ / shares $ 175.53 $ 224.82 $ 180.12
Fair value $ 6,400,000 $ 20,600,000 $ 22,700,000
Performance units (PUs) | Minimum      
Long-Term Incentive Compensation [Line Items]      
Vesting period (in years) 3 years    
Shares issued (as a percent) 0.00%    
Performance units (PUs) | Maximum      
Long-Term Incentive Compensation [Line Items]      
Vesting period (in years) 4 years    
Shares issued (as a percent) 200.00%    
Market-leveraged stock units (MSUs)      
Long-Term Incentive Compensation [Line Items]      
Vesting period (in years) 4 years    
Granted at target (in usd per share) | $ / shares $ 190.36 $ 259.75 $ 192.53
Fair value $ 13,200,000 $ 14,600,000 $ 16,100,000
Number of vesting periods | vestingPeriod 4    
Number of tranches represented by each vesting period | tranche 1    
Number of tranches represented by the entire vesting period | tranche 4    
Market-leveraged stock units (MSUs) | Minimum      
Long-Term Incentive Compensation [Line Items]      
Shares issued (as a percent) 0.00%    
Market-leveraged stock units (MSUs) | Maximum      
Long-Term Incentive Compensation [Line Items]      
Shares issued (as a percent) 200.00%    
Restricted stock units (RSUs)      
Long-Term Incentive Compensation [Line Items]      
Granted at target (in usd per share) | $ / shares $ 171.82 $ 210.74 $ 175.88
Fair value $ 12,400,000 $ 3,200,000 $ 2,700,000
Restricted stock units (RSUs) | Directors      
Long-Term Incentive Compensation [Line Items]      
Vesting period (in years) 1 year    
Restricted stock units (RSUs) | Minimum | Employees      
Long-Term Incentive Compensation [Line Items]      
Vesting period (in years) 1 year    
Restricted stock units (RSUs) | Maximum | Employees      
Long-Term Incentive Compensation [Line Items]      
Vesting period (in years) 4 years    
Long-term incentive units      
Long-Term Incentive Compensation [Line Items]      
Cash-based payment arrangement, expense $ 12,900,000 14,900,000 16,300,000
Cash-based payment arrangement, tax benefit $ 3,200,000 $ 3,600,000 $ 3,900,000
Long-term incentive units | Maximum      
Long-Term Incentive Compensation [Line Items]      
Cash-based compensation, award vesting period (in years) 4 years    
Market-leveraged long-term incentive units | Maximum      
Long-Term Incentive Compensation [Line Items]      
Cash-based compensation, award vesting period (in years) 4 years    
Performance long-term incentive units | Minimum      
Long-Term Incentive Compensation [Line Items]      
Cash-based compensation, award vesting period (in years) 3 years    
Cash-based compensation award (as percent) 0.00%    
Performance long-term incentive units | Maximum      
Long-Term Incentive Compensation [Line Items]      
Cash-based compensation award (as percent) 200.00%    
v3.25.4
LONG-TERM INCENTIVE COMPENSATION - Schedule of Stock-Based Compensation Expense and the Related Recognized Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]      
Stock-based compensation expense $ 27.9 $ 28.7 $ 22.3
Tax benefit $ 3.2 $ 2.6 $ 2.4
v3.25.4
LONG-TERM INCENTIVE COMPENSATION - Schedule of Information Related to Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Number of options (in thousands)    
Outstanding beginning balance (in shares) 63,000.0  
Exercised (in shares) 0  
Outstanding ending balance (in shares) 63,000.0 63,000.0
Options vested and expected to vest (in shares) 58,500  
Options exercisable (in shares) 0  
Weighted average exercise price    
Outstanding beginning balance (in usd per share) $ 190.54  
Exercised (in usd per share) 0  
Outstanding ending balance (in usd per share) 190.54 $ 190.54
Options vested and expected to vest (in usd per share) 190.54  
Options exercisable (in usd per share) $ 0  
Weighted average remaining contractual life (in years)    
Outstanding 7 years 8 months 1 day 8 years 8 months 4 days
Options vested or expected to vest 7 years 8 months 1 day  
Options exercisable  
Aggregate intrinsic value (in millions)    
Outstanding $ 0.0 $ 0.0
Options vested and expected to vest 0.0  
Options exercisable $ 0.0  
v3.25.4
LONG-TERM INCENTIVE COMPENSATION - Schedule of Information Related to Awarded PUs and MSUs and RSUs (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Performance units (PUs)      
Number of awards      
Unvested at beginning of period (in shares) 292,100    
Granted at target (in shares) 154,200    
Adjustment for performance achievement (in shares) (32,500)    
Vested (in shares) (38,700)    
Forfeited/cancelled (in shares) (16,900)    
Unvested at end of period (in shares) 358,200 292,100  
Weighted average grant-date fair value      
Beginning balance (in usd per share) $ 181.94    
Granted at target (in usd per share) 175.53 $ 224.82 $ 180.12
Adjustment for performance achievement (in used per share) 162.57    
Vested (in usd per share) 164.91    
Forfeited/cancelled (in usd per share) 184.27    
Ending balance (in usd per share) $ 182.66 $ 181.94  
Market-leveraged stock units (MSUs)      
Number of awards      
Unvested at beginning of period (in shares) 163,700    
Granted at target (in shares) 83,700    
Adjustment for performance achievement (in shares) 300    
Vested (in shares) (67,500)    
Forfeited/cancelled (in shares) (9,800)    
Unvested at end of period (in shares) 170,400 163,700  
Weighted average grant-date fair value      
Beginning balance (in usd per share) $ 202.83    
Granted at target (in usd per share) 190.36 $ 259.75 192.53
Adjustment for performance achievement (in used per share) 204.59    
Vested (in usd per share) 195.87    
Forfeited/cancelled (in usd per share) 196.20    
Ending balance (in usd per share) $ 200.85 $ 202.83  
Restricted stock units (RSUs)      
Number of awards      
Unvested at beginning of period (in shares) 94,900    
Granted at target (in shares) 73,400    
Vested (in shares) (64,700)    
Forfeited/cancelled (in shares) (1,800)    
Unvested at end of period (in shares) 101,800 94,900  
Weighted average grant-date fair value      
Beginning balance (in usd per share) $ 191.22    
Granted at target (in usd per share) 171.82 $ 210.74 $ 175.88
Vested (in usd per share) 191.49    
Forfeited/cancelled (in usd per share) 184.65    
Ending balance (in usd per share) $ 177.19 $ 191.22  
v3.25.4
COST REDUCTION ACTIONS - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 28, 2024
USD ($)
position
Dec. 31, 2025
USD ($)
position
Dec. 28, 2024
USD ($)
position
Dec. 30, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]        
Restructuring charges (reversals)   $ 47.2 $ 41.9 $ 79.4
2025 Actions        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges (reversals) $ 13.1 $ 48.8    
Net number of position reduced as a result of cost reduction actions | position 90 1,200    
2023 Actions        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges (reversals)   $ (1.6) $ 28.8  
Net number of position reduced as a result of cost reduction actions | position     1,280  
v3.25.4
COST REDUCTION ACTIONS - Schedule of Restructuring Charges and Payments (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Cost Reduction Actions    
Beginning balance $ 19,000,000.0 $ 27,700,000
Charges, Net of Reversals   41,900,000
Cash Payments   (43,900,000)
Non-cash Impairment   (6,100,000)
Foreign Currency Translation   (600,000)
Ending balance   19,000,000.0
2025 Actions    
Cost Reduction Actions    
Beginning balance 10,000,000.0  
Charges, Net of Reversals 48,800,000  
Cash Payments (41,500,000)  
Non-cash Impairment (3,100,000)  
Foreign Currency Translation 200,000  
Ending balance 14,400,000 10,000,000.0
2025 Actions | Severance and related costs    
Cost Reduction Actions    
Beginning balance 10,000,000.0 0
Charges, Net of Reversals 45,700,000 10,000,000.0
Cash Payments (41,500,000) 0
Non-cash Impairment 0 0
Foreign Currency Translation 200,000 0
Ending balance 14,400,000 10,000,000.0
2025 Actions | Asset impairment charges    
Cost Reduction Actions    
Beginning balance 0 0
Charges, Net of Reversals 3,100,000 3,100,000
Cash Payments 0 0
Non-cash Impairment (3,100,000) (3,100,000)
Foreign Currency Translation 0 0
Ending balance 0 0
2023 Actions | Severance and related costs    
Cost Reduction Actions    
Beginning balance 9,200,000 27,700,000
Charges, Net of Reversals   25,400,000
Cash Payments   (43,300,000)
Non-cash Impairment   0
Foreign Currency Translation   (600,000)
Ending balance   9,200,000
2023 Actions | Asset impairment charges    
Cost Reduction Actions    
Beginning balance 0 0
Charges, Net of Reversals   3,000,000.0
Cash Payments   0
Non-cash Impairment   (3,000,000.0)
Foreign Currency Translation   0
Ending balance   0
2023 Actions | Lease cancellation costs    
Cost Reduction Actions    
Beginning balance $ (200,000) 0
Charges, Net of Reversals   400,000
Cash Payments   (600,000)
Non-cash Impairment   0
Foreign Currency Translation   0
Ending balance   $ (200,000)
v3.25.4
COST REDUCTION ACTIONS - Schedule of Restructuring Charges Incurred by Reportable Segment and Corporate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 47.2 $ 41.9 $ 79.4
Corporate expense      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 0.9 0.4 3.8
Materials Group | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 22.9 5.7 52.4
Solutions Group | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 23.4 $ 35.8 $ 23.2
v3.25.4
TAXES BASED ON INCOME - Schedule of Taxes Based on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Current:      
U.S. federal tax $ 45.9 $ 36.0 $ 42.5
State taxes 11.0 10.6 9.0
Foreign taxes 205.3 214.9 160.8
Total 262.2 261.5 212.3
Deferred:      
U.S. federal tax (17.2) (8.7) (29.0)
State taxes (1.3) (3.3) (3.5)
Foreign taxes (6.6) (0.9) 11.9
Total (25.1) (12.9) (20.6)
Provision for income taxes $ 237.1 $ 248.6 $ 191.7
v3.25.4
TAXES BASED ON INCOME - Schedule of the Principal Items Accounting for the Difference Between Taxes Computed at the U.S. Federal Statutory Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Amount      
Tax provision computed at the U.S. federal statutory rate $ 194.3 $ 200.2 $ 145.9
State and local income taxes, net of federal (national) income tax effect 7.7 2.7 2.6
Foreign tax effects   49.5 50.4
Nontaxable or nondeductible items (9.9)    
Other   (7.7) (3.4)
Changes in valuation allowances   15.9 2.6
Global intangible low-taxed income high-tax exclusion election, net   (6.2) (10.0)
Effect of cross-border tax laws (18.1)    
Tax credits (8.8)    
Nontaxable or nondeductible items 2.9   10.5
Changes in unrecognized tax benefits 0.5    
U.S. federal research and development tax credits   (7.7) (8.3)
Tax contingencies and audit settlements   1.9 11.9
Provision for income taxes $ 237.1 $ 248.6 $ 191.7
Percent      
Tax provision computed at U.S. federal statutory rate 21.00%    
State and local income taxes, net of federal income tax effect 0.80%    
Nontaxable or nondeductible items (1.10%)    
Effect of cross-border tax laws (2.00%)    
Tax credits (1.00%)    
Changes in unrecognized tax benefits 0.10%    
Nontaxable or nondeductible items 0.30%    
Provision for income taxes and effective tax rate 25.60% 26.10% 27.60%
China      
Amount      
Foreign tax effects $ 18.0    
Percent      
Foreign tax effects 1.90%    
The Netherlands      
Amount      
Other $ 5.4    
Percent      
Other 0.60%    
Germany      
Amount      
Other $ 2.5    
Changes in valuation allowances $ (10.6)    
Percent      
Other 0.30%    
Changes in valuation allowances (1.10%)    
Other foreign jurisdictions      
Amount      
Foreign tax effects $ 44.9    
Percent      
Foreign tax effects 4.90%    
U.S.      
Amount      
Changes in valuation allowances $ 8.3    
Percent      
Changes in valuation allowances 0.90%    
Tax Year 2023      
Amount      
Global intangible low-taxed income high-tax exclusion election, net     $ (4.4)
Tax Year 2022      
Amount      
Global intangible low-taxed income high-tax exclusion election, net     $ (5.6)
v3.25.4
TAXES BASED ON INCOME - Schedule of Income Before Taxes from the U.S. and International Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Income (loss) before taxes      
U.S. $ 160.4 $ 211.4 $ 187.2
Foreign 764.7 742.1 507.5
Income before taxes $ 925.1 $ 953.5 $ 694.7
v3.25.4
TAXES BASED ON INCOME - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Income Tax Disclosure [Line Items]      
Provision for income taxes and effective tax rate 25.60% 26.10% 27.60%
Effective income tax rate reconciliation, GILTI, FDII, net, amount $ 15.4 $ 15.9 $ 16.4
Tax charge from valuation allowance   15.9 2.6
Effective income tax rate reconciliation, prior year income taxes (benefit)     14.7
Nontaxable or nondeductible items 2.9   10.5
Net tax charge primarily from the recognition of uncertain tax positions     9.5
Net operating losses 495.0 466.0  
Tax credit carryforwards 24.3 14.8  
Unrecognized tax benefits 80.9 81.1 88.0
Unrecognized tax benefits, if recognized, would reduce annual effective income tax rate 73.0 74.0  
Accrued interest and penalties for uncertain tax positions, net of tax benefit 18.0 17.0  
Income taxes, net of refunds 265.0 $ 226.8 $ 234.9
Germany      
Income Tax Disclosure [Line Items]      
Tax charge from valuation allowance (10.6)    
State      
Income Tax Disclosure [Line Items]      
Net operating losses 681.0    
Operating loss carryforwards, valuation allowance $ 660.0    
v3.25.4
TAXES BASED ON INCOME - Schedule of Components of the Temporary Differences (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Income Tax Disclosure [Abstract]    
Accrued expenses not currently deductible $ 32.2 $ 29.8
Net operating loss carryforwards 144.7 137.9
Tax credit carryforwards 24.3 14.8
Capitalized research expenses 94.0 81.7
Stock-based compensation 9.0 8.8
Pension and other postretirement benefits 13.7 31.1
Inventory reserve 19.7 19.2
Lease liabilities 44.8 44.7
Other assets 38.8 31.6
Valuation allowances (77.5) (72.7)
Total deferred tax assets 343.7 326.9
Depreciation and amortization (335.9) (306.0)
Repatriation accrual (33.0) (24.2)
Foreign operating loss recapture 0.0 (3.1)
Lease assets (44.5) (44.3)
Total deferred tax liabilities (413.4) (377.6)
Total net deferred tax assets (liabilities) $ (69.7) $ (50.7)
v3.25.4
TAXES BASED ON INCOME - Schedule of Tax Credit and Net Operating Loss Carryforwards (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Net operating loss and credit carryforward [Line Items]    
Net operating losses $ 495.0 $ 466.0
Tax Credits 24.3 $ 14.8
Total    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 494.6  
Tax Credits 24.3  
2026    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 2.3  
Tax Credits 0.2  
2027    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 3.2  
Tax Credits 0.3  
2028    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 5.7  
Tax Credits 0.7  
2029    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 21.4  
Tax Credits 0.4  
2030    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 13.7  
Tax Credits 1.4  
2031-2045    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 24.9  
Tax Credits 20.3  
Indefinite life/no expiry    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 423.4  
Tax Credits $ 1.0  
v3.25.4
TAXES BASED ON INCOME - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of year $ 81.1 $ 88.0
Additions for tax positions of current year 9.4 11.4
Additions (reductions) for tax positions of prior years, net (8.2) (7.2)
Settlements with tax authorities (0.2) (4.6)
Expirations of statutes of limitations (4.7) (3.7)
Changes due to foreign currency translation 3.5 (2.8)
Balance at end of year $ 80.9 $ 81.1
v3.25.4
TAXES BASED ON INCOME - Schedule of Income Taxes Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Income Tax Disclosure [Line Items]      
U.S. federal $ 35.7    
State 10.4    
Income taxes, net of refunds 265.0 $ 226.8 $ 234.9
China      
Income Tax Disclosure [Line Items]      
Foreign 58.3    
The Netherlands      
Income Tax Disclosure [Line Items]      
Foreign 18.6    
India      
Income Tax Disclosure [Line Items]      
Foreign 16.4    
Other      
Income Tax Disclosure [Line Items]      
Foreign $ 125.6    
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Number of reportable segments not disclosed flag    
Net sales $ 8,855.5 $ 8,755.7 $ 8,364.3
Long-lived assets $ 1,823.5 $ 1,814.2  
Ten Customer | Net Sales | Revenue from rights concentration risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk percentage 17.00% 16.00% 16.00%
China Including Hong Kong      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,350.0 $ 1,400.0 $ 1,300.0
Long-lived assets $ 273.0 $ 288.0  
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Net Sales to Unaffiliated Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Net sales to unaffiliated customers      
Net sales to unaffiliated customers $ 8,855.5 $ 8,755.7 $ 8,364.3
Europe, the Middle East and North Africa      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,457.1 2,418.6 2,306.7
Asia      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,726.8 2,763.1 2,545.2
Latin America      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 567.3 599.8 582.3
Operating Segments | Materials Group      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 6,093.3 6,013.0 5,811.3
Operating Segments | Materials Group | North America      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 1,943.1 1,879.6 1,846.3
Operating Segments | Materials Group | Europe, the Middle East and North Africa      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,146.4 2,091.0 2,007.1
Operating Segments | Materials Group | Asia      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 1,534.3 1,552.7 1,483.7
Operating Segments | Materials Group | Latin America      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 469.5 489.7 474.2
Operating Segments | Solutions Group      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,762.2 2,742.7 2,553.0
Operating Segments | Solutions Group | Apparel and other      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 1,811.8 1,876.8 1,662.9
Operating Segments | Solutions Group | Identification Solutions and Vestcom      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers $ 950.4 $ 865.9 $ 890.1
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Material Group Revenue By Product (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers $ 8,855.5 $ 8,755.7 $ 8,364.3
Materials Group | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers 6,093.3 6,013.0 5,811.3
Materials Group | Labels, graphics and reflectives | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers 5,332.2 5,266.0 5,076.8
Materials Group | Performance materials | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers 547.2 516.6 522.8
Materials Group | Other | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers $ 213.9 $ 230.4 $ 211.7
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Revenue is Attributed to Geographic Areas Based on the Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Segment and disaggregated revenue information [Line Items]      
Net sales $ 8,855.5 $ 8,755.7 $ 8,364.3
U.S.      
Segment and disaggregated revenue information [Line Items]      
Net sales 2,751.0 2,613.4 2,578.3
Europe, the Middle East and North Africa      
Segment and disaggregated revenue information [Line Items]      
Net sales 2,457.1 2,418.6 2,306.7
Asia      
Segment and disaggregated revenue information [Line Items]      
Net sales 2,726.8 2,763.1 2,545.2
Latin America      
Segment and disaggregated revenue information [Line Items]      
Net sales 567.3 599.8 582.3
Other      
Segment and disaggregated revenue information [Line Items]      
Net sales $ 353.3 $ 360.8 $ 351.8
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Segment Results and Reconciliation to Income before Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Segment and disaggregated revenue information [Line Items]      
Net sales $ 8,855.5 $ 8,755.7 $ 8,364.3
Operating Segments      
Segment and disaggregated revenue information [Line Items]      
Segment adjusted operating income 1,208.5 1,214.0 1,041.2
Materials Group | Operating Segments      
Segment and disaggregated revenue information [Line Items]      
Net sales 6,093.3 6,013.0 5,811.3
Segment expense 5,171.1 5,088.3 5,022.1
Segment adjusted operating income 922.2 924.7 789.2
Solutions Group | Operating Segments      
Segment and disaggregated revenue information [Line Items]      
Net sales 2,762.2 2,742.7 2,553.0
Segment expense 2,475.9 2,453.4 2,301.0
Segment adjusted operating income $ 286.3 $ 289.3 $ 252.0
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Segment Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Revenue from External Customer [Line Items]      
Other expense (income), net and other items $ (77.5) $ (71.6) $ (180.9)
Interest expense (135.4) (117.0) (119.0)
Other non-operating expense (income), net 14.2 26.7 30.8
Income before taxes 925.1 953.5 694.7
Operating Segments      
Revenue from External Customer [Line Items]      
Segment adjusted operating income 1,208.5 1,214.0 1,041.2
Corporate And Reconciling Items      
Revenue from External Customer [Line Items]      
Corporate expense (84.7) (91.9) (77.4)
Other expense (income), net and other items (77.5) (78.3) (180.9)
Interest expense (135.4) (117.0) (119.0)
Other non-operating expense (income), net 14.2 26.7 30.8
Materials Group | Operating Segments      
Revenue from External Customer [Line Items]      
Segment adjusted operating income 922.2 924.7 789.2
Solutions Group | Operating Segments      
Revenue from External Customer [Line Items]      
Segment adjusted operating income $ 286.3 $ 289.3 $ 252.0
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Additional Financial Information by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers $ 8,855.5 $ 8,755.7 $ 8,364.3
Capital expenditures 171.3 217.1 266.5
Depreciation and amortization expense 328.2 312.2 298.4
Intersegment sales      
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers (229.1) (215.1) (192.6)
Materials Group      
Segment and disaggregated revenue information [Line Items]      
Capital expenditures 96.2 96.3 117.8
Depreciation and amortization expense 137.4 130.9 127.8
Materials Group | Intersegment sales      
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers (174.0) (162.8) (157.1)
Solutions Group      
Segment and disaggregated revenue information [Line Items]      
Capital expenditures 75.1 120.8 148.7
Depreciation and amortization expense 190.8 181.3 170.6
Solutions Group | Intersegment sales      
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers $ (55.1) $ (52.3) $ (35.5)
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Other Expense (Income), Net by Type (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Restructuring charges, net of reversals:      
Restructuring charges $ 47.2 $ 41.9 $ 79.4
Other items:      
(Gain) loss on venture and other investments, net 23.3 19.2 1.5
Losses from Argentine peso remeasurement and Blue Chip Swap transactions 5.6 16.4 29.9
Transaction and related costs 5.1 0.3 5.3
Outcomes of legal matters and settlements, net 9.2 (6.2) 64.3
(Gain) loss on sales of assets (12.9) 0.0 0.5
Other expense (income), net 77.5 71.6 180.9
Infringement of patent      
Other items:      
Outcomes of legal matters and settlements, net     56.3
Severance and related costs      
Restructuring charges, net of reversals:      
Restructuring charges 43.2 35.4 70.8
Asset impairment and lease cancellation charges      
Restructuring charges, net of reversals:      
Restructuring charges $ 4.0 $ 6.5 $ 8.6
v3.25.4
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Schedule of Long-lived Assets by Geographical Area (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,823.5 $ 1,814.2
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 615.6 642.7
Non-U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,207.9 $ 1,171.5
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Inventories    
Raw materials $ 387.6 $ 435.0
Work-in-progress 242.5 224.9
Finished goods 345.7 318.2
Inventories $ 975.8 $ 978.1
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Property, plant and equipment    
Property, plant and equipment $ 4,271.9 $ 3,993.5
Accumulated depreciation (2,664.2) (2,406.8)
Property, plant and equipment, net 1,607.7 1,586.7
Land    
Property, plant and equipment    
Property, plant and equipment 37.4 35.1
Buildings and improvements    
Property, plant and equipment    
Property, plant and equipment 903.5 852.3
Machinery and equipment    
Property, plant and equipment    
Property, plant and equipment 3,192.6 2,903.4
Construction-in-progress    
Property, plant and equipment    
Property, plant and equipment $ 138.4 $ 202.7
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Capitalized Software Costs (Details) - Total software - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Capitalized software costs    
Cost $ 396.3 $ 360.0
Accumulated amortization (278.7) (249.3)
Software, net $ 117.6 $ 110.7
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Capitalized Contract Cost [Line Items]      
Capitalized implementation cost expense $ 11.7 $ 8.0 $ 4.5
Reversal of credit losses 3.2 4.6 4.4
Excise taxes payable 4.9    
Revenue recognized during the period $ 14.9 $ 17.5 21.0
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable  
Supplier finance program, obligation, current $ 383.8 $ 384.6 397.4
Loss on blue chip swap transactions   10.0  
Total software      
Capitalized Contract Cost [Line Items]      
Software amortization expense $ 28.5 $ 25.1 $ 23.4
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Hosting Arrangement, Service Contract, Implementation Cost (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 28, 2024
Supplemental Financial Information    
Cost $ 134.4 $ 97.1
Accumulated amortization (29.7) (17.9)
Capitalized implementation costs, net $ 104.7 $ 79.2
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Change in Allowance for Credit Losses      
Balance at beginning of year $ 29.0 $ 34.4  
Provision for credit losses 3.2 4.6 $ 4.4
Amounts written off (5.9) (8.9)  
Other, including foreign currency translation 1.8 (1.1)  
Balance at end of year $ 28.1 $ 29.0 $ 34.4
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Research and Development Expense and Cash Paid for Interest and Income Taxes and Schedule of Balance Sheet Locations of Deferred Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Dec. 30, 2023
Research and Development      
Research and development expense $ 136.6 $ 137.8 $ 135.8
Cash paid for interest and income taxes      
Interest 131.3 111.8 $ 109.9
Deferred Revenue      
Other current liabilities 16.2 15.5  
Long-term retirement benefits and other liabilities 1.6 1.2  
Total deferred revenue $ 17.8 $ 16.7  
v3.25.4
SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Supplier Finance Program (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 28, 2024
Supplier Finance Program, Obligation [Roll Forward]    
Balance at beginning of year $ 384.6 $ 397.4
Invoices confirmed during the year 1,291.3 1,339.3
Invoices paid during the year (1,316.6) (1,328.9)
Other, including foreign currency translation 24.5 (23.2)
Balance at end of year $ 383.8 $ 384.6