AVERY DENNISON CORP, 10-K filed on 2/26/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 28, 2024
Feb. 22, 2025
Jun. 28, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 28, 2024    
Current Fiscal Year End Date --12-28    
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     $ 17.5
Entity Common Stock, Shares Outstanding   78,994,622  
Documents Incorporated by Reference
DocumentIncorporated by reference into:
Portions of Definitive Proxy Statement for Annual Meeting of Stockholders to be held on April 24, 2025
Parts III, IV
    
Entity Central Index Key 0000008818    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common stock, $1 par value      
Document Information [Line Items]      
Title of 12(b) Security Common stock, $1 par value    
Trading Symbol AVY    
Security Exchange Name NYSE    
1.25% Senior Notes due 2025      
Document Information [Line Items]      
Title of 12(b) Security 1.25% Senior Notes due 2025    
Trading Symbol AVY25    
Security Exchange Name NASDAQ    
3.75% Senior Notes due 2034      
Document Information [Line Items]      
Title of 12(b) Security 3.75% Senior Notes due 2034    
Trading Symbol AVY34    
Security Exchange Name NASDAQ    
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Audit Information
 12 Months Ended
Dec. 28, 2024
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Los Angeles, California
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Current assets:    
Cash and cash equivalents $ 329.1 $ 215.0
Trade accounts receivable, less allowances of $29.0 and $34.4 at year-end 2024 and 2023, respectively 1,466.2 1,414.9
Inventories 978.1 920.7
Other current assets 305.3 245.4
Total current assets 3,078.7 2,796.0
Property, plant and equipment, net 1,586.7 1,625.8
Goodwill 1,976.2 2,013.6
Other intangibles resulting from business acquisitions, net 755.3 849.1
Deferred tax assets 110.0 115.7
Other assets 897.3 809.6
Total assets 8,404.2 8,209.8
Current liabilities:    
Short-term borrowings and current portion of long-term debt and finance leases 592.3 622.2
Accounts payable 1,340.7 1,277.1
Accrued payroll and employee benefits 288.9 213.4
Accrued trade rebates 157.9 142.4
Income taxes payable 74.7 57.6
Other current liabilities 408.1 386.8
Total current liabilities 2,862.6 2,699.5
Long-term debt and finance leases 2,559.9 2,622.1
Long-term retirement benefits and other liabilities 434.6 500.3
Deferred tax liabilities and income taxes payable 234.8 260.0
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 2024 and 2023; issued – 124,126,624 shares at year-end 2024 and 2023; outstanding – 79,800,396 and 80,495,585 shares at year-end 2024 and 2023, respectively 124.1 124.1
Capital in excess of par value 840.6 854.5
Retained earnings 5,151.2 4,691.8
Treasury stock at cost, 44,326,228 and 43,631,039 shares at year-end 2024 and 2023, respectively (3,347.5) (3,134.4)
Accumulated other comprehensive loss (456.1) (408.1)
Total shareholders’ equity 2,312.3 2,127.9
Total liabilities and shareholders' equity $ 8,404.2 $ 8,209.8
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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Statement of Financial Position [Abstract]    
Trade accounts receivable, allowances $ 29.0 $ 34.4
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) 79,800,396 80,495,585
Treasury stock, shares (in shares) 44,326,228 43,631,039
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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 8,755.7 $ 8,364.3 $ 9,039.3
Cost of products sold 6,225.0 6,086.8 6,635.1
Gross profit 2,530.7 2,277.5 2,404.2
Marketing, general and administrative expense 1,415.3 1,313.7 1,330.8
Other expense (income), net 71.6 180.9 (0.6)
Interest expense 117.0 119.0 84.1
Other non-operating expense (income), net (26.7) (30.8) (9.4)
Income before taxes 953.5 694.7 999.3
Provision for income taxes 248.6 191.7 242.2
Net income $ 704.9 $ 503.0 $ 757.1
Per share amounts:      
Net income per common share (in dollars per share) $ 8.77 $ 6.23 $ 9.28
Net income per common share, assuming dilution (in dollars per share) $ 8.73 $ 6.20 $ 9.21
Weighted average number of shares outstanding:      
Common shares (in shares) 80.4 80.7 81.6
Common shares, assuming dilution (in shares) 80.7 81.1 82.2
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 704.9 $ 503.0 $ 757.1
Foreign currency translation:      
Translation gain (loss) (46.9) (14.6) (96.6)
Pension and other postretirement benefits:      
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit (1.3) (25.2) 6.3
Reclassifications to net income 0.8 (1.0) 2.8
Cash flow hedges:      
Gain (loss) recognized on cash flow hedges (5.4) (7.0) 4.9
Reclassifications to net income 2.8 3.7 1.5
Fair value hedges:      
Changes in excluded components of fair value hedges 2.0 0.0 0.0
Other comprehensive income (loss), net of tax (48.0) (44.1) (81.1)
Total comprehensive income, net of tax $ 656.9 $ 458.9 $ 676.0
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Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions
Total
Common stock, $1 par value
Capital in excess of par value
Retained earnings
Treasury stock
Accumulated other comprehensive loss
Beginning balance at Jan. 01, 2022 $ 1,924.4 $ 124.1 $ 862.3 $ 3,880.7 $ (2,659.8) $ (282.9)
Increase (Decrease) in Stockholders' Equity            
Net income 757.1     757.1    
Other comprehensive income (loss), net of tax (81.1)         (81.1)
Repurchase of shares for treasury (379.5)       (379.5)  
Issuance of shares under stock-based compensation plans 23.2   17.0 (4.4) 10.6  
Contribution of shares to 401(k) plan 27.0     20.1 6.9  
Dividends (238.9)     (238.9)    
Ending 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 $ 124.1 $ 840.6 $ 5,151.2 $ (3,347.5) $ (456.1)
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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Stock issued under stock-based compensation plans (in shares) 340,048 297,885 223,676
Stock issued under 401(k) Plan (in shares) 149,543 168,404 153,803
Dividends per common share (in dollars per share) $ 3.45 $ 3.18 $ 2.93
Treasury stock      
Repurchase of shares for treasury (in shares) 1,184,780 780,721 2,173,416
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 704.9 $ 503.0 $ 757.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 197.1 187.4 177.4
Amortization 115.1 111.0 113.3
Provision for credit losses and sales returns 47.4 49.9 50.1
Stock-based compensation 28.7 22.3 47.4
Deferred taxes and other non-cash taxes (18.5) (24.4) 18.4
Other non-cash expense and loss (income and gain), net 67.2 37.1 23.5
Changes in assets and liabilities and other adjustments:      
Trade accounts receivable (107.3) (16.7) (22.1)
Inventories (90.7) 111.7 (140.7)
Accounts payable 106.7 (87.6) 68.2
Taxes on income 40.2 (18.7) 18.9
Other assets (48.0) 37.7 15.3
Other liabilities (104.0) (86.7) (165.8)
Net cash provided by operating activities 938.8 826.0 961.0
Investing Activities      
Purchases of property, plant and equipment (208.8) (265.3) (278.1)
Purchases of software and other deferred charges (31.0) (19.8) (20.4)
Proceeds from company-owned life insurance policies 0.0 48.1 0.0
Purchases of Argentine Blue Chip Swap securities (34.2) 0.0 0.0
Proceeds from sales of Argentine Blue Chip Swap securities 24.0 0.0 0.0
Proceeds from sales of property, plant and equipment 0.6 1.0 2.3
Proceeds from insurance and sales (purchases) of investments, net 10.1 1.9 1.9
Proceeds from sale of venture investment 0.0 0.0 1.1
Payments for acquisitions, net of cash acquired, and venture investments (3.8) (224.9) (39.5)
Net cash used in investing activities (243.1) (459.0) (332.7)
Financing Activities      
Net increase (decrease) in borrowings with maturities of three months or less (269.0) (36.6) 34.6
Additional long-term borrowings 539.2 394.9 0.0
Repayments of long-term debt and finance leases (308.1) (255.9) (6.3)
Dividends paid (277.5) (256.7) (238.9)
Share repurchases (247.5) (137.5) (379.5)
Net (tax withholding) proceeds related to stock-based compensation (8.4) (23.8) (25.1)
Other (4.8) (1.6) 0.0
Net cash used in financing activities (576.1) (317.2) (615.2)
Effect of foreign currency translation on cash balances (5.5) (2.0) (8.6)
Increase (decrease) in cash and cash equivalents 114.1 47.8 4.5
Cash and cash equivalents, beginning of year 215.0 167.2 162.7
Cash and cash equivalents, end of year $ 329.1 $ 215.0 $ 167.2
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 28, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
We are a global materials science and digital identification solutions company. 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, 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
Our fiscal years have generally consisted of 52 weeks, with every fifth or sixth fiscal year consisting of 53 weeks; our 2024, 2023 and 2022 fiscal years consisted of 52-week periods ending December 28, 2024, December 30, 2023 and December 31, 2022, respectively.
Subsequent to fiscal year-end 2024, 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 that began on December 29, 2024 will end on December 31, 2025 and fiscal years 2026 and beyond will begin on January 1 and end on December 31.
Accounting Guidance Updates
Segment Disclosures
In the fourth quarter of 2024, we adopted guidance that requires additional disclosures about significant segment expenses. See Note 15, “Segment and Disaggregated Revenue Information,” 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 useful life of the asset and the term of the associated lease. 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 equity 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 and 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 respective forecasted sales, operating margins and growth rates, as well as discount rates. Our assumptions about discount rates are based on the weighted average cost of capital for comparable companies. Our assumptions about sales, operating 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 contracts 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 10 years for cross-currency swap transactions.
On the date we enter into a derivative contract, we determine whether the derivative will be designated as a hedge. Other derivatives 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 financial 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 the changes in the fair value of a derivative financial 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 financial 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, 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 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 derivatives, 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 financial 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.
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, films, performance tapes and fasteners. 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, that provide our customers with solutions to optimize branding and engagement with their consumers and enable item visibility and traceability. We recognize revenue for 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 tax, value-added tax 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 generally 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 2024, 2023 or 2022.
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 date of grant 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 date of grant, 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 at the time of grant 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”) granted to eligible employees. 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.
Recent Accounting Requirements
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 financial statement disclosures.
v3.25.0.1
BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
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.
2022 Business Acquisitions
In January 2022, we completed our business acquisitions of TexTrace AG ("TexTrace"), a Switzerland-based technology developer specializing in custom-made woven and knitted RFID products that can be sewn onto or inserted into garments, and Rietveld Serigrafie B.V. and Rietveld Screenprinting Serigrafi Baski Matbaa Tekstil Ithalat Ihracat Sanayi ve Ticaret Limited Sirketi (collectively, "Rietveld"), a Netherlands-based provider of external embellishment solutions and application and printing methods for performance brands and team sports in Europe. These acquisitions expanded the product portfolio in our Solutions Group reportable segment. The acquisitions of TexTrace and Rietveld are referred to collectively as the "2022 Acquisitions."
The aggregate purchase consideration for the 2022 Acquisitions was approximately $35 million. We funded the 2022 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 $30 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 2022 Acquisitions were not material, individually or in the aggregate, to the Consolidated Financial Statements.
v3.25.0.1
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS
 12 Months Ended
Dec. 28, 2024
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 2024 indicated that no impairment occurred during 2024. The assumptions used in our assessment were primarily based on Level 3 inputs.
Changes in the net carrying amount of goodwill for 2024 and 2023 by reportable segment are shown below.
(In millions)Materials GroupSolutions GroupTotal
Goodwill as of December 31, 2022
$618.7 $1,243.7 $1,862.4 
Acquisitions(1)
— 135.0 135.0 
Translation adjustments12.0 4.2 16.2 
Goodwill as of December 30, 2023
630.7 1,382.9 2,013.6 
Acquisition adjustments(2)
— (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 
(1)Goodwill acquired related to the 2023 Acquisitions. We expect substantially all of the recognized goodwill related to the 2023 Acquisitions not to be deductible for income tax purposes.
(2)Measurement period adjustments related to the finalization of the purchase price allocation for our 2023 Acquisitions.
The carrying amounts of goodwill at December 28, 2024 and December 30, 2023 were net of accumulated impairment losses of $820 million recognized in fiscal year 2009 by our Solutions Group reportable segment.
Indefinite-Lived Intangible Assets
Results from our annual indefinite-lived intangible assets impairment test in the fourth quarter indicated that no impairment occurred in 2024. The carrying value of indefinite-lived intangible assets resulting from business acquisitions, consisting of trade names and trademarks, was $154.5 million and $155.3 million at December 28, 2024 and December 30, 2023, respectively.
Finite-Lived Intangible Assets
In connection with the 2023 Acquisitions, we acquired approximately $94 million of identifiable finite-lived intangible assets, which consisted of customer relationships, patented and other developed technology, and trade names and trademarks. 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 weighted average useful lives of the intangible assets associated with the 2023 Acquisitions as of their respective acquisition dates.
Amount
(in millions)		Weighted average
amortization
period
(in years)
Customer relationships$68.8 11
Patented and other developed technology22.2 7
Trade names and trademarks3.0 6
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 28, 2024 and December 30, 2023, which continue to be amortized.
20242023
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$916.0 $438.5 $477.5 $922.5 $383.7 $538.8 
Patented and other developed technology275.2 156.8 118.4 278.3 130.2 148.1 
Trade names and trademarks17.1 12.8 4.3 17.4 11.7 5.7 
Other intangibles3.2 2.6 .6 3.2 2.0 1.2 
Total$1,211.5 $610.7 $600.8 $1,221.4 $527.6 $693.8 
Amortization expense for finite-lived intangible assets resulting from business acquisitions was $89.4 million for 2024, $86.3 million for 2023 and $81.8 million for 2022.
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
2025$88.2 
202685.4 
202785.0 
202877.2 
202961.8 
2030 and thereafter
203.2 
v3.25.0.1
DEBT
 12 Months Ended
Dec. 28, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Borrowings
We had no outstanding borrowings from U.S. commercial paper as of December 28, 2024 and $112 million of outstanding borrowings from U.S. commercial paper issuances as of December 30, 2023 with a weighted average interest rate of 5.54%.
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. We had no outstanding balance as of December 28, 2024 and $199.2 million outstanding under this program as of December 30, 2023 with a weighted average interest rate of 4.13%.
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 28, 2024 or our prior revolving credit facility as of December 30, 2023. Commitment fees associated with revolving credit facilities in 2024, 2023 and 2022 were $1.5 million, $1.2 million and $0.9 million, respectively.
In addition to the Revolver, we have short-term lines of credit available in various countries of approximately $261 million in the aggregate at December 28, 2024. 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 28, 2024 and December 30, 2023.
From time to time, we provide guarantees on certain arrangements with banks. Our exposure to these guarantees is not material.
Long-Term 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 intend to use 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 2024 and 2023 is shown below.
(In millions)20242023
Long-term debt
Medium-term notes:
Series 1995 due 2025
$30.0 $30.0 
Long-term notes:
Senior notes due 2024 at 0.85%
— 299.6 
Senior notes due 2025 at 1.25%(1)
521.1 552.6 
Senior notes due 2028 at 4.875%
497.4 496.7 
Senior notes due 2030 at 2.650%
496.7 496.1 
Senior notes due 2032 at 2.25%
495.7 495.1 
Senior notes due 2033 at 6.0%
149.3 149.2 
Senior notes due 2033 at 5.75%
395.8 395.3 
Senior notes due 2034 at 3.75%(1)
515.9 — 
Less amount classified as current(551.1)(299.6)
Total long-term debt(2)
$2,550.8 $2,615.0 
(1) These senior notes are euro-denominated. The senior notes due in 2025 and 2034 each have a face value of €500 million.
(2) Included unamortized debt issuance costs and debt discounts of $12.6 million and $7.9 million, respectively, as of year-end 2024 and $11.3 million and $7.4 million, respectively, as of year-end 2023.
At year-end 2024 and 2023, 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)
2025$551.2 
2026— 
2027— 
2028500.0 
2029— 
2030 and thereafter2,071.2 
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 28, 2024 and December 30, 2023, we were in compliance with this financial covenant.
Our total interest costs in 2024, 2023 and 2022 were $124.0 million, $126.5 million and $89.8 million, respectively, of which $7.0 million, $7.5 million and $5.7 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 $3.01 billion at December 28, 2024 and $3.11 billion at December 30, 2023. Fair value amounts were determined based primarily on Level 2 inputs. Refer to Note 1, “Summary of Significant Accounting Policies,” for more information.
v3.25.0.1
FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
We use various derivative financial instruments to manage risks in foreign currency exchange rates, commodity prices and interest rates. We recognize derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets.
Fair Value Hedges
During 2024, we entered into foreign currency forward contracts to hedge a portion of our €500 million of senior notes due in the first quarter of 2025 and €500 million of senior notes due in the fourth quarter of 2034 to offset changes in the fair value of the hedged item attributable to foreign currency risk. The foreign currency forward contracts hedging our €500 million of senior notes due in the fourth quarter of 2034 have a maturity date of December 2025.
Cash Flow Hedges
During 2020, 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 contract, which ends 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 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 fourth quarter of 2034. The resulting gain will be amortized to interest expense over the term of the hedged fixed-rate interest payments.
Net Investment Hedges
During 2024, we entered into foreign currency forward contracts and zero-cost collars, combining each pair as net investment hedges for accounting purposes. The objective of the hedging activity is to minimize the effect of foreign currency exchange rates on our net investment in certain foreign operations between the sold put strike and the purchased call strike rates of the contracts. The notional amount of these hedges are approximately €420 million and €500 million with maturity dates in March 2025 and December 2025, respectively.
Other Derivatives
Our outstanding foreign currency exchange contracts as of December 28, 2024 were recorded in various currencies, primarily the U.S. dollar, Canadian dollar, euro, Chinese renminbi, British pound sterling and Hong Kong dollar. For other derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings.
Derivative Financial Statement Impacts
The following table shows the fair value and balance sheet locations of other derivatives as of December 28, 2024 and December 30, 2023:
(In millions)Notional Amount
Other Current Assets
Other Non-Current Assets
Other Current Liabilities
Other Non-Current Liabilities
Type of Hedge
December 28, 2024
Derivatives designated as hedges:
Foreign currency forward contracts
$958.9 $.2 $— $36.7 $— Fair value
Cross-currency swap contracts
250.0 — 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 $— 
December 30, 2023
Derivatives designated as hedges:
Cross-currency swap contracts$250.0 $— $2.3 $— $— Cash flow
Commodity contracts5.8 — — 1.4 .2 Cash flow
Total$— $2.3 $1.4 $.2 
Derivatives not designated as hedges:
Foreign currency exchange contracts
$1,336.6 $6.3 $— $6.0 $— 
The following tables show the components of the net gains (losses) recognized in income related to derivative instruments:
(In millions)202420232022
Gain (loss) on derivatives designated as fair value hedges:
Foreign currency forward contracts - Marketing, general and administrative expense
$(36.4)$— $— 
The impact of the hedged items associated with the derivative 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 2024, 2023 or 2022.
The gain recognized in translation for the 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
202420232022
Foreign currency exchange contracts
Cost of products sold$3.2 $3.4 $5.6 
Foreign currency exchange contracts
Marketing, general and administrative expense(15.2)5.5 (4.3)
$(12.0)$8.9 $1.3 
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS
 12 Months Ended
Dec. 28, 2024
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 25% in equity securities, 61% in fixed income securities and cash, and 14% 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)
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 
2023 
Cash$1.3 $1.3 $— $— 
Insurance contracts42.6 — — 42.6 
Pooled funds – real estate investment trusts6.4 — — 6.4 
Pooled funds – fixed income securities(1)
389.8 
Pooled funds – equity securities(1)
169.4 
Pooled funds – other investments(1)
53.7 
Total non-U.S. plan assets at fair value
$663.2 
(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 2024 and 2023:
Level 3 Assets
(In millions)Insurance ContractsPooled Funds –
Real Estate
Investment Trusts		Total
Balance at December 31, 2022
$37.1 $8.3 $45.4 
Net realized and unrealized gain (loss)1.3 (2.3)(1.0)
Purchases3.5 — 3.5 
Settlements(2.8)— (2.8)
Acquisition
1.1 — 1.1 
Impact of changes in foreign currency exchange rates2.4 .4 2.8 
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 
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 high quality corporate bonds currently available. 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
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 defined benefit plans:
Plan Benefit Obligations
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
Change in projected benefit obligations
Projected benefit obligations at beginning of year$49.3 $679.9 $51.8 $586.9 
Service cost— 13.8 — 10.5 
Interest cost2.2 24.1 2.4 24.7 
Participant contributions
— 4.7 — 4.5 
Amendments— 5.1 — (.1)
Actuarial (gain) loss(.5)2.8 1.4 51.3 
Acquisition
— — — 1.2 
Benefits paid(6.4)(24.5)(6.3)(25.3)
Settlements— (6.0)— (.6)
Foreign currency translation— (35.5)— 26.8 
Projected benefit obligations at end of year$44.6 $664.4 $49.3 $679.9 
Accumulated benefit obligations at end of year$44.6 $608.0 $49.3 $628.7 
Plan Assets
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.Non-U.S.
Change in plan assets
Plan assets at beginning of year$— $663.2 $— $585.3 
Actual return on plan assets— 41.6 — 54.6 
Acquisition
— — — 1.1 
Employer contributions6.4 15.5 6.3 17.2 
Participant contributions— 4.7 — 4.5 
Benefits paid(6.4)(24.5)(6.3)(25.3)
Settlements— (6.0)— (.6)
Foreign currency translation— (35.0)— 26.4 
Plan assets at end of year$— $659.5 $— $663.2 
Funded Status
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
Funded status of the plans
Other assets$— $84.7 $— $67.8 
Other accrued liabilities(6.1)(3.2)(6.1)(.2)
Long-term retirement benefits and other liabilities(1)
(38.5)(86.4)(43.2)(84.3)
Plan assets less than benefit obligations$(44.6)$(4.9)$(49.3)$(16.7)
(1) In accordance with our funding strategy, we have the option to fund certain of our U.S. liabilities with proceeds from our company-owned life insurance policies.
Pension Benefits
20242023
U.S.
Non-U.S.
U.S.
Non-U.S.
Weighted average assumptions used to determine year-end benefit obligations
Discount rate5.43 %3.95 %4.86 %3.78 %
Compensation rate increase— 2.80 — 2.73 
For U.S. and non-U.S. plans combined, the projected benefit obligations and fair values of plan assets for pension plans with projected benefit obligations in excess of plan assets were $290 million and $156 million, respectively, at year-end 2024 and $210 million and $76 million, respectively, at year-end 2023.
For U.S. and non-U.S. plans combined, the accumulated benefit obligations and fair values of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $274 million and $151 million, respectively, at year-end 2024 and $162 million and $43 million, respectively, at year-end 2023.
Accumulated Other Comprehensive Loss
The following table shows the pre-tax amounts recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets:
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
Net actuarial loss$8.9 $69.4 $9.6 $73.2 
Prior service (credit) cost— 2.3 — (3.4)
Net amount recognized in accumulated other comprehensive loss$8.9 $71.7 $9.6 $69.8 
The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:
Pension Benefits
202420232022
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Net actuarial (gain) loss$(.2)$(3.4)$.9 $32.6 $(5.6)$(.8)
Prior service credit— 5.1 — (.1)— — 
Amortization of unrecognized:
Net actuarial (gain) loss
(.5)(.4)(.4)2.1 (.8)(2.5)
Prior service credit (cost)— .5 — .4 — .4 
Settlements— .1 — .1 (.1).1 
Net amount recognized in other comprehensive loss (income)$(.7)$1.9 $.5 $35.1 $(6.5)$(2.8)
Plan Income Statement Reconciliations
The following table shows the components of net periodic benefit cost:
Pension Benefits
202420232022
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Service cost$— $13.8 $— $10.5 $— $16.5 
Interest cost2.2 24.1 2.4 24.7 1.2 10.8 
Actuarial (gain) loss(.2)— .5 — (3.5)— 
Expected return on plan assets— (37.4)— (33.2)— (21.9)
Amortization of actuarial loss.5 .4 .4 (2.1).8 2.5 
Amortization of prior service (credit) cost— (.5)— (.4)— (.4)
Recognized loss (gain) on settlements
— (.1)— (.1).1 (.1)
Net periodic benefit cost (credit)$2.5 $.3 $3.3 $(.6)$(1.4)$7.4 
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
202420232022
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Discount rate4.86 %3.78 %5.06 %4.36 %2.19 %1.57 %
Expected return on assets— 5.04 — 4.71 — 3.00 
Compensation rate increase— 2.73 — 2.75 — 2.33 
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. The following table sets forth our expected contributions in 2025:
(In millions)
U.S. pension plans$6.2 
Non-U.S. pension plans
17.5 
Future Benefit Payments
The future benefit payments shown below reflect the expected service periods for eligible participants.
Pension
Benefits
(In millions)U.S.
Non-U.S.
2025$6.2 $23.5 
20265.7 29.3 
20275.5 27.3 
20285.0 26.6 
20294.7 26.6 
2030-203417.0 152.5 
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 2024, 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 2023, our postretirement health benefits obligation and related loss recorded in “Accumulated other comprehensive loss” were approximately $2 million and $10 million, respectively. Net periodic benefit cost was not material in 2024, 2023 or 2022.
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 $31.9 million, $30.3 million and $27.3 million in 2024, 2023 and 2022, 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 2024 and 2023, we had accrued $99.0 million and $88.2 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. Approximately 0.04 million and 0.1 million DSUs were outstanding as of year-end 2024 and 2023, respectively, with an aggregate value of $8 million and $19 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 $247.4 million and $228.4 million at year-end 2024 and 2023, respectively.
v3.25.0.1
COMMITMENTS AND LEASES
 12 Months Ended
Dec. 28, 2024
Leases [Abstract]  
COMMITMENTS AND LEASES COMMITMENTS AND LEASES
Supplemental cost information related to leases is shown below.
(In millions)202420232022
Operating lease costs$75.1 $73.6 $70.8 
Lease costs related to finance leases were not material in 2024, 2023 or 2022.
Supplemental balance sheet information related to leases is shown below.
(In millions)Balance Sheet Location20242023
Assets
OperatingOther assets$227.5 $200.2 
Finance(1)
Property, plant and equipment, net32.5 29.6 
Total leased assets$260.0 $229.8 
Liabilities
Current:
OperatingOther current liabilities$49.6 $45.4 
FinanceShort-term borrowings and current portion of long-term debt and finance leases4.3 6.3 
Non-current:
OperatingLong-term retirement benefits and other liabilities176.1 152.3 
FinanceLong-term debt and finance leases9.1 7.0 
Total lease liabilities$239.1 $211.0 
(1) Finance lease assets are net of accumulated amortization of $18.7 million and $14.6 million as of December 28, 2024 and December 30, 2023, respectively.
Supplemental cash flow information related to leases is shown below.
(In millions)202420232022
Cash paid for amounts included in measurement of operating lease liabilities
$61.0 $55.8 $60.5 
Operating lease assets obtained in exchange for operating lease liabilities93.0 92.4 37.2 
Cash flows related to finance leases were not material in 2024, 2023 or 2022.
Weighted average remaining lease term and discount rate information related to leases as of December 28, 2024 and December 30, 2023 is shown below.
20242023
Weighted average remaining lease term (in years):
Operating6.77.1
Finance3.63.1
Weighted average discount rate (percentage):
Operating4.6 %4.1 %
Finance4.7 4.2 
Operating and finance lease liabilities by maturity date from December 28, 2024 are shown below.
(In millions)Operating LeasesFinance Leases
2025$55.6 $5.3 
202647.8 3.6 
202737.0 2.8 
202826.3 1.8 
202921.8 .9 
2030 and thereafter72.5 .5 
Total lease payments261.0 14.9 
Less: imputed interest(35.3)(1.6)
Present value of lease liabilities$225.7 $13.3 
As of December 28, 2024, 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)202420232022
Operating lease costs$75.1 $73.6 $70.8 
Lease costs related to finance leases were not material in 2024, 2023 or 2022.
Supplemental balance sheet information related to leases is shown below.
(In millions)Balance Sheet Location20242023
Assets
OperatingOther assets$227.5 $200.2 
Finance(1)
Property, plant and equipment, net32.5 29.6 
Total leased assets$260.0 $229.8 
Liabilities
Current:
OperatingOther current liabilities$49.6 $45.4 
FinanceShort-term borrowings and current portion of long-term debt and finance leases4.3 6.3 
Non-current:
OperatingLong-term retirement benefits and other liabilities176.1 152.3 
FinanceLong-term debt and finance leases9.1 7.0 
Total lease liabilities$239.1 $211.0 
(1) Finance lease assets are net of accumulated amortization of $18.7 million and $14.6 million as of December 28, 2024 and December 30, 2023, respectively.
Supplemental cash flow information related to leases is shown below.
(In millions)202420232022
Cash paid for amounts included in measurement of operating lease liabilities
$61.0 $55.8 $60.5 
Operating lease assets obtained in exchange for operating lease liabilities93.0 92.4 37.2 
Cash flows related to finance leases were not material in 2024, 2023 or 2022.
Weighted average remaining lease term and discount rate information related to leases as of December 28, 2024 and December 30, 2023 is shown below.
20242023
Weighted average remaining lease term (in years):
Operating6.77.1
Finance3.63.1
Weighted average discount rate (percentage):
Operating4.6 %4.1 %
Finance4.7 4.2 
Operating and finance lease liabilities by maturity date from December 28, 2024 are shown below.
(In millions)Operating LeasesFinance Leases
2025$55.6 $5.3 
202647.8 3.6 
202737.0 2.8 
202826.3 1.8 
202921.8 .9 
2030 and thereafter72.5 .5 
Total lease payments261.0 14.9 
Less: imputed interest(35.3)(1.6)
Present value of lease liabilities$225.7 $13.3 
As of December 28, 2024, we had no significant operating or finance leases that had not yet commenced.
v3.25.0.1
CONTINGENCIES
 12 Months Ended
Dec. 28, 2024
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 litigation in which ADASA Inc. (“Adasa”), an unrelated third party, alleged that certain of the RFID products within our Solutions Group reportable segment infringed its patent. The case was filed on October 24, 2017 in the United States District Court in the District of Oregon (Eugene Division) and was captioned ADASA Inc. v. Avery Dennison Corporation. We recorded a contingent liability in the amount of $26.6 million related to this matter in the second quarter of 2021 based on a jury verdict issued on May 14, 2021.
We appealed the first instance judgment associated with the jury verdict – which resulted in additional potential liability for the RFID tags sold during the period from the jury verdict to the issuance of the first instance judgment, a higher royalty applicable to tags sold after the judgment and a royalty on additional late-disclosed tags, as well as sanctions, prejudgment interest, costs, and attorneys’ fees, as well as an ongoing royalty on in-scope tags sold after October 14, 2021 – to the United States Court of Appeals for the Federal Circuit (the “CAFC”). During the fourth quarter of 2022, the CAFC issued its opinion, reversing the grant of summary judgment of validity as to anticipation and obviousness, vacating the sanctions ruling, and remanding the case for retrial with respect to validity for anticipation and obviousness over the prior art. The CAFC affirmed subject-matter eligibility and damages if liability was determined on retrial. On remand, the trial court was required to reconsider the amount of sanctions consistent with the CAFC's instruction to limit sanctions to the late-disclosed tags.
After the U.S. Supreme Court denied our writ of certiorari petition on May 30, 2023, the retrial began on July 10, 2023. On July 18, 2023, the jury in the retrial issued a verdict that Adasa’s patent is valid. We increased our contingent liability to reflect our then-best estimate of the anticipated judgment to $80.4 million as of July 1, 2023, with an expectation to continue adjusting our accrual quarterly, as appropriate. As of December 30, 2023, our contingent liability for this matter was $82.9 million.
On January 25, 2024, the district court issued a revised sanctions order lowering the sanctions against us from approximately $20 million to $5.2 million based on a rate of $0.0025/late-reported tag, which was consistent with the amount we had accrued. In February 2024, the district court issued its decision denying our motion for judgment as a matter of law
and our motion for a new trial. On March 7, 2024, the Court issued an amended final judgment, assessing damages, pre- and post-judgment interest, costs, attorneys' fees, sanctions, and ongoing royalties.
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. No court approval of the settlement was required; however, as required by the settlement agreement, Adasa filed a Stipulation of Satisfaction of Judgment with the trial court on April 29, 2024.
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 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 28, 2024, 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 2024 and 2023 is shown below:
(In millions)20242023
Balance at beginning of year$24.5 $24.3 
Charges, net of reversals1.9 2.5 
Payments(13.4)(2.3)
Balance at end of year$13.0 $24.5 
Approximately $5 million and $11 million, respectively, of this balance was classified as short-term and included in “Other current liabilities” in the Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023.
v3.25.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 28, 2024
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 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 
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 30, 2023 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$37.8 $19.6 $18.2 $— 
Derivative assets8.6 — 8.6 — 
Bank drafts5.3 5.3 — — 
Liabilities
Derivative liabilities$7.6 $1.6 $6.0 $— 
Contingent consideration liabilities10.0 — — 10.0 
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 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. As of December 30, 2023, investments of $2.7 million and $35.1 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the Consolidated Balance Sheets. Derivatives that are exchange-traded are measured at fair value using quoted market prices and classified within Level 1 of the valuation hierarchy. Derivatives 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 certain acquisitions completed in 2023, 2022 and 2021, which are subject to the acquired companies achieving certain post-acquisition performance targets. These liabilities were recorded based on the expected payments and have been classified as Level 3. Activity related to contingent consideration was immaterial in 2024 and 2023.
In addition to the investments described above, we hold venture investments that had a total carrying value of approximately $45 million and $71 million as of December 28, 2024 and December 30, 2023, respectively, which was included in “Other assets” in the Consolidated Balance Sheets. Starting in the second quarter of 2024, we began revaluing certain venture investments based on Level 1 inputs; the fair value of these investments was $8.4 million as of December 28, 2024. Related to these investments, we recognized $19.2 million in net losses in 2024, no net gains or losses in 2023 and net gains of $13.5 million in 2022 in “Other expense (income), net” in the Consolidated Statements of Income.
v3.25.0.1
NET INCOME PER COMMON SHARE
 12 Months Ended
Dec. 28, 2024
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)202420232022
(A) Net income$704.9 $503.0 $757.1 
(B) Weighted average number of common shares outstanding80.4 80.7 81.6 
Dilutive shares (additional common shares issuable under stock-based awards).3 .4 .6 
(C) Weighted average number of common shares outstanding, assuming dilution80.7 81.1 82.2 
Net income per common share (A) ÷ (B)$8.77 $6.23 $9.28 
Net income per common share, assuming dilution (A) ÷ (C)$8.73 $6.20 $9.21 
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 2024 and 2023 and were not significant in 2022.
v3.25.0.1
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION
 12 Months Ended
Dec. 28, 2024
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 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 2024, we repurchased approximately 1.2 million shares of our common stock at an aggregate cost of $247.5 million. In 2023, we repurchased approximately 0.8 million shares of our common stock at an aggregate cost of $137.5 million.
In April 2022, 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 any amount outstanding under our previous Board authorization. Shares of our common stock in the aggregate amount of $346.9 million remained authorized for repurchase under this Board authorization as of December 28, 2024. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased.
Treasury Shares Reissuance
We fund a portion of our employee-related costs using shares of our common stock held in treasury. We reduce capital in excess of par value based on the grant date fair value of vesting awards and record net gains or losses associated with using treasury shares to retained earnings.
Accumulated Other Comprehensive Loss
The changes in “Accumulated other comprehensive loss” (net of tax) for 2024 and 2023 were as follows:
(In millions)
Foreign
Currency
Translation(1)
Pension and
Other
Postretirement
Benefits		Cash Flow
Hedges
Fair Value Hedges
Total
Balance as of December 31, 2022$(314.0)$(51.3)$1.3 $— $(364.0)
Other comprehensive income (loss) before reclassifications, net of tax(14.6)(25.2)(7.0)— (46.8)
Reclassifications to net income, net of tax— (1.0)3.7 — 2.7 
Net current-period other comprehensive income (loss), net of tax(14.6)(26.2)(3.3)— (44.1)
Balance as of December 30, 2023$(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)
(1) The 2024 changes in foreign currency translation included a pretax gain related to the 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)202420232022
Foreign currency translation:
Translation gain (loss)
$.1 $1.2 $(7.0)
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit(.6)(8.2).5 
Reclassifications to net income.4 (.3)1.1 
Cash flow hedges:
Gain (loss) recognized on cash flow hedges(1.7)(2.2)1.6 
Reclassifications to net income.9 1.2 .4 
Fair value hedges:
Changes in excluded components of fair value hedges.6 — — 
Income tax expense (benefit) allocated to components of other comprehensive income (loss)
$(.3)$(8.3)$(3.4)
v3.25.0.1
LONG-TERM INCENTIVE COMPENSATION
 12 Months Ended
Dec. 28, 2024
Share-Based Payment Arrangement [Abstract]  
LONG-TERM INCENTIVE COMPENSATION LONG-TERM INCENTIVE COMPENSATION
Stock-Based Awards
Stock-Based Compensation
We 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 date of grant.
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)202420232022
Stock-based compensation expense$28.7 $22.3 $47.4 
Tax benefit2.6 2.4 6.7 
This expense was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income.
As of December 28, 2024, we had approximately $38 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 date of the grant and generally vest over a four-year period. Options expire ten years from the date of grant.
The fair value of stock options is estimated as of the date of grant 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.
The weighted average grant date fair value per share for stock options granted in 2023 was $47.65. No stock options were granted in fiscal years 2024 or 2022.
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 30, 2023204.1 $109.92 4.36$18.7 
Exercised(141.1)73.96 
Outstanding at December 28, 202463.0 $190.54 8.68$— 
Options vested and expected to vest at December 28, 202454.8 190.54 8.68— 
Options exercisable at December 28, 2024— $— $— 
The total intrinsic value of stock options exercised was $19.5 million in 2024. 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. There were no stock option exercises in 2023 and the stock option exercises in 2022 were immaterial. 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 $224.82, $180.12 and $163.97 in 2024, 2023 and 2022, respectively.
The following table summarizes information related to awarded PUs:
Number of
 PUs
(in thousands)		Weighted
 average
grant-date
 fair value
Unvested at December 30, 2023300.7 $174.54 
Granted at target68.3 224.82 
Adjustment for above-target performance(1)
37.7 197.75 
Vested(104.2)197.75 
Forfeited/cancelled(10.4)184.82 
Unvested at December 28, 2024292.1 $181.94 
(1) Reflects adjustments for above-target performance for the 2021-2023 PUs.
The fair value of vested PUs was $20.6 million in 2024, $22.7 million in 2023 and $20.2 million in 2022.
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 $259.75, $192.53 and $141.80 in 2024, 2023 and 2022, respectively.
The following table summarizes information related to awarded MSUs:
Number of
MSUs
(in thousands) 		Weighted
average
grant-
date fair
value
Unvested at December 30, 2023195.5 $167.16 
Granted at target55.2 259.75 
Adjustments for above-target performance(1)
20.6 129.76 
Vested(99.2)147.25 
Forfeited/cancelled(8.4)198.29 
Unvested at December 28, 2024163.7 $202.83 
(1) Reflects adjustments for above-target performance for each of the tranches of MSUs vesting in 2024.
The fair value of vested MSUs was $14.6 million in 2024, $16.1 million in 2023 and $19.9 million in 2022.
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 $210.74, $175.88 and $168.34 in 2024, 2023 and 2022, respectively.
The following table summarizes information related to awarded RSUs:
Number of
RSUs
(in thousands) 		Weighted
average
grant-date
fair value
Unvested at December 30, 202366.5 $171.68 
Granted53.7 210.74 
Vested(18.4)175.42 
Forfeited/cancelled(6.9)196.80 
Unvested at December 28, 202494.9 $191.22 
The fair value of vested RSUs was $3.2 million, $2.7 million and $2.8 million in 2024, 2023 and 2022, respectively.
Cash-Based Awards
Long-Term Incentive Units (“LTI Units”)
LTI Units are cash-based awards granted to 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 $14.9 million in 2024, $16.3 million in 2023 and $11.5 million in 2022. 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 $3.6 million in 2024, $3.9 million in 2023 and $2.7 million in 2022.
v3.25.0.1
COST REDUCTION ACTIONS
 12 Months Ended
Dec. 28, 2024
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
In the fourth quarter 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, at numerous locations across our company, reflecting actions in our Solutions Group reportable segment.
2023 Actions
During 2024, we recorded $28.8 million in restructuring charges, net of reversals, related to our 2023 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 2023, we recorded $49.0 million in restructuring charges, net of reversals, related to these actions. These charges consisted of severance and related costs for the reduction of approximately 1,450 positions, as well as asset impairment charges, at numerous locations across our company.
In the third quarter of 2023, we approved a restructuring plan (the "2023 Plan") to further optimize the European footprint of our Materials Group reportable segment by reducing operations in a manufacturing facility in Belgium. The cumulative charges associated with the 2023 Plan consisted of severance and related costs for the reduction of approximately 210 positions, as well as asset impairment charges. We recorded $30.4 million in 2023 in restructuring charges related to the 2023 Plan. The activities related to the 2023 Plan are expected to be substantially completed by mid-2025.
Accruals for severance and related costs and lease cancellation costs were included in “Other current liabilities” and "Long-term retirement benefits and other liabilities" in the Consolidated Balance Sheets. Asset impairment charges were based on the estimated market value of the assets, less selling costs, if applicable. Restructuring charges were included in “Other expense (income), net” in the Consolidated Statements of Income.
During 2024, restructuring charges and payments were as follows:
(In millions)Accrual at
December 30,
2023		Charges,
Net of
Reversals		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation 		Accrual at
December 28,
2024
2025 Actions
Severance and related costs$— $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)$19.0 
During 2023, restructuring charges and payments were as follows:
(In millions)Accrual at
December 31,
2022		Charges,
Net of
Reversals 		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation		Accrual at
December 30,
2023
2023 Actions
Severance and related costs$— $72.1 $(45.1)$— $.7 $27.7 
Asset impairment charges— 8.3 — (8.3)— — 
2019/2020 Actions
Severance and related costs5.1 (1.0)(4.1)— — — 
Total$5.1 $79.4 $(49.2)$(8.3)$.7 $27.7 
The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate.
(In millions)202420232022
Restructuring charges by reportable segment and Corporate
Materials Group$5.7 $52.4 $(1.0)
Solutions Group35.8 23.2 7.9 
Corporate.4 3.8 .8 
Total$41.9 $79.4 $7.7 
v3.25.0.1
TAXES BASED ON INCOME
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
TAXES BASED ON INCOME TAXES BASED ON INCOME
Taxes based on income were as follows:
(In millions)2024
2023
2022
Current:
U.S. federal tax$36.0 $42.5 $29.4 
State taxes10.6 9.0 8.8 
Foreign taxes
214.9 160.8 177.7 
261.5 212.3 215.9 
Deferred:
U.S. federal tax(8.7)(29.0)5.8 
State taxes(3.3)(3.5).9 
Foreign taxes
(.9)11.9 19.6 
(12.9)(20.6)26.3 
Provision for income taxes$248.6 $191.7 $242.2 
The principal items accounting for the difference between taxes computed at the U.S. federal statutory rate and taxes recorded were as follows:
(In millions)202420232022
Tax provision computed at U.S. federal statutory rate(1)
$200.2 $145.9 $209.9 
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit2.7 2.6 11.8 
Foreign earnings taxed at different rates(1)
49.5 50.4 51.7 
GILTI high-tax exclusion election, net(2)
(6.2)(10.0)(11.9)
Valuation allowance15.9 2.6 (5.0)
U.S. federal research and development tax credits(7.7)(8.3)(6.5)
Tax contingencies and audit settlements1.9 11.9 (4.3)
Other items, net(7.7)(3.4)(3.5)
Provision for income taxes$248.6 $191.7 $242.2 
(1) All 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 GILTI exclusion election. In 2023, we recognized $4.4 million from our 2023 GILTI exclusion election and $5.6 million related to the election made on our 2022 U.S. federal tax return. In 2022, we recognized $11.9 million of benefit related to a GILTI exclusion election made on our 2021 U.S. federal tax return.
Income before taxes from our U.S. and foreign operations was as follows:
(In millions)202420232022
U.S.$211.4 $187.2 $232.4 
Foreign
742.1 507.5 766.9 
Income before taxes$953.5 $694.7 $999.3 
Our effective tax rate was 26.1%, 27.6% and 24.2% for fiscal years 2024, 2023 and 2022, respectively.
Our 2024 provision for income taxes included (i) $15.9 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) $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 certain tax reserves as a result of closing tax years.
Our 2022 provision for income taxes included (i) $18.8 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) $17.3 million of return-to-provision benefit, including $11.9 million related to a GILTI exclusion election and a lower net tax charge from other international inclusion items related to our 2021 U.S. federal tax return; and (iii) net tax benefit primarily from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years and the settlement of certain foreign tax audits.
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)20242023
Accrued expenses not currently deductible$29.8 $44.5 
Net operating loss carryforwards137.9 138.9 
Tax credit carryforwards14.8 9.0 
Capitalized research expenses81.7 59.9 
Stock-based compensation8.8 10.9 
Pension and other postretirement benefits31.1 34.2 
Inventory reserve19.2 16.4 
Lease liabilities44.7 43.3 
Other assets31.6 27.9 
Valuation allowance(72.7)(62.0)
Total deferred tax assets(1)
326.9 323.0 
Depreciation and amortization(306.0)(317.2)
Repatriation accrual(24.2)(24.5)
Foreign operating loss recapture(3.1)(3.4)
Lease assets(44.3)(43.4)
Total deferred tax liabilities(1)
(377.6)(388.5)
Total net deferred tax assets (liabilities)$(50.7)$(65.5)
(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 28, 2024 and December 30, 2023 were $466 million and $481 million, respectively. Tax credit carryforwards of both domestic and foreign subsidiaries at December 28, 2024 and December 30, 2023 totaled $15 million and $9 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
2025$2.6 $.2 
20262.3 .2 
20273.1 .4 
20286.6 .8 
202928.5 .4 
2030-204423.6 11.7 
Indefinite life/no expiry399.4 1.1 
Total$466.1 $14.8 
(1) Net operating losses are presented before tax effects and valuation allowance.
Certain indefinite-lived foreign net operating losses may require decades to be fully utilized under our current business model.
At December 28, 2024, we had net operating loss carryforwards in certain states of $575 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 $548 million of these carryforwards.
As of December 28, 2024, our provision for income taxes did not materially benefit from applicable tax holidays in foreign jurisdictions.
Unrecognized Tax Benefits
As of December 28, 2024, our unrecognized tax benefits totaled $81 million, $74 million of which, if recognized, would reduce our annual effective income tax rate. As of December 30, 2023, our unrecognized tax benefits totaled $88 million, $75 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 2024, 2023 and 2022 were not material, individually or in aggregate, to the Consolidated Statements of Income. We have $17 million and $16 million of accrued interest and penalties, net of tax benefit, in the Consolidated Balance Sheets at December 28, 2024 and December 30, 2023, respectively.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is set forth below.
(In millions)20242023
Balance at beginning of year$88.0 $69.5 
Additions for tax positions of current year11.4 15.4 
Additions (reductions) for tax positions of prior years, net(7.2)8.0 
Settlements with tax authorities(4.6)(1.8)
Expirations of statutes of limitations(3.7)(3.9)
Changes due to translation of foreign currencies(2.8).8 
Balance at end of year$81.1 $88.0 
It is reasonably possible that, during the next 12 months, we may realize a decrease in our uncertain tax positions, including interest and penalties, of approximately $6 million, primarily as a result of closing tax years.
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 2021. With limited exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2010.
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
SEGMENT AND DISAGGREGATED REVENUE INFORMATION SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Segment Reporting
We have the following reportable segments:
•Materials Group – manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions.
•Solutions Group – designs, manufactures and sells a wide variety of branding and information solutions, including brand and price tickets, tags and labels (including RFID inlays), and related services, supplies and equipment.
Our President and Chief Executive Officer is the chief operating decision maker ("CODM") and is responsible for the allocation of resources and evaluation of performance of our reportable segments. The CODM's oversight includes establishing performance targets to advance our long-term strategy and increase stockholder value, allocating capital to our reportable segments to achieve those targets, developing compensation programs to incentivize segment leaders to achieve those targets, and analyzing key performance metrics to track progress against those targets. The CODM reviews the performance of each segment by comparing each reportable segment’s current period results with its annual operating plan targets, its most recent quarterly forecast, and the prior year to assess how segment results impacted our company’s overall results.
Disaggregated Revenue Information
Disaggregated revenue information is shown below in the manner that best reflects how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue from our Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our Solutions Group reportable segment is shown by product group.
(In millions)202420232022
Net sales to unaffiliated customers
Materials Group:
U.S.$1,715.6 $1,687.8 $1,892.1 
Europe, the Middle East and North Africa
2,091.0 2,007.1 2,396.2 
Asia1,388.0 1,315.2 1,390.3 
Latin America489.7 474.2 470.1 
Other
328.7 327.0 346.4 
Total Materials Group6,013.0 5,811.3 6,495.1 
Solutions Group:
Apparel and other
1,875.5 1,661.4 1,851.2 
Identification Solutions and Vestcom867.2 891.6 693.0 
Total Solutions Group2,742.7 2,553.0 2,544.2 
Net sales to unaffiliated customers$8,755.7 $8,364.3 $9,039.3 
Revenue from our Materials Group reportable segment by product group is shown below.
(In millions)202420232022
Net sales to unaffiliated customers
Materials Group:
 Labels, graphics and reflectives $5,266.0 $5,076.8 $5,725.7 
 Tapes and adhesives 676.0 665.3 696.3 
 Other 71.0 69.2 73.1 
Total Materials Group$6,013.0 $5,811.3 $6,495.1 
Our total company revenue by geographic area is shown below. Revenue is attributed to geographic areas based on the location from which products are shipped.
(In millions)202420232022
Net sales to unaffiliated customers
U.S.$2,613.4 $2,578.3 $2,565.9 
Europe, the Middle East and North Africa
2,418.6 2,306.7 2,683.6 
Asia2,763.1 2,545.2 2,817.2 
Latin America599.8 582.3 605.7 
Other
360.8 351.8 366.9 
Net sales to unaffiliated customers$8,755.7 $8,364.3 $9,039.3 
Net sales to unaffiliated customers in Asia included sales in China (including Hong Kong) of $1.40 billion in 2024, $1.30 billion in 2023 and $1.50 billion in 2022.
No single customer represented 10% or more of our net sales in year-end 2024, 2023 or 2022. Our ten largest customers by net sales in the aggregate represented approximately 16% of our net sales during 2024, 2023 and 2022.
Segment Information
During the fourth quarter of 2024, we modified our segment performance measure to exclude other expense (income), net. These changes align with how our CODM evaluates segment performance and allocates resources. Prior periods have been conformed to the current period presentation. Segment adjusted operating income is defined as income before taxes adjusted for other expense (income), net; interest expense, other non-operating expense (income), net; and other items. Segment results and reconciliation to income before taxes are presented below.
(In millions)202420232022
Materials Group
Net sales to unaffiliated customers
$6,013.0 $5,811.3 $6,495.1 
Segment expense(1)
5,088.3 5,022.1 5,649.2 
Segment adjusted operating income$924.7 $789.2 $845.9 
Solutions Group
Net sales to unaffiliated customers
$2,742.7 $2,553.0 $2,544.2 
Segment expense(1)
2,453.4 2,301.0 2,234.1 
Segment adjusted operating income$289.3 $252.0 $310.1 
(1) Segment expense included cost of sales and marketing, general and administrative expense and excluded other expense (income), net, and other items.
(In millions)202420232022
Segment adjusted operating income
Materials Group
$924.7 $789.2 $845.9 
Solutions Group289.3 252.0 310.1 
Total1,214.0 1,041.2 1,156.0 
Corporate expense(91.9)(77.4)(82.6)
Other expense (income), net and other items(78.3)(180.9).6 
Interest expense(117.0)(119.0)(84.1)
Other non-operating expense (income), net26.7 30.8 9.4 
Income before taxes$953.5 $694.7 $999.3 
Additional Segment Information
Additional financial information by reportable segment is shown below.
Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated net sales. We do not disclose total assets by reportable segment since we neither generate nor review that information internally. As our reporting structure is neither organized nor reviewed internally by country, results by individual country are not provided.
(In millions)202420232022
Intersegment sales
Materials Group
$162.8 $157.1 $137.1 
Solutions Group52.3 35.5 37.4 
Intersegment sales$215.1 $192.6 $174.5 
Capital expenditures(1)(2)
Materials Group
$96.3 $117.8 $153.5 
Solutions Group120.8 148.7 144.0 
Capital expenditures$217.1 $266.5 $297.5 
Depreciation and amortization expense(1)
Materials Group
$130.9 $127.8 $135.8 
Solutions Group181.3 170.6 154.9 
Depreciation and amortization expense$312.2 $298.4 $290.7 
(1) Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their percentage of consolidated net sales.
(2) Capital expenditures for property, plant and equipment included accruals.
Entity-wide Information
Other expense (income), net by type were as follows:
(In millions)202420232022
Other expense (income), net by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals
$35.4 $70.8 $7.6 
Asset impairment and lease cancellation charges
6.5 8.6 .1 
Other items:
Losses from Argentine peso remeasurement and Blue Chip Swap transactions16.4 29.9 — 
(Gain) loss on venture investments
19.2 1.5 (13.5)
Outcomes of legal matters and settlements, net(1)
(6.2)64.3 6.3 
Transaction and related costs.3 5.3 .3 
(Gain) loss on sales of assets
— .5 (1.4)
Other expense (income), net$71.6 $180.9 $(.6)
(1) Amount for 2023 included an additional contingent liability related to the Adasa litigation in the amount of $56.3 million. Refer to Note 8, “Contingencies” for more information.
Long-lived assets (including property, plant and equipment, net, and operating lease assets) in our U.S. and non-U.S. operations were as follows:
(In millions)20242023
Long-lived assets
U.S.$642.7 $662.8 
Non-U.S.
1,171.5 1,163.2 
Long-lived assets
$1,814.2 $1,826.0 
Long-lived assets located in China (including Hong Kong) were approximately $288 million in 2024 and $305 million in 2023.
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION
 12 Months Ended
Dec. 28, 2024
Supplemental Financial Information  
SUPPLEMENTAL FINANCIAL INFORMATION SUPPLEMENTAL FINANCIAL INFORMATION
Inventories
Inventories at year-end were as follows:
(In millions)20242023
Raw materials$435.0 $415.4 
Work-in-progress224.9 238.2 
Finished goods318.2 267.1 
Inventories$978.1 $920.7 
Property, Plant and Equipment, Net
Major classes of property, plant and equipment, stated at cost, at year-end were as follows:
(In millions)20242023
Land$35.1 $35.9 
Buildings and improvements852.3 817.9 
Machinery and equipment2,903.4 2,799.5 
Construction-in-progress202.7 317.1 
Property, plant and equipment3,993.5 3,970.4 
Accumulated depreciation(2,406.8)(2,344.6)
Property, plant and equipment, net$1,586.7 $1,625.8 
Software
Capitalized software costs at year-end were as follows:
(In millions)20242023
Cost$360.0 $362.4 
Accumulated amortization(249.3)(257.9)
Software, net$110.7 $104.5 
Software amortization expense was $25.1 million in 2024, $23.4 million in 2023 and $29.5 million in 2022.
Cloud Computing Arrangements
Capitalized implementation costs at year-end were as follows:
(In millions)20242023
Cost$97.1 $59.8 
Accumulated amortization(17.9)(9.4)
Capitalized implementation costs, net
$79.2 $50.4 
Capitalized implementation cost amortization expense was $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)20242023
Balance at beginning of year$34.4 $34.4 
Provision for credit losses
4.6 4.4 
Amounts written off(8.9)(6.3)
Other, including foreign currency translation(1.1)1.9 
Balance at end of year$29.0 $34.4 
The provision for credit losses was $6.9 million in 2022.
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)202420232022
Research and development expense$137.8 $135.8 $136.1 
Supplemental Cash Flow Information
Cash paid for interest and income taxes was as follows:
(In millions)202420232022
Interest$111.8 $109.9 $80.9 
Income taxes, net of refunds226.8 234.9 204.8 
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 2024, 2023 or 2022.
Deferred Revenue
Deferred revenue primarily relates to constrained variable consideration on supply agreements for sales of products, as well as to 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 28, 2024 and December 30, 2023:
(In millions)December 28, 2024December 30, 2023
Other current liabilities$15.5 $18.1 
Long-term retirement benefits and other liabilities1.2 1.3 
Total deferred revenue$16.7 $19.4 
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. Revenue recognized from amounts included in deferred revenue as of January 1, 2022 was $23.5 million in 2022. 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 28, 2024 and December 30, 2023, the amounts due to financial institutions for suppliers that participate in these programs were $384.6 million and $397.4 million, respectively.
The activity related to our supplier finance programs was as follows:
(In millions)2024
Balance at beginning of year$397.4 
Invoices confirmed during the year
1,339.3 
Invoices paid during the year
(1,328.9)
Other, including foreign currency translation(23.2)
Balance at end of year$384.6 
Argentine Blue Chip Swap Transactions
During 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 currency exchange 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 $10 million that we recorded in "Other expense (income), net" in our Consolidated Statements of Income. Purchases and the proceeds from sales of Argentine Blue Chip Swap securities were included in investing activities in our Consolidated Statements of Cash Flows.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 704.9 $ 503.0 $ 757.1
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 28, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 28, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 28, 2024
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 cybersecurity incident response plan.
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 complements our overall enterprise risk management program, using similar methodologies and governance processes to identify risks and mitigating strategies.
Our cybersecurity risk management program includes risk assessments designed to help identify potentially material cybersecurity risks to our critical systems, information, 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 cybersecurity incident response plan that includes procedures for assessing and coordinating our response to cybersecurity events; and a third-party risk management process for service providers, suppliers and vendors.
We have not experienced cybersecurity events that have materially affected our operations, results of operations, or financial condition. However, we face certain ongoing risks from cybersecurity threats that, if realized, would be reasonably likely to materially affect us, including our operations, results of operations, or financial condition.
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 of Directors (our “Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee primary responsibility for overseeing our cybersecurity risk management program and engaging with management on cybersecurity and other risks related to our information technology controls and security. Our Information Security Officer (“ISO”) reports directly to our Chief Information Officer (“CIO”), a member of our Company Leadership Team and direct report of our Chief Executive Officer (“CEO”). The CIO and ISO together provide updates and discuss our cybersecurity preparedness with the Audit Committee at least semiannually, which its Chair then reports on to our full Board. Management updates the Audit Committee, if and as needed, regarding any significant cybersecurity events, as well as events that may have had lesser potential impact.
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 team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity consultants. Information security 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 supervises 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 of Directors (our “Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee primary responsibility for overseeing our cybersecurity risk management program and engaging with management on cybersecurity and other risks related to our information technology controls and security.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Management updates the Audit Committee, if and as needed, 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 team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity consultants.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Board of Directors (our “Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee primary responsibility for overseeing our cybersecurity risk management program and engaging with management on cybersecurity and other risks related to our information technology controls and security. Our Information Security Officer (“ISO”) reports directly to our Chief Information Officer (“CIO”), a member of our Company Leadership Team and direct report of our Chief Executive Officer (“CEO”). The CIO and ISO together provide updates and discuss our cybersecurity preparedness with the Audit Committee at least semiannually, which its Chair then reports on to our full Board. Management updates the Audit Committee, if and as needed, regarding any significant cybersecurity events, as well as events that may have had lesser potential impact.
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 team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our external cybersecurity consultants. Information security 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 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 of Directors (our “Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee primary responsibility for overseeing our cybersecurity risk management program and engaging with management on cybersecurity and other risks related to our information technology controls and security.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 28, 2024
Accounting Policies [Abstract]  
Nature of Operations
Nature of Operations
We are a global materials science and digital identification solutions company. 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, 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
Our fiscal years have generally consisted of 52 weeks, with every fifth or sixth fiscal year consisting of 53 weeks; our 2024, 2023 and 2022 fiscal years consisted of 52-week periods ending December 28, 2024, December 30, 2023 and December 31, 2022, respectively.
Accounting Guidance Updates and Recent Accounting Requirements
Accounting Guidance Updates
Segment Disclosures
In the fourth quarter of 2024, we adopted guidance that requires additional disclosures about significant segment expenses. See Note 15, “Segment and Disaggregated Revenue Information,” for more information.
Recent Accounting Requirements
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 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 useful life of the asset and the term of the associated lease. 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 equity 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 and 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 respective forecasted sales, operating margins and growth rates, as well as discount rates. Our assumptions about discount rates are based on the weighted average cost of capital for comparable companies. Our assumptions about sales, operating 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 contracts 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 10 years for cross-currency swap transactions.
On the date we enter into a derivative contract, we determine whether the derivative will be designated as a hedge. Other derivatives 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 financial 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 the changes in the fair value of a derivative financial 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 financial 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, 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 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 derivatives, 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 financial 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.
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, films, performance tapes and fasteners. 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, that provide our customers with solutions to optimize branding and engagement with their consumers and enable item visibility and traceability. We recognize revenue for 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 tax, value-added tax 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 generally 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 2024, 2023 or 2022.
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 date of grant 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 date of grant, 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 at the time of grant 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”) granted to eligible employees. 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.
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.
v3.25.0.1
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Net Carrying Amount of Goodwill
Changes in the net carrying amount of goodwill for 2024 and 2023 by reportable segment are shown below.
(In millions)Materials GroupSolutions GroupTotal
Goodwill as of December 31, 2022
$618.7 $1,243.7 $1,862.4 
Acquisitions(1)
— 135.0 135.0 
Translation adjustments12.0 4.2 16.2 
Goodwill as of December 30, 2023
630.7 1,382.9 2,013.6 
Acquisition adjustments(2)
— (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 
(1)Goodwill acquired related to the 2023 Acquisitions. We expect substantially all of the recognized goodwill related to the 2023 Acquisitions not to be deductible for income tax purposes.
(2)Measurement period adjustments related to the finalization of the purchase price allocation for our 2023 Acquisitions.
Schedule of the Amounts and Weighted Average Useful Lives of Finite-Lived Intangible Assets
The table below summarizes the amounts and weighted average useful lives of the intangible assets associated with the 2023 Acquisitions as of their respective acquisition dates.
Amount
(in millions)		Weighted average
amortization
period
(in years)
Customer relationships$68.8 11
Patented and other developed technology22.2 7
Trade names and trademarks3.0 6
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 28, 2024 and December 30, 2023, which continue to be amortized.
20242023
(In millions)Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$916.0 $438.5 $477.5 $922.5 $383.7 $538.8 
Patented and other developed technology275.2 156.8 118.4 278.3 130.2 148.1 
Trade names and trademarks17.1 12.8 4.3 17.4 11.7 5.7 
Other intangibles3.2 2.6 .6 3.2 2.0 1.2 
Total$1,211.5 $610.7 $600.8 $1,221.4 $527.6 $693.8 
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
2025$88.2 
202685.4 
202785.0 
202877.2 
202961.8 
2030 and thereafter
203.2 
v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 28, 2024
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 2024 and 2023 is shown below.
(In millions)20242023
Long-term debt
Medium-term notes:
Series 1995 due 2025
$30.0 $30.0 
Long-term notes:
Senior notes due 2024 at 0.85%
— 299.6 
Senior notes due 2025 at 1.25%(1)
521.1 552.6 
Senior notes due 2028 at 4.875%
497.4 496.7 
Senior notes due 2030 at 2.650%
496.7 496.1 
Senior notes due 2032 at 2.25%
495.7 495.1 
Senior notes due 2033 at 6.0%
149.3 149.2 
Senior notes due 2033 at 5.75%
395.8 395.3 
Senior notes due 2034 at 3.75%(1)
515.9 — 
Less amount classified as current(551.1)(299.6)
Total long-term debt(2)
$2,550.8 $2,615.0 
(1) These senior notes are euro-denominated. The senior notes due in 2025 and 2034 each have a face value of €500 million.
(2) Included unamortized debt issuance costs and debt discounts of $12.6 million and $7.9 million, respectively, as of year-end 2024 and $11.3 million and $7.4 million, respectively, as of year-end 2023.
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)
2025$551.2 
2026— 
2027— 
2028500.0 
2029— 
2030 and thereafter2,071.2 
v3.25.0.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets
The following table shows the fair value and balance sheet locations of other derivatives as of December 28, 2024 and December 30, 2023:
(In millions)Notional Amount
Other Current Assets
Other Non-Current Assets
Other Current Liabilities
Other Non-Current Liabilities
Type of Hedge
December 28, 2024
Derivatives designated as hedges:
Foreign currency forward contracts
$958.9 $.2 $— $36.7 $— Fair value
Cross-currency swap contracts
250.0 — 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 $— 
December 30, 2023
Derivatives designated as hedges:
Cross-currency swap contracts$250.0 $— $2.3 $— $— Cash flow
Commodity contracts5.8 — — 1.4 .2 Cash flow
Total$— $2.3 $1.4 $.2 
Derivatives not designated as hedges:
Foreign currency exchange contracts
$1,336.6 $6.3 $— $6.0 $— 
Schedule of Offsetting Liabilities
The following table shows the fair value and balance sheet locations of other derivatives as of December 28, 2024 and December 30, 2023:
(In millions)Notional Amount
Other Current Assets
Other Non-Current Assets
Other Current Liabilities
Other Non-Current Liabilities
Type of Hedge
December 28, 2024
Derivatives designated as hedges:
Foreign currency forward contracts
$958.9 $.2 $— $36.7 $— Fair value
Cross-currency swap contracts
250.0 — 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 $— 
December 30, 2023
Derivatives designated as hedges:
Cross-currency swap contracts$250.0 $— $2.3 $— $— Cash flow
Commodity contracts5.8 — — 1.4 .2 Cash flow
Total$— $2.3 $1.4 $.2 
Derivatives not designated as hedges:
Foreign currency exchange contracts
$1,336.6 $6.3 $— $6.0 $— 
Derivative Instruments, Gain (Loss)
The following tables show the components of the net gains (losses) recognized in income related to derivative instruments:
(In millions)202420232022
Gain (loss) on derivatives designated as fair value hedges:
Foreign currency forward contracts - Marketing, general and administrative expense
$(36.4)$— $— 
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
202420232022
Foreign currency exchange contracts
Cost of products sold$3.2 $3.4 $5.6 
Foreign currency exchange contracts
Marketing, general and administrative expense(15.2)5.5 (4.3)
$(12.0)$8.9 $1.3 
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 28, 2024
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)
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 
2023 
Cash$1.3 $1.3 $— $— 
Insurance contracts42.6 — — 42.6 
Pooled funds – real estate investment trusts6.4 — — 6.4 
Pooled funds – fixed income securities(1)
389.8 
Pooled funds – equity securities(1)
169.4 
Pooled funds – other investments(1)
53.7 
Total non-U.S. plan assets at fair value
$663.2 
(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 2024 and 2023:
Level 3 Assets
(In millions)Insurance ContractsPooled Funds –
Real Estate
Investment Trusts		Total
Balance at December 31, 2022
$37.1 $8.3 $45.4 
Net realized and unrealized gain (loss)1.3 (2.3)(1.0)
Purchases3.5 — 3.5 
Settlements(2.8)— (2.8)
Acquisition
1.1 — 1.1 
Impact of changes in foreign currency exchange rates2.4 .4 2.8 
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 
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 defined benefit plans:
Plan Benefit Obligations
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
Change in projected benefit obligations
Projected benefit obligations at beginning of year$49.3 $679.9 $51.8 $586.9 
Service cost— 13.8 — 10.5 
Interest cost2.2 24.1 2.4 24.7 
Participant contributions
— 4.7 — 4.5 
Amendments— 5.1 — (.1)
Actuarial (gain) loss(.5)2.8 1.4 51.3 
Acquisition
— — — 1.2 
Benefits paid(6.4)(24.5)(6.3)(25.3)
Settlements— (6.0)— (.6)
Foreign currency translation— (35.5)— 26.8 
Projected benefit obligations at end of year$44.6 $664.4 $49.3 $679.9 
Accumulated benefit obligations at end of year$44.6 $608.0 $49.3 $628.7 
Schedule of Reconciliation of Plan Assets
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.Non-U.S.
Change in plan assets
Plan assets at beginning of year$— $663.2 $— $585.3 
Actual return on plan assets— 41.6 — 54.6 
Acquisition
— — — 1.1 
Employer contributions6.4 15.5 6.3 17.2 
Participant contributions— 4.7 — 4.5 
Benefits paid(6.4)(24.5)(6.3)(25.3)
Settlements— (6.0)— (.6)
Foreign currency translation— (35.0)— 26.4 
Plan assets at end of year$— $659.5 $— $663.2 
Schedule of Funded Status of Plans
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
Funded status of the plans
Other assets$— $84.7 $— $67.8 
Other accrued liabilities(6.1)(3.2)(6.1)(.2)
Long-term retirement benefits and other liabilities(1)
(38.5)(86.4)(43.2)(84.3)
Plan assets less than benefit obligations$(44.6)$(4.9)$(49.3)$(16.7)
(1) In accordance with our funding strategy, we have the option to fund certain of our U.S. liabilities with proceeds from our company-owned life insurance policies.
Schedule of Weighted-Average Assumptions Used to Determine Year-End Benefit Obligations
Pension Benefits
20242023
U.S.
Non-U.S.
U.S.
Non-U.S.
Weighted average assumptions used to determine year-end benefit obligations
Discount rate5.43 %3.95 %4.86 %3.78 %
Compensation rate increase— 2.80 — 2.73 
Schedule of Pre-Tax Amounts, Recognized in Accumulated Other Comprehensive Loss
The following table shows the pre-tax amounts recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets:
Pension Benefits
20242023
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
Net actuarial loss$8.9 $69.4 $9.6 $73.2 
Prior service (credit) cost— 2.3 — (3.4)
Net amount recognized in accumulated other comprehensive loss$8.9 $71.7 $9.6 $69.8 
Schedule of Pre-Tax Amounts, Recognized in Other comprehensive loss (income)
The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:
Pension Benefits
202420232022
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Net actuarial (gain) loss$(.2)$(3.4)$.9 $32.6 $(5.6)$(.8)
Prior service credit— 5.1 — (.1)— — 
Amortization of unrecognized:
Net actuarial (gain) loss
(.5)(.4)(.4)2.1 (.8)(2.5)
Prior service credit (cost)— .5 — .4 — .4 
Settlements— .1 — .1 (.1).1 
Net amount recognized in other comprehensive loss (income)$(.7)$1.9 $.5 $35.1 $(6.5)$(2.8)
Schedule of Components of Net Periodic Benefit Cost (credit)
The following table shows the components of net periodic benefit cost:
Pension Benefits
202420232022
(In millions)U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Service cost$— $13.8 $— $10.5 $— $16.5 
Interest cost2.2 24.1 2.4 24.7 1.2 10.8 
Actuarial (gain) loss(.2)— .5 — (3.5)— 
Expected return on plan assets— (37.4)— (33.2)— (21.9)
Amortization of actuarial loss.5 .4 .4 (2.1).8 2.5 
Amortization of prior service (credit) cost— (.5)— (.4)— (.4)
Recognized loss (gain) on settlements
— (.1)— (.1).1 (.1)
Net periodic benefit cost (credit)$2.5 $.3 $3.3 $(.6)$(1.4)$7.4 
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
202420232022
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Discount rate4.86 %3.78 %5.06 %4.36 %2.19 %1.57 %
Expected return on assets— 5.04 — 4.71 — 3.00 
Compensation rate increase— 2.73 — 2.75 — 2.33 
Schedule of Defined Benefit Plan Contributions The following table sets forth our expected contributions in 2025:
(In millions)
U.S. pension plans$6.2 
Non-U.S. pension plans
17.5 
Schedule of Anticipated Future Benefit Payments
The future benefit payments shown below reflect the expected service periods for eligible participants.
Pension
Benefits
(In millions)U.S.
Non-U.S.
2025$6.2 $23.5 
20265.7 29.3 
20275.5 27.3 
20285.0 26.6 
20294.7 26.6 
2030-203417.0 152.5 
v3.25.0.1
COMMITMENTS AND LEASES (Tables)
 12 Months Ended
Dec. 28, 2024
Leases [Abstract]  
Schedule of Supplemental Cost Information Related to Leases
Supplemental cost information related to leases is shown below.
(In millions)202420232022
Operating lease costs$75.1 $73.6 $70.8 
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases is shown below.
(In millions)Balance Sheet Location20242023
Assets
OperatingOther assets$227.5 $200.2 
Finance(1)
Property, plant and equipment, net32.5 29.6 
Total leased assets$260.0 $229.8 
Liabilities
Current:
OperatingOther current liabilities$49.6 $45.4 
FinanceShort-term borrowings and current portion of long-term debt and finance leases4.3 6.3 
Non-current:
OperatingLong-term retirement benefits and other liabilities176.1 152.3 
FinanceLong-term debt and finance leases9.1 7.0 
Total lease liabilities$239.1 $211.0 
(1) Finance lease assets are net of accumulated amortization of $18.7 million and $14.6 million as of December 28, 2024 and December 30, 2023, respectively.
Schedule of Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases is shown below.
(In millions)202420232022
Cash paid for amounts included in measurement of operating lease liabilities
$61.0 $55.8 $60.5 
Operating lease assets obtained in exchange for operating lease liabilities93.0 92.4 37.2 
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 28, 2024 and December 30, 2023 is shown below.
20242023
Weighted average remaining lease term (in years):
Operating6.77.1
Finance3.63.1
Weighted average discount rate (percentage):
Operating4.6 %4.1 %
Finance4.7 4.2 
Schedule of Operating Lease Liabilities by Maturity Date
Operating and finance lease liabilities by maturity date from December 28, 2024 are shown below.
(In millions)Operating LeasesFinance Leases
2025$55.6 $5.3 
202647.8 3.6 
202737.0 2.8 
202826.3 1.8 
202921.8 .9 
2030 and thereafter72.5 .5 
Total lease payments261.0 14.9 
Less: imputed interest(35.3)(1.6)
Present value of lease liabilities$225.7 $13.3 
Schedule of Finance Lease Liabilities by Maturity Date
Operating and finance lease liabilities by maturity date from December 28, 2024 are shown below.
(In millions)Operating LeasesFinance Leases
2025$55.6 $5.3 
202647.8 3.6 
202737.0 2.8 
202826.3 1.8 
202921.8 .9 
2030 and thereafter72.5 .5 
Total lease payments261.0 14.9 
Less: imputed interest(35.3)(1.6)
Present value of lease liabilities$225.7 $13.3 
v3.25.0.1
CONTINGENCIES (Tables)
 12 Months Ended
Dec. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Activity Related to Environmental Liabilities
The activity related to our environmental liabilities in 2024 and 2023 is shown below:
(In millions)20242023
Balance at beginning of year$24.5 $24.3 
Charges, net of reversals1.9 2.5 
Payments(13.4)(2.3)
Balance at end of year$13.0 $24.5 
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 28, 2024
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 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 
Assets and liabilities carried at fair value, measured on a recurring basis, as of December 30, 2023 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$37.8 $19.6 $18.2 $— 
Derivative assets8.6 — 8.6 — 
Bank drafts5.3 5.3 — — 
Liabilities
Derivative liabilities$7.6 $1.6 $6.0 $— 
Contingent consideration liabilities10.0 — — 10.0 
v3.25.0.1
NET INCOME PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 28, 2024
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)202420232022
(A) Net income$704.9 $503.0 $757.1 
(B) Weighted average number of common shares outstanding80.4 80.7 81.6 
Dilutive shares (additional common shares issuable under stock-based awards).3 .4 .6 
(C) Weighted average number of common shares outstanding, assuming dilution80.7 81.1 82.2 
Net income per common share (A) ÷ (B)$8.77 $6.23 $9.28 
Net income per common share, assuming dilution (A) ÷ (C)$8.73 $6.20 $9.21 
v3.25.0.1
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION (Tables)
 12 Months Ended
Dec. 28, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss
The changes in “Accumulated other comprehensive loss” (net of tax) for 2024 and 2023 were as follows:
(In millions)
Foreign
Currency
Translation(1)
Pension and
Other
Postretirement
Benefits		Cash Flow
Hedges
Fair Value Hedges
Total
Balance as of December 31, 2022$(314.0)$(51.3)$1.3 $— $(364.0)
Other comprehensive income (loss) before reclassifications, net of tax(14.6)(25.2)(7.0)— (46.8)
Reclassifications to net income, net of tax— (1.0)3.7 — 2.7 
Net current-period other comprehensive income (loss), net of tax(14.6)(26.2)(3.3)— (44.1)
Balance as of December 30, 2023$(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)
(1) The 2024 changes in foreign currency translation included a pretax gain related to the 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)202420232022
Foreign currency translation:
Translation gain (loss)
$.1 $1.2 $(7.0)
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit(.6)(8.2).5 
Reclassifications to net income.4 (.3)1.1 
Cash flow hedges:
Gain (loss) recognized on cash flow hedges(1.7)(2.2)1.6 
Reclassifications to net income.9 1.2 .4 
Fair value hedges:
Changes in excluded components of fair value hedges.6 — — 
Income tax expense (benefit) allocated to components of other comprehensive income (loss)
$(.3)$(8.3)$(3.4)
v3.25.0.1
LONG-TERM INCENTIVE COMPENSATION (Tables)
 12 Months Ended
Dec. 28, 2024
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)202420232022
Stock-based compensation expense$28.7 $22.3 $47.4 
Tax benefit2.6 2.4 6.7 
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 30, 2023204.1 $109.92 4.36$18.7 
Exercised(141.1)73.96 
Outstanding at December 28, 202463.0 $190.54 8.68$— 
Options vested and expected to vest at December 28, 202454.8 190.54 8.68— 
Options exercisable at December 28, 2024— $— $— 
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 30, 2023300.7 $174.54 
Granted at target68.3 224.82 
Adjustment for above-target performance(1)
37.7 197.75 
Vested(104.2)197.75 
Forfeited/cancelled(10.4)184.82 
Unvested at December 28, 2024292.1 $181.94 
(1) Reflects adjustments for above-target performance for the 2021-2023 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 30, 2023195.5 $167.16 
Granted at target55.2 259.75 
Adjustments for above-target performance(1)
20.6 129.76 
Vested(99.2)147.25 
Forfeited/cancelled(8.4)198.29 
Unvested at December 28, 2024163.7 $202.83 
(1) Reflects adjustments for above-target performance for each of the tranches of MSUs vesting in 2024.
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 30, 202366.5 $171.68 
Granted53.7 210.74 
Vested(18.4)175.42 
Forfeited/cancelled(6.9)196.80 
Unvested at December 28, 202494.9 $191.22 
v3.25.0.1
COST REDUCTION ACTIONS (Tables)
 12 Months Ended
Dec. 28, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges and Payments
During 2024, restructuring charges and payments were as follows:
(In millions)Accrual at
December 30,
2023		Charges,
Net of
Reversals		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation 		Accrual at
December 28,
2024
2025 Actions
Severance and related costs$— $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)$19.0 
During 2023, restructuring charges and payments were as follows:
(In millions)Accrual at
December 31,
2022		Charges,
Net of
Reversals 		Cash
Payments 		Non-cash
Impairment 		Foreign
Currency
Translation		Accrual at
December 30,
2023
2023 Actions
Severance and related costs$— $72.1 $(45.1)$— $.7 $27.7 
Asset impairment charges— 8.3 — (8.3)— — 
2019/2020 Actions
Severance and related costs5.1 (1.0)(4.1)— — — 
Total$5.1 $79.4 $(49.2)$(8.3)$.7 $27.7 
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)202420232022
Restructuring charges by reportable segment and Corporate
Materials Group$5.7 $52.4 $(1.0)
Solutions Group35.8 23.2 7.9 
Corporate.4 3.8 .8 
Total$41.9 $79.4 $7.7 
v3.25.0.1
TAXES BASED ON INCOME (Tables)
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Schedule of Taxes Based on Income
Taxes based on income were as follows:
(In millions)2024
2023
2022
Current:
U.S. federal tax$36.0 $42.5 $29.4 
State taxes10.6 9.0 8.8 
Foreign taxes
214.9 160.8 177.7 
261.5 212.3 215.9 
Deferred:
U.S. federal tax(8.7)(29.0)5.8 
State taxes(3.3)(3.5).9 
Foreign taxes
(.9)11.9 19.6 
(12.9)(20.6)26.3 
Provision for income taxes$248.6 $191.7 $242.2 
Schedule of the Principal Items Accounting for the Difference Between Taxes Computed at the U.S. Federal Statutory Rate
The principal items accounting for the difference between taxes computed at the U.S. federal statutory rate and taxes recorded were as follows:
(In millions)202420232022
Tax provision computed at U.S. federal statutory rate(1)
$200.2 $145.9 $209.9 
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit2.7 2.6 11.8 
Foreign earnings taxed at different rates(1)
49.5 50.4 51.7 
GILTI high-tax exclusion election, net(2)
(6.2)(10.0)(11.9)
Valuation allowance15.9 2.6 (5.0)
U.S. federal research and development tax credits(7.7)(8.3)(6.5)
Tax contingencies and audit settlements1.9 11.9 (4.3)
Other items, net(7.7)(3.4)(3.5)
Provision for income taxes$248.6 $191.7 $242.2 
(1) All 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 GILTI exclusion election. In 2023, we recognized $4.4 million from our 2023 GILTI exclusion election and $5.6 million related to the election made on our 2022 U.S. federal tax return. In 2022, we recognized $11.9 million of benefit related to a GILTI exclusion election made on our 2021 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)202420232022
U.S.$211.4 $187.2 $232.4 
Foreign
742.1 507.5 766.9 
Income before taxes$953.5 $694.7 $999.3 
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)20242023
Accrued expenses not currently deductible$29.8 $44.5 
Net operating loss carryforwards137.9 138.9 
Tax credit carryforwards14.8 9.0 
Capitalized research expenses81.7 59.9 
Stock-based compensation8.8 10.9 
Pension and other postretirement benefits31.1 34.2 
Inventory reserve19.2 16.4 
Lease liabilities44.7 43.3 
Other assets31.6 27.9 
Valuation allowance(72.7)(62.0)
Total deferred tax assets(1)
326.9 323.0 
Depreciation and amortization(306.0)(317.2)
Repatriation accrual(24.2)(24.5)
Foreign operating loss recapture(3.1)(3.4)
Lease assets(44.3)(43.4)
Total deferred tax liabilities(1)
(377.6)(388.5)
Total net deferred tax assets (liabilities)$(50.7)$(65.5)
(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
2025$2.6 $.2 
20262.3 .2 
20273.1 .4 
20286.6 .8 
202928.5 .4 
2030-204423.6 11.7 
Indefinite life/no expiry399.4 1.1 
Total$466.1 $14.8 
(1) Net operating losses are presented before tax effects and valuation allowance.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is set forth below.
(In millions)20242023
Balance at beginning of year$88.0 $69.5 
Additions for tax positions of current year11.4 15.4 
Additions (reductions) for tax positions of prior years, net(7.2)8.0 
Settlements with tax authorities(4.6)(1.8)
Expirations of statutes of limitations(3.7)(3.9)
Changes due to translation of foreign currencies(2.8).8 
Balance at end of year$81.1 $88.0 
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION (Tables)
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment Revenue from our Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our Solutions Group reportable segment is shown by product group.
(In millions)202420232022
Net sales to unaffiliated customers
Materials Group:
U.S.$1,715.6 $1,687.8 $1,892.1 
Europe, the Middle East and North Africa
2,091.0 2,007.1 2,396.2 
Asia1,388.0 1,315.2 1,390.3 
Latin America489.7 474.2 470.1 
Other
328.7 327.0 346.4 
Total Materials Group6,013.0 5,811.3 6,495.1 
Solutions Group:
Apparel and other
1,875.5 1,661.4 1,851.2 
Identification Solutions and Vestcom867.2 891.6 693.0 
Total Solutions Group2,742.7 2,553.0 2,544.2 
Net sales to unaffiliated customers$8,755.7 $8,364.3 $9,039.3 
Additional financial information by reportable segment is shown below.
Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated net sales. We do not disclose total assets by reportable segment since we neither generate nor review that information internally. As our reporting structure is neither organized nor reviewed internally by country, results by individual country are not provided.
(In millions)202420232022
Intersegment sales
Materials Group
$162.8 $157.1 $137.1 
Solutions Group52.3 35.5 37.4 
Intersegment sales$215.1 $192.6 $174.5 
Capital expenditures(1)(2)
Materials Group
$96.3 $117.8 $153.5 
Solutions Group120.8 148.7 144.0 
Capital expenditures$217.1 $266.5 $297.5 
Depreciation and amortization expense(1)
Materials Group
$130.9 $127.8 $135.8 
Solutions Group181.3 170.6 154.9 
Depreciation and amortization expense$312.2 $298.4 $290.7 
(1) Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their percentage of consolidated net sales.
(2) Capital expenditures for property, plant and equipment included accruals.
Other expense (income), net by type were as follows:
(In millions)202420232022
Other expense (income), net by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals
$35.4 $70.8 $7.6 
Asset impairment and lease cancellation charges
6.5 8.6 .1 
Other items:
Losses from Argentine peso remeasurement and Blue Chip Swap transactions16.4 29.9 — 
(Gain) loss on venture investments
19.2 1.5 (13.5)
Outcomes of legal matters and settlements, net(1)
(6.2)64.3 6.3 
Transaction and related costs.3 5.3 .3 
(Gain) loss on sales of assets
— .5 (1.4)
Other expense (income), net$71.6 $180.9 $(.6)
(1) Amount for 2023 included an additional contingent liability related to the Adasa litigation in the amount of $56.3 million. Refer to Note 8, “Contingencies” for more information.
Schedule of Revenue from External Customers by Products
Revenue from our Materials Group reportable segment by product group is shown below.
(In millions)202420232022
Net sales to unaffiliated customers
Materials Group:
 Labels, graphics and reflectives $5,266.0 $5,076.8 $5,725.7 
 Tapes and adhesives 676.0 665.3 696.3 
 Other 71.0 69.2 73.1 
Total Materials Group$6,013.0 $5,811.3 $6,495.1 
Schedule of Disaggregation of Revenue
Our total company revenue by geographic area is shown below. Revenue is attributed to geographic areas based on the location from which products are shipped.
(In millions)202420232022
Net sales to unaffiliated customers
U.S.$2,613.4 $2,578.3 $2,565.9 
Europe, the Middle East and North Africa
2,418.6 2,306.7 2,683.6 
Asia2,763.1 2,545.2 2,817.2 
Latin America599.8 582.3 605.7 
Other
360.8 351.8 366.9 
Net sales to unaffiliated customers$8,755.7 $8,364.3 $9,039.3 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated Segment results and reconciliation to income before taxes are presented below.
(In millions)202420232022
Materials Group
Net sales to unaffiliated customers
$6,013.0 $5,811.3 $6,495.1 
Segment expense(1)
5,088.3 5,022.1 5,649.2 
Segment adjusted operating income$924.7 $789.2 $845.9 
Solutions Group
Net sales to unaffiliated customers
$2,742.7 $2,553.0 $2,544.2 
Segment expense(1)
2,453.4 2,301.0 2,234.1 
Segment adjusted operating income$289.3 $252.0 $310.1 
(1) Segment expense included cost of sales and marketing, general and administrative expense and excluded other expense (income), net, and other items.
(In millions)202420232022
Segment adjusted operating income
Materials Group
$924.7 $789.2 $845.9 
Solutions Group289.3 252.0 310.1 
Total1,214.0 1,041.2 1,156.0 
Corporate expense(91.9)(77.4)(82.6)
Other expense (income), net and other items(78.3)(180.9).6 
Interest expense(117.0)(119.0)(84.1)
Other non-operating expense (income), net26.7 30.8 9.4 
Income before taxes$953.5 $694.7 $999.3 
Schedule of Long-lived Assets by Geographical Area
Long-lived assets (including property, plant and equipment, net, and operating lease assets) in our U.S. and non-U.S. operations were as follows:
(In millions)20242023
Long-lived assets
U.S.$642.7 $662.8 
Non-U.S.
1,171.5 1,163.2 
Long-lived assets
$1,814.2 $1,826.0 
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 28, 2024
Supplemental Financial Information  
Schedule of Inventories
Inventories at year-end were as follows:
(In millions)20242023
Raw materials$435.0 $415.4 
Work-in-progress224.9 238.2 
Finished goods318.2 267.1 
Inventories$978.1 $920.7 
Schedule of Property, Plant and Equipment
Major classes of property, plant and equipment, stated at cost, at year-end were as follows:
(In millions)20242023
Land$35.1 $35.9 
Buildings and improvements852.3 817.9 
Machinery and equipment2,903.4 2,799.5 
Construction-in-progress202.7 317.1 
Property, plant and equipment3,993.5 3,970.4 
Accumulated depreciation(2,406.8)(2,344.6)
Property, plant and equipment, net$1,586.7 $1,625.8 
Schedule of Capitalized Software Costs
Capitalized software costs at year-end were as follows:
(In millions)20242023
Cost$360.0 $362.4 
Accumulated amortization(249.3)(257.9)
Software, net$110.7 $104.5 
Schedule of Hosting Arrangement, Service Contract, Implementation Cost
Capitalized implementation costs at year-end were as follows:
(In millions)20242023
Cost$97.1 $59.8 
Accumulated amortization(17.9)(9.4)
Capitalized implementation costs, net
$79.2 $50.4 
Schedule of Allowance for Credit Losses
The activity related to our allowance for credit losses was as follows:
(In millions)20242023
Balance at beginning of year$34.4 $34.4 
Provision for credit losses
4.6 4.4 
Amounts written off(8.9)(6.3)
Other, including foreign currency translation(1.1)1.9 
Balance at end of year$29.0 $34.4 
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)202420232022
Research and development expense$137.8 $135.8 $136.1 
Schedule of Cash Paid for Interest and Income taxes
Cash paid for interest and income taxes was as follows:
(In millions)202420232022
Interest$111.8 $109.9 $80.9 
Income taxes, net of refunds226.8 234.9 204.8 
Schedule of Balance Sheet Locations of Deferred Revenue
The following table shows the amounts and balance sheet locations of deferred revenue as of December 28, 2024 and December 30, 2023:
(In millions)December 28, 2024December 30, 2023
Other current liabilities$15.5 $18.1 
Long-term retirement benefits and other liabilities1.2 1.3 
Total deferred revenue$16.7 $19.4 
Schedule of Supplier Finance Program
The activity related to our supplier finance programs was as follows:
(In millions)2024
Balance at beginning of year$397.4 
Invoices confirmed during the year
1,339.3 
Invoices paid during the year
(1,328.9)
Other, including foreign currency translation(23.2)
Balance at end of year$384.6 
v3.25.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
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    
Currency Swap      
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 10 years 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 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 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    
v3.25.0.1
BUSINESS ACQUISITIONS (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Jan. 31, 2022
Nov. 23, 2023
2023 Business Acquisitions    
Acquisitions [Line Items]    
Purchase consideration   $ 231
Business combination contingent consideration maximum amount   $ 5
2022 Business Acquisitions    
Acquisitions [Line Items]    
Purchase consideration $ 35  
Business combination contingent consideration maximum amount $ 30  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
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 154,500,000 $ 155,300,000  
Finite-Lived Intangible Assets Acquired      
Finite-lived intangible assets acquired   94,000,000  
Amortization expense on finite-lived intangible assets from business acquisition 89,400,000 86,300,000 $ 81,800,000
Solutions Group      
Indefinite-Lived Intangible Assets [Line Items]      
Accumulated impairment losses $ 820,000,000 $ 820,000,000  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Goodwill Rollforward (Details) - USD ($)
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Changes in the net carrying amount of goodwill    
Goodwill, beginning balance $ 2,013,600,000 $ 1,862,400,000
Acquisitions   135,000,000.0
Acquisition adjustment (2,700,000)  
Translation adjustments (34,700,000) 16,200,000
Goodwill, ending balance 1,976,200,000 2,013,600,000
Business acquisition, goodwill, expected tax deductible amount   0
Materials Group    
Changes in the net carrying amount of goodwill    
Goodwill, beginning balance 630,700,000 618,700,000
Acquisitions   0
Acquisition adjustment 0  
Translation adjustments (24,600,000) 12,000,000.0
Goodwill, ending balance 606,100,000 630,700,000
Solutions Group    
Changes in the net carrying amount of goodwill    
Goodwill, beginning balance 1,382,900,000 1,243,700,000
Acquisitions   135,000,000.0
Acquisition adjustment (2,700,000)  
Translation adjustments (10,100,000) 4,200,000
Goodwill, ending balance $ 1,370,100,000 $ 1,382,900,000
v3.25.0.1
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of the Amounts and Useful Lives of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Amount   $ 94.0
2023 Business Acquisitions | Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Amount $ 68.8  
Weighted average amortization period 11 years  
2023 Business Acquisitions | Patented and other developed technology    
Finite-Lived Intangible Assets [Line Items]    
Amount $ 22.2  
Weighted average amortization period 7 years  
2023 Business Acquisitions | Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Amount $ 3.0  
Weighted average amortization period 6 years  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,211.5 $ 1,221.4
Accumulated Amortization 610.7 527.6
Net Carrying Amount 600.8 693.8
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 916.0 922.5
Accumulated Amortization 438.5 383.7
Net Carrying Amount 477.5 538.8
Patented and other developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 275.2 278.3
Accumulated Amortization 156.8 130.2
Net Carrying Amount 118.4 148.1
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 17.1 17.4
Accumulated Amortization 12.8 11.7
Net Carrying Amount 4.3 5.7
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 3.2 3.2
Accumulated Amortization 2.6 2.0
Net Carrying Amount $ 0.6 $ 1.2
v3.25.0.1
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Expected Amortization (Details)
$ in Millions
Dec. 28, 2024
USD ($)
Estimated Amortization Expense  
2025 $ 88.2
2026 85.4
2027 85.0
2028 77.2
2029 61.8
2030 and thereafter $ 203.2
v3.25.0.1
DEBT - Short-Term Borrowings (Details) - USD ($)
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Short-term borrowings from Commercial paper    
Short-term debt [Line Items]    
U.S. commercial paper $ 0 $ 112,000,000
Weighted average interest rate (as a percent)   5.54%
Short-term borrowings from Euro-Commercial paper    
Short-term debt [Line Items]    
Weighted average interest rate (as a percent)   4.13%
Maximum borrowing capacity $ 500,000,000  
Maturities of the notes 364 days  
Euro-commercial paper $ 0 $ 199,200,000
v3.25.0.1
DEBT - Short-Term Credit Facilities (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 29, 2024
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Jun. 30, 2024
Uncommitted lines of credit          
Line of Credit Facility [Line Items]          
Uncommitted lines of credit   $ 261,000,000      
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 1 year        
Line of Credit          
Line of Credit Facility [Line Items]          
Amount outstanding   0 $ 0    
Commitment fees   $ 1,500,000 $ 1,200,000 $ 900,000  
v3.25.0.1
DEBT - Long-Term Borrowings (Details)
€ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2024
EUR (€)
Nov. 30, 2024
USD ($)
Aug. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 28, 2024
USD ($)
Dec. 28, 2024
EUR (€)
Dec. 30, 2023
Debt Instrument [Line Items]              
Weighted-average interest rate           7.50% 7.50%
3.75% Senior Notes due 2034              
Debt Instrument [Line Items]              
Face amount | € € 500         € 500  
Stated interest rate (in percent) 3.75%            
Proceeds from issuance of senior notes € 495 $ 539,000,000          
Repayments of debt | € € 500            
Senior Notes              
Debt Instrument [Line Items]              
Repayments of senior notes     $ 300,000,000        
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 2033 at 5.750%              
Debt Instrument [Line Items]              
Face amount       $ 400,000,000      
Stated interest rate (in 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      
v3.25.0.1
DEBT - Schedule of Long-Term Debt, Including its Respective Interest Rates, at Year-End (Details)
€ in Millions, $ in Millions
Dec. 28, 2024
EUR (€)
Dec. 28, 2024
USD ($)
Dec. 30, 2023
USD ($)
Long-term Debt, Unclassified      
Series 1995 due 2025   $ 30.0 $ 30.0
Less amount classified as current   (551.1) (299.6)
Total long-term debt   2,550.8 2,615.0
Unamortized debt issuance cost   12.6 11.3
Unamortized debt discount   7.9 7.4
Senior notes due 2024 at 0.85%      
Long-term Debt, Unclassified      
Senior notes   $ 0.0 299.6
Interest rate of senior notes 0.85% 0.85%  
Senior notes due 2025 at 1.25%      
Long-term Debt, Unclassified      
Senior notes   $ 521.1 552.6
Interest rate of senior notes 1.25% 1.25%  
Senior notes issued | € € 500    
Senior notes due 2028 at 4.875%      
Long-term Debt, Unclassified      
Senior notes   $ 497.4 496.7
Interest rate of senior notes 4.875% 4.875%  
Senior notes due 2030 at 2.650%      
Long-term Debt, Unclassified      
Senior notes   $ 496.7 496.1
Interest rate of senior notes 2.65% 2.65%  
Senior notes due 2032 at 2.25%      
Long-term Debt, Unclassified      
Senior notes   $ 495.7 495.1
Interest rate of senior notes 2.25% 2.25%  
Senior notes due 2033 at 6.0%      
Long-term Debt, Unclassified      
Senior notes   $ 149.3 149.2
Interest rate of senior notes 6.00% 6.00%  
Senior notes due 2033 at 5.75%      
Long-term Debt, Unclassified      
Senior notes   $ 395.8 395.3
Interest rate of senior notes 5.75% 5.75%  
Senior Notes Due 2034 at 3.75%      
Long-term Debt, Unclassified      
Senior notes   $ 515.9 $ 0.0
Interest rate of senior notes 3.75% 3.75%  
v3.25.0.1
DEBT - Schedule of Maturities of Long-Term Debt (Details)
$ in Millions
Dec. 28, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 551.2
2026 0.0
2027 0.0
2028 500.0
2029 0.0
2030 and thereafter $ 2,071.2
v3.25.0.1
DEBT - Other (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]      
Financial covenant unrestricted cash and cash equivalents over debt $ 50.0    
Interest costs 124.0 $ 126.5 $ 89.8
Interest costs capitalized 7.0 7.5 $ 5.7
Fair value of debt $ 3,010.0 $ 3,110.0  
v3.25.0.1
FINANCIAL INSTRUMENTS - Narrative (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 28, 2024
USD ($)
Dec. 28, 2024
EUR (€)
Dec. 28, 2024
USD ($)
Nov. 30, 2024
EUR (€)
Jan. 02, 2021
USD ($)
Financial Instruments [Line Items]          
Gain recognized in translation for the net investment hedges | $ $ 15.0        
1.25% Senior Notes due 2025          
Financial Instruments [Line Items]          
Senior notes issued   € 500      
3.75% Senior Notes due 2034          
Financial Instruments [Line Items]          
Senior notes issued   500   € 500  
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 | $     $ 958.9    
Foreign Exchange Forward, Maturity Date March 2025 | Net Investment Hedging | Designated as Hedging Instrument          
Financial Instruments [Line Items]          
Notional amount   420      
Foreign Exchange Forward, Maturity Date December 2025 | Net Investment Hedging | Designated as Hedging Instrument          
Financial Instruments [Line Items]          
Notional amount   € 500      
v3.25.0.1
FINANCIAL INSTRUMENTS - Balance Sheet Locations of Other Derivatives, Fair Value (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets $ 18.4 $ 0.0
Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 10.9 2.3
Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 37.3 1.4
Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 0.2
Foreign currency forward contracts | Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 958.9  
Foreign currency forward contracts | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.2  
Foreign currency forward contracts | Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0  
Foreign currency forward contracts | Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 36.7  
Foreign currency forward contracts | Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0  
Currency Swap | Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 250.0 250.0
Currency Swap | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0 0.0
Currency Swap | Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 10.9 2.3
Currency Swap | Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 0.0
Currency Swap | Designated as Hedging Instrument | Other Non-Current Liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 0.0 0.0
Commodity contracts | Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 2.9 5.8
Commodity contracts | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.4 0.0
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 0.4 1.4
Commodity contracts | Designated as Hedging Instrument | Other Non-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 Derivatives, Fair Value [Line Items]    
Notional amount 958.9  
Foreign currency forward contracts with collars | Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 17.8  
Foreign currency forward contracts with collars | Designated as Hedging Instrument | Other Non-Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 0.0  
Foreign currency forward contracts with collars | Designated as Hedging Instrument | Other current liabilities    
Other Derivatives, Fair Value [Line Items]    
Derivative liability 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  
Foreign currency exchange contracts | Not Designated as Hedging Instrument    
Other Derivatives, Fair Value [Line Items]    
Notional amount 1,741.8 1,336.6
Foreign currency exchange contracts | Not Designated as Hedging Instrument | Other Current Assets    
Other Derivatives, Fair Value [Line Items]    
Derivative assets 11.9 6.3
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 4.2 6.0
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
v3.25.0.1
FINANCIAL INSTRUMENTS - Components of the Net Gains (Losses) Recognized in Income Related to Derivative Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Foreign currency forward contracts - Marketing, general and administrative expense $ (36.4) $ 0.0 $ 0.0
v3.25.0.1
FINANCIAL INSTRUMENTS - Components of the Net Gains (Losses) Recognized in Income Related to Derivative Instruments Not Designated as Hedges (Details) - Other Derivatives - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Other Derivatives, Fair Value [Line Items]      
Fair value and cash flow hedges $ (12.0) $ 8.9 $ 1.3
Foreign currency exchange contracts | Cost of products sold      
Other Derivatives, Fair Value [Line Items]      
Fair value and cash flow hedges 3.2 3.4 5.6
Foreign currency exchange contracts | Marketing, general and administrative expense      
Other Derivatives, Fair Value [Line Items]      
Fair value and cash flow hedges $ (15.2) $ 5.5 $ (4.3)
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation in excess of plan assets $ 290 $ 210
Fair value of plan assets, benefit obligations in excess of plan assets 156 76
Accumulated benefit obligations 274 162
Fair value of plan assets $ 151 $ 43
Pooled funds - equity securities | Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Target assets allocation 25.00%  
Fixed income securities and cash | Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Target assets allocation 61.00%  
Other investments | Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Target assets allocation 14.00%  
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Defined Benefit Plans (Details) - Foreign Plan - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value $ 659.5 $ 663.2 $ 585.3
Cash | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 2.1 1.3  
Insurance contracts | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 39.0 42.6  
Pooled funds – real estate investment trusts | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 5.3 6.4  
Pooled funds - fixed income securities | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 381.0 389.8  
Pooled funds - equity securities | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 174.2 169.4  
Pooled funds - other investments | Total      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 57.9 53.7  
Quoted Prices in Active Markets (Level 1) | Cash      
Defined Benefit Plan Disclosure [Line Items]      
Total non-U.S. plan assets at fair value 2.1 1.3  
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 39.0 42.6  
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 $ 5.3 $ 6.4  
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Reconciliation for Assets Measure at Fair Value Using Level 3 (Details) - Significant Other Unobservable Inputs (Level 3) - Foreign Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Reconciliation of Level 3 assets [Roll Forward]    
Balance at the beginning of the year $ 49.0 $ 45.4
Net realized and unrealized gain (loss) 0.1 (1.0)
Purchases 3.7 3.5
Settlements (5.8) (2.8)
Acquisition   1.1
Impact of changes in foreign currency exchange rates (2.7) 2.8
Balance at the end of the year 44.3 49.0
Insurance contracts    
Reconciliation of Level 3 assets [Roll Forward]    
Balance at the beginning of the year 42.6 37.1
Net realized and unrealized gain (loss) 1.1 1.3
Purchases 3.7 3.5
Settlements (5.8) (2.8)
Acquisition   1.1
Impact of changes in foreign currency exchange rates (2.6) 2.4
Balance at the end of the year 39.0 42.6
Pooled Funds – Real Estate Investment Trusts    
Reconciliation of Level 3 assets [Roll Forward]    
Balance at the beginning of the year 6.4 8.3
Net realized and unrealized gain (loss) (1.0) (2.3)
Purchases 0.0 0.0
Settlements 0.0 0.0
Acquisition   0.0
Impact of changes in foreign currency exchange rates (0.1) 0.4
Balance at the end of the year $ 5.3 $ 6.4
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Change in Projected Benefit Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
U.S.      
Change in projected benefit obligations [Roll Forward]      
Projected benefit obligations at beginning of year $ 49.3 $ 51.8  
Service cost 0.0 0.0 $ 0.0
Interest cost 2.2 2.4 1.2
Participant contributions 0.0 0.0  
Amendments 0.0 0.0  
Actuarial (gain) loss (0.5) 1.4  
Acquisition 0.0 0.0  
Benefits paid (6.4) (6.3)  
Settlements 0.0 0.0  
Foreign currency translation 0.0 0.0  
Projected benefit obligations at end of year 44.6 49.3 51.8
Accumulated benefit obligations at end of year 44.6 49.3  
Foreign Plan      
Change in projected benefit obligations [Roll Forward]      
Projected benefit obligations at beginning of year 679.9 586.9  
Service cost 13.8 10.5 16.5
Interest cost 24.1 24.7 10.8
Participant contributions 4.7 4.5  
Amendments 5.1 (0.1)  
Actuarial (gain) loss 2.8 51.3  
Acquisition 0.0 1.2  
Benefits paid (24.5) (25.3)  
Settlements (6.0) (0.6)  
Foreign currency translation (35.5) 26.8  
Projected benefit obligations at end of year 664.4 679.9 $ 586.9
Accumulated benefit obligations at end of year $ 608.0 $ 628.7  
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Change in Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
U.S.    
Change in plan assets    
Plan assets at beginning of year $ 0.0 $ 0.0
Actual return on plan assets 0.0 0.0
Acquisition 0.0 0.0
Employer contributions 6.4 6.3
Participant contributions 0.0 0.0
Benefits paid (6.4) (6.3)
Settlements 0.0 0.0
Foreign currency translation 0.0 0.0
Plan assets at end of year 0.0 0.0
Foreign Plan    
Change in plan assets    
Plan assets at beginning of year 663.2 585.3
Actual return on plan assets 41.6 54.6
Acquisition 0.0 1.1
Employer contributions 15.5 17.2
Participant contributions 4.7 4.5
Benefits paid (24.5) (25.3)
Settlements (6.0) (0.6)
Foreign currency translation (35.0) 26.4
Plan assets at end of year $ 659.5 $ 663.2
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Funded Status of the Plan (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
U.S.    
Funded status of the plans    
Other assets $ 0.0 $ 0.0
Other accrued liabilities (6.1) (6.1)
Long-term retirement benefits and other liabilities (38.5) (43.2)
Plan assets less than benefit obligations $ (44.6) $ (49.3)
Weighted average assumptions used to determine year-end benefit obligations    
Discount rate 5.43% 4.86%
Compensation rate increase 0.00% 0.00%
Foreign Plan    
Funded status of the plans    
Other assets $ 84.7 $ 67.8
Other accrued liabilities (3.2) (0.2)
Long-term retirement benefits and other liabilities (86.4) (84.3)
Plan assets less than benefit obligations $ (4.9) $ (16.7)
Weighted average assumptions used to determine year-end benefit obligations    
Discount rate 3.95% 3.78%
Compensation rate increase 2.80% 2.73%
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Pre-tax Amount Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
U.S.    
Pretax amounts recognized in accumulated other comprehensive loss    
Net actuarial loss $ 8.9 $ 9.6
Prior service (credit) cost 0.0 0.0
Net amount recognized in accumulated other comprehensive loss 8.9 9.6
Foreign Plan    
Pretax amounts recognized in accumulated other comprehensive loss    
Net actuarial loss 69.4 73.2
Prior service (credit) cost 2.3 (3.4)
Net amount recognized in accumulated other comprehensive loss $ 71.7 $ 69.8
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Pre-tax Amount Recognized in Other Comprehensive Loss (Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial (gain) loss $ (0.2) $ 0.9 $ (5.6)
Prior service credit 0.0 0.0 0.0
Net actuarial (gain) loss (0.5) (0.4) (0.8)
Prior service credit (cost) 0.0 0.0 0.0
Settlements 0.0 0.0 (0.1)
Net amount recognized in other comprehensive loss (income) (0.7) 0.5 (6.5)
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial (gain) loss (3.4) 32.6 (0.8)
Prior service credit 5.1 (0.1) 0.0
Net actuarial (gain) loss (0.4) 2.1 (2.5)
Prior service credit (cost) 0.5 0.4 0.4
Settlements 0.1 0.1 0.1
Net amount recognized in other comprehensive loss (income) $ 1.9 $ 35.1 $ (2.8)
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
U.S.      
Components of net periodic benefit cost (credit)      
Service cost $ 0.0 $ 0.0 $ 0.0
Interest cost 2.2 2.4 1.2
Actuarial (gain) loss (0.2) 0.5 (3.5)
Expected return on plan assets 0.0 0.0 0.0
Amortization of actuarial loss 0.5 0.4 0.8
Amortization of prior service (credit) cost 0.0 0.0 0.0
Recognized loss (gain) on settlements 0.0 0.0 0.1
Net periodic benefit cost (credit) 2.5 3.3 (1.4)
Foreign Plan      
Components of net periodic benefit cost (credit)      
Service cost 13.8 10.5 16.5
Interest cost 24.1 24.7 10.8
Actuarial (gain) loss 0.0 0.0 0.0
Expected return on plan assets (37.4) (33.2) (21.9)
Amortization of actuarial loss 0.4 (2.1) 2.5
Amortization of prior service (credit) cost (0.5) (0.4) (0.4)
Recognized loss (gain) on settlements (0.1) (0.1) (0.1)
Net periodic benefit cost (credit) $ 0.3 $ (0.6) $ 7.4
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Weighted-Average Assumptions for Determining Net Periodic Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.86% 5.06% 2.19%
Expected return on assets 0.00% 0.00% 0.00%
Compensation rate increase 0.00% 0.00% 0.00%
Company's contributions to the defined benefit plan in the next fiscal year $ 6.2    
Foreign Plan      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 3.78% 4.36% 1.57%
Expected return on assets 5.04% 4.71% 3.00%
Compensation rate increase 2.73% 2.75% 2.33%
Company's contributions to the defined benefit plan in the next fiscal year $ 17.5    
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Future Benefit Payments (Details)
$ in Millions
Dec. 28, 2024
USD ($)
U.S.  
Future Benefit Payments [Line Items]  
2025 $ 6.2
2026 5.7
2027 5.5
2028 5.0
2029 4.7
2030-2034 17.0
Foreign Plan  
Future Benefit Payments [Line Items]  
2025 23.5
2026 29.3
2027 27.3
2028 26.6
2029 26.6
2030-2034 $ 152.5
v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS - Postretirement Health Benefits, Defined Contribution and Other Retirement Plans (Details)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 28, 2024
USD ($)
compensationPlan
shares
Dec. 30, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
Defined contribution and other retirement plans      
Recognized defined contribution plan cost $ 31.9 $ 30.3 $ 27.3
Deferred compensation plan accrued $ 99.0 $ 88.2  
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 40 100  
Value of DSUs outstanding under deferred compensation plans $ 8.0 $ 19.0  
Cash surrender value included in other assets 247.4 228.4  
Postretirement Health Coverage      
Defined contribution and other retirement plans      
Postretirement health benefits obligation 2.0 2.0  
Accumulated other comprehensive loss relating to postretirement health benefits obligation $ 9.0 $ 10.0  
v3.25.0.1
COMMITMENTS AND LEASES - Supplemental Cost Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease costs $ 75.1 $ 73.6 $ 70.8
v3.25.0.1
COMMITMENTS AND LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Assets    
Operating $ 227.5 $ 200.2
Finance 32.5 29.6
Total leased assets $ 260.0 $ 229.8
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Current:    
Operating lease, current liabilities $ 49.6 $ 45.4
Finance lease, current liabilities 4.3 6.3
Non-current:    
Operating lease, non-current liabilities 176.1 152.3
Finance lease, non-current liabilities 9.1 7.0
Total lease liabilities $ 239.1 $ 211.0
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 $ 18.7 $ 14.6
v3.25.0.1
COMMITMENTS AND LEASES - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Leases [Abstract]      
Cash paid for amounts included in measurement of operating lease liabilities $ 61.0 $ 55.8 $ 60.5
Operating lease assets obtained in exchange for operating lease liabilities $ 93.0 $ 92.4 $ 37.2
v3.25.0.1
COMMITMENTS AND LEASES - Schedule of Weighted Average Remaining Lease Term and Discount Rate Information (Details)
Dec. 28, 2024
Dec. 30, 2023
Weighted average remaining lease term (in years):    
Operating 6 years 8 months 12 days 7 years 1 month 6 days
Finance 3 years 7 months 6 days 3 years 1 month 6 days
Weighted average discount rate (percentage):    
Operating 4.60% 4.10%
Finance 4.70% 4.20%
v3.25.0.1
COMMITMENTS AND LEASES - Schedule of Maturities of Lease Liabilities (Details)
$ in Millions
Dec. 28, 2024
USD ($)
Operating Leases  
2025 $ 55.6
2026 47.8
2027 37.0
2028 26.3
2029 21.8
2030 and thereafter 72.5
Total lease payments 261.0
Less: imputed interest (35.3)
Present value of lease liabilities 225.7
Finance Leases  
2025 5.3
2026 3.6
2027 2.8
2028 1.8
2029 0.9
2030 and thereafter 0.5
Total lease payments 14.9
Less: imputed interest (1.6)
Present value of lease liabilities $ 13.3
v3.25.0.1
CONTINGENCIES - Narrative (Details)
$ in Millions
Apr. 25, 2024
USD ($)
Jan. 25, 2024
USD ($)
Jan. 24, 2024
USD ($)
Dec. 28, 2024
USD ($)
site
Dec. 30, 2023
USD ($)
Jul. 01, 2023
USD ($)
Jul. 03, 2021
USD ($)
Loss Contingencies [Line Items]              
Environmental site contingency number of sites | site       10      
Short term environmental liabilities       $ 5.0 $ 11.0    
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 $ 80.4 $ 26.6
Patent infringement, sanction   $ 5.2 $ 20.0        
Contingency loss based on royalty (usd per unit)   0.0025          
Litigation settlement, amount awarded to other party $ 75.0            
v3.25.0.1
CONTINGENCIES - Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Environmental Liabilities Associated with Remediation [Roll Forward]    
Balance at beginning of year $ 24.5 $ 24.3
Charges, net of reversals 1.9 2.5
Payments (13.4) (2.3)
Balance at end of year $ 13.0 $ 24.5
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] Long-term retirement benefits and other liabilities Long-term retirement benefits and other liabilities
v3.25.0.1
FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Assets    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Assets  
Liabilities    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Liabilities and Equity  
Recurring    
Assets    
Investments $ 48.0 $ 37.8
Derivative assets 41.2 8.6
Bank drafts 5.2 5.3
Liabilities    
Derivative liabilities 41.5 7.6
Contingent consideration liabilities 4.8 10.0
Quoted Prices in Active Markets (Level 1) | Recurring    
Assets    
Investments 24.2 19.6
Derivative assets 0.4 0.0
Bank drafts 5.2 5.3
Liabilities    
Derivative liabilities 0.4 1.6
Contingent consideration liabilities 0.0 0.0
Significant Other Observable Inputs (Level 2) | Recurring    
Assets    
Investments 23.8 18.2
Derivative assets 40.8 8.6
Bank drafts 0.0 0.0
Liabilities    
Derivative liabilities 41.1 6.0
Contingent consideration liabilities 0.0 0.0
Significant Other Unobservable Inputs (Level 3) | Recurring    
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 $ 4.8 $ 10.0
v3.25.0.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Equity securities without readily determinable fair value, amount $ 45.0 $ 71.0  
Loss on private venture companies 19.2 0.0  
Gain on private venture companies   0.0 $ 13.5
Recurring      
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments 48.0 37.8  
Investments 8.4    
Recurring | Quoted Prices in Active Markets (Level 1)      
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments 24.2 19.6  
Investments 8.4    
Cash and cash equivalents | Recurring      
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments 1.5 2.7  
Other Current Assets | Recurring      
Fair value, assets and liabilities measured on a recurring basis [Line Items]      
Investments $ 38.1 $ 35.1  
v3.25.0.1
NET INCOME PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Net Income Per Common Share      
Net income $ 704.9 $ 503.0 $ 757.1
Weighted average number of common shares outstanding (in shares) 80.4 80.7 81.6
Dilutive shares (additional common shares issuable under stock-based awards) (in shares) 0.3 0.4 0.6
Weighted average number of common shares outstanding, assuming dilution (in shares) 80.7 81.1 82.2
Net income per common share (in dollars per share) $ 8.77 $ 6.23 $ 9.28
Net income per common share, assuming dilution (in dollars per share) $ 8.73 $ 6.20 $ 9.21
Antidilutive securities excluded from computation of earnings per share (in shares) 0.1 0.1 0.0
v3.25.0.1
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Apr. 30, 2022
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 $ 247.5 $ 137.5 $ 379.5  
Share repurchase authorized amount       $ 750.0
Share repurchase remained authorized amount $ 346.9      
Treasury stock        
Class of Stock [Line Items]        
Repurchase of shares for treasury (in shares) 1,184,780 780,721 2,173,416  
Repurchase of common stock, value $ 247.5 $ 137.5 $ 379.5  
v3.25.0.1
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Change in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 2,127.9 $ 2,032.2 $ 1,924.4
Other comprehensive income (loss) before reclassifications, net of tax (51.6) (46.8)  
Reclassifications to net income, net of tax 3.6 2.7  
Net current-period other comprehensive income (loss), net of tax (48.0) (44.1) (81.1)
Ending balance 2,312.3 2,127.9 2,032.2
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (408.1) (364.0) (282.9)
Net current-period other comprehensive income (loss), net of tax (48.0) (44.1) (81.1)
Ending balance (456.1) (408.1) (364.0)
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (328.6) (314.0)  
Other comprehensive income (loss) before reclassifications, net of tax (46.9) (14.6)  
Reclassifications to net income, net of tax 0.0 0.0  
Net current-period other comprehensive income (loss), net of tax (46.9) (14.6)  
Ending balance (375.5) (328.6) (314.0)
Pension and Other Postretirement Benefits      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (77.5) (51.3)  
Other comprehensive income (loss) before reclassifications, net of tax (1.3) (25.2)  
Reclassifications to net income, net of tax 0.8 (1.0)  
Net current-period other comprehensive income (loss), net of tax (0.5) (26.2)  
Ending balance (78.0) (77.5) (51.3)
Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (2.0) 1.3  
Other comprehensive income (loss) before reclassifications, net of tax (5.4) (7.0)  
Reclassifications to net income, net of tax 2.8 3.7  
Net current-period other comprehensive income (loss), net of tax (2.6) (3.3)  
Ending balance (4.6) (2.0) 1.3
Fair Value Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 0.0 0.0  
Other comprehensive income (loss) before reclassifications, net of tax 2.0 0.0  
Reclassifications to net income, net of tax 0.0 0.0  
Net current-period other comprehensive income (loss), net of tax 2.0 0.0  
Ending balance $ 2.0 $ 0.0 $ 0.0
v3.25.0.1
SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Income Tax (Benefit) Expense Allocated to Each Component of Other Comprehensive loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Foreign currency translation:      
Translation gain (loss) $ 0.1 $ 1.2 $ (7.0)
Pension and other postretirement benefits:      
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit (0.6) (8.2) 0.5
Reclassifications to net income 0.4 (0.3) 1.1
Cash flow hedges:      
Gain (loss) recognized on cash flow hedges (1.7) (2.2) 1.6
Reclassifications to net income 0.9 1.2 0.4
Fair value hedges:      
Changes in excluded components of fair value hedges 0.6 0.0 0.0
Income tax expense (benefit) allocated to components of other comprehensive income (loss) $ (0.3) $ (8.3) $ (3.4)
v3.25.0.1
LONG-TERM INCENTIVE COMPENSATION - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 28, 2024
USD ($)
tranche
vestingPeriod
$ / shares
shares
Dec. 30, 2023
USD ($)
$ / shares
Dec. 31, 2022
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 $ 38.0    
Unrecognized compensation cost weighted average recognition period 2 years    
Weighted average grant date fair value (in dollars per share) | $ / shares $ 0 $ 47.65 $ 0
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   6 years 3 months 21 days  
Total intrinsic value of stock options exercised $ 19.5 $ 0.0 $ 0.0
Proceeds from exercises of stock options 10.0    
Tax benefit associated with option exercises $ 4.8    
Stock Options      
Long-Term Incentive Compensation [Line Items]      
Vesting period 4 years    
Option expiration period 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 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 $ 224.82 $ 180.12 $ 163.97
Fair value $ 20.6 $ 22.7 $ 20.2
Performance units (PUs) | Minimum      
Long-Term Incentive Compensation [Line Items]      
Vesting period 3 years    
Shares issued (as a percent) 0.00%    
Performance units (PUs) | Maximum      
Long-Term Incentive Compensation [Line Items]      
Vesting period 4 years    
Shares issued (as a percent) 200.00%    
Market-leveraged stock units (MSUs)      
Long-Term Incentive Compensation [Line Items]      
Vesting period 4 years    
Granted at target (in usd per share) | $ / shares $ 259.75 $ 192.53 $ 141.80
Fair value $ 14.6 $ 16.1 $ 19.9
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 $ 210.74 $ 175.88 $ 168.34
Fair value $ 3.2 $ 2.7 $ 2.8
Restricted stock units (RSUs) | Directors      
Long-Term Incentive Compensation [Line Items]      
Vesting period 1 year    
Restricted stock units (RSUs) | Minimum | Employees      
Long-Term Incentive Compensation [Line Items]      
Vesting period 1 year    
Restricted stock units (RSUs) | Maximum | Employees      
Long-Term Incentive Compensation [Line Items]      
Vesting period 4 years    
Long-term incentive units      
Long-Term Incentive Compensation [Line Items]      
Cash-based payment arrangement, expense $ 14.9 16.3 11.5
Cash-based payment arrangement, tax benefit $ 3.6 $ 3.9 $ 2.7
Long-term incentive units | Maximum      
Long-Term Incentive Compensation [Line Items]      
Cash-based compensation, award vesting period 4 years    
Market-leveraged long-term incentive units | Maximum      
Long-Term Incentive Compensation [Line Items]      
Cash-based compensation, award vesting period 4 years    
Performance long-term incentive units | Minimum      
Long-Term Incentive Compensation [Line Items]      
Cash-based compensation, award vesting period 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%    
v3.25.0.1
LONG-TERM INCENTIVE COMPENSATION - Stock-Based Compensation Expense and the Related Recognized Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Stock-based compensation expense $ 28.7 $ 22.3 $ 47.4
Tax benefit $ 2.6 $ 2.4 $ 6.7
v3.25.0.1
LONG-TERM INCENTIVE COMPENSATION - Stock Option Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Number of options (in thousands)    
Outstanding beginning balance (in shares) 204,100  
Exercised (in shares) (141,100)  
Outstanding ending balance (in shares) 63,000.0 204,100
Options vested and expected to vest (in shares) 54,800  
Options exercisable (in shares) 0  
Weighted average exercise price    
Outstanding beginning balance (in usd per share) $ 109.92  
Exercised (in usd per share) 73.96  
Outstanding ending balance (in usd per share) 190.54 $ 109.92
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 8 years 8 months 4 days 4 years 4 months 9 days
Options vested or expected to vest 8 years 8 months 4 days  
Options exercisable  
Aggregate intrinsic value (in millions)    
Outstanding $ 0.0 $ 18.7
Options vested and expected to vest 0.0  
Options exercisable $ 0.0  
v3.25.0.1
LONG-TERM INCENTIVE COMPENSATION - Number of Awards, Weighted-average Grant-date Fair Value (Details) - $ / shares
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Performance units (PUs)      
Number of awards      
Unvested at beginning of period (in shares) 300,700    
Granted at target (in shares) 68,300    
Adjustments for above-target performance (in shares) 37,700    
Vested (in shares) (104,200)    
Forfeited/cancelled (in shares) (10,400)    
Unvested at end of period (in shares) 292,100 300,700  
Weighted average grant-date fair value      
Beginning balance (in usd per share) $ 174.54    
Granted at target (in usd per share) 224.82 $ 180.12 $ 163.97
Adjustment for above-target performance (in used per share) 197.75    
Vested (in usd per share) 197.75    
Forfeited/cancelled (in usd per share) 184.82    
Ending balance (in usd per share) $ 181.94 $ 174.54  
Market-leveraged stock units (MSUs)      
Number of awards      
Unvested at beginning of period (in shares) 195,500    
Granted at target (in shares) 55,200    
Adjustments for above-target performance (in shares) 20,600    
Vested (in shares) (99,200)    
Forfeited/cancelled (in shares) (8,400)    
Unvested at end of period (in shares) 163,700 195,500  
Weighted average grant-date fair value      
Beginning balance (in usd per share) $ 167.16    
Granted at target (in usd per share) 259.75 $ 192.53 141.80
Adjustment for above-target performance (in used per share) 129.76    
Vested (in usd per share) 147.25    
Forfeited/cancelled (in usd per share) 198.29    
Ending balance (in usd per share) $ 202.83 $ 167.16  
Restricted stock units (RSUs)      
Number of awards      
Unvested at beginning of period (in shares) 66,500    
Granted at target (in shares) 53,700    
Vested (in shares) (18,400)    
Forfeited/cancelled (in shares) (6,900)    
Unvested at end of period (in shares) 94,900 66,500  
Weighted average grant-date fair value      
Beginning balance (in usd per share) $ 171.68    
Granted at target (in usd per share) 210.74 $ 175.88 $ 168.34
Vested (in usd per share) 175.42    
Forfeited/cancelled (in usd per share) 196.80    
Ending balance (in usd per share) $ 191.22 $ 171.68  
v3.25.0.1
COST REDUCTION ACTIONS - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 28, 2024
USD ($)
position
Sep. 30, 2023
position
Dec. 28, 2024
USD ($)
position
Dec. 30, 2023
USD ($)
position
Dec. 31, 2022
USD ($)
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     $ 41.9 $ 79.4 $ 7.7
2025 Actions          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges $ 13.1        
Net number of position reduced as a result of cost reduction actions | position 90        
2023 Actions          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges     $ 28.8 $ 49.0  
Net number of position reduced as a result of cost reduction actions | position     1,280 1,450  
2023 Actions | Materials Group          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges       $ 30.4  
Net number of position reduced as a result of cost reduction actions | position   210      
v3.25.0.1
COST REDUCTION ACTIONS - Restructuring Charges and Payments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Cost Reduction Actions    
Beginning balance $ 27.7 $ 5.1
Charges, Net of Reversals 41.9 79.4
Cash Payments (43.9) (49.2)
Non-cash Impairment (6.1) (8.3)
Foreign Currency Translation (0.6) 0.7
Ending balance 19.0 27.7
2025 Actions | Severance and related costs    
Cost Reduction Actions    
Beginning balance 0.0  
Charges, Net of Reversals 10.0  
Cash Payments 0.0  
Non-cash Impairment 0.0  
Foreign Currency Translation 0.0  
Ending balance 10.0 0.0
2025 Actions | Asset impairment charges    
Cost Reduction Actions    
Beginning balance 0.0  
Charges, Net of Reversals 3.1  
Cash Payments 0.0  
Non-cash Impairment (3.1)  
Foreign Currency Translation 0.0  
Ending balance 0.0 0.0
2023 Actions | Severance and related costs    
Cost Reduction Actions    
Beginning balance 27.7 0.0
Charges, Net of Reversals 25.4 72.1
Cash Payments (43.3) (45.1)
Non-cash Impairment 0.0 0.0
Foreign Currency Translation (0.6) 0.7
Ending balance 9.2 27.7
2023 Actions | Asset impairment charges    
Cost Reduction Actions    
Beginning balance 0.0 0.0
Charges, Net of Reversals 3.0 8.3
Cash Payments 0.0 0.0
Non-cash Impairment (3.0) (8.3)
Foreign Currency Translation 0.0 0.0
Ending balance 0.0 0.0
2023 Actions | Lease cancellation costs    
Cost Reduction Actions    
Beginning balance 0.0  
Charges, Net of Reversals 0.4  
Cash Payments (0.6)  
Non-cash Impairment 0.0  
Foreign Currency Translation 0.0  
Ending balance (0.2) 0.0
2019/2020 Actions | Severance and related costs    
Cost Reduction Actions    
Beginning balance $ 0.0 5.1
Charges, Net of Reversals   (1.0)
Cash Payments   (4.1)
Non-cash Impairment   0.0
Foreign Currency Translation   0.0
Ending balance   $ 0.0
v3.25.0.1
COST REDUCTION ACTIONS - Restructuring Charges by Reportable Segment and Corporate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 41.9 $ 79.4 $ 7.7
Corporate expense      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 0.4 3.8 0.8
Materials Group | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 5.7 52.4 (1.0)
Solutions Group | Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 35.8 $ 23.2 $ 7.9
v3.25.0.1
TAXES BASED ON INCOME - Schedule of Taxes Based on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Current:      
U.S. federal tax $ 36.0 $ 42.5 $ 29.4
State taxes 10.6 9.0 8.8
Foreign taxes 214.9 160.8 177.7
Total 261.5 212.3 215.9
Deferred:      
U.S. federal tax (8.7) (29.0) 5.8
State taxes (3.3) (3.5) 0.9
Foreign taxes (0.9) 11.9 19.6
Total (12.9) (20.6) 26.3
Provision for income taxes $ 248.6 $ 191.7 $ 242.2
v3.25.0.1
TAXES BASED ON INCOME - Increase (Decrease) in Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Income Tax Disclosure [Line Items]      
Tax provision computed at the U.S. federal statutory rate $ 200.2 $ 145.9 $ 209.9
Increase (decrease) in taxes resulting from:      
State taxes, net of federal tax benefit 2.7 2.6 11.8
Foreign earnings taxed at different rates 49.5 50.4 51.7
GILTI high-tax exclusion election, net (6.2) (10.0) (11.9)
Valuation allowance 15.9 2.6 (5.0)
U.S. federal research and development tax credits (7.7) (8.3) (6.5)
Tax contingencies and audit settlements 1.9 11.9 (4.3)
Other items, net (7.7) (3.4) (3.5)
Provision for income taxes $ 248.6 191.7 $ 242.2
Tax Year 2023      
Increase (decrease) in taxes resulting from:      
GILTI high-tax exclusion election, net   (4.4)  
Tax Year 2022      
Increase (decrease) in taxes resulting from:      
GILTI high-tax exclusion election, net   $ (5.6)  
v3.25.0.1
TAXES BASED ON INCOME - Income (Loss) from Continuing Operations before Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Income (loss) before taxes      
U.S. $ 211.4 $ 187.2 $ 232.4
Foreign 742.1 507.5 766.9
Income before taxes $ 953.5 $ 694.7 $ 999.3
v3.25.0.1
TAXES BASED ON INCOME - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Income Tax Disclosure [Line Items]      
Effective tax rate (as a percent) 26.10% 27.60% 24.20%
Effective income tax rate reconciliation, GILTI, FDII, net, amount $ 15.9 $ 16.4 $ 18.8
Tax charge from valuation allowance 15.9 2.6 (5.0)
Effective income tax rate reconciliation, prior year income taxes (benefit)   14.7 17.3
Effective income Tax rate reconciliation, nondeductible expense   10.5  
Net tax charge primarily from the recognition of uncertain tax positions   9.5  
GILTI high-tax exclusion election, net (6.2) (10.0) (11.9)
Tax credit carryforwards 14.8 9.0  
Net operating losses 466.0 481.0  
Unrecognized tax benefits 81.1 88.0 $ 69.5
Unrecognized tax benefits, if recognized, would reduce annual effective income tax rate 74.0 75.0  
Accrued interest and penalties for uncertain tax positions, net of tax benefit 17.0 $ 16.0  
Reasonably possible decrease in uncertain tax positions, including interest and penalties 6.0    
State      
Income Tax Disclosure [Line Items]      
Net operating losses 575.0    
Operating loss carryforwards, valuation allowance $ 548.0    
v3.25.0.1
TAXES BASED ON INCOME - Schedule of Components of the Temporary Differences (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Income Tax Disclosure [Abstract]    
Accrued expenses not currently deductible $ 29.8 $ 44.5
Net operating loss carryforwards 137.9 138.9
Tax credit carryforwards 14.8 9.0
Capitalized research expenses 81.7 59.9
Stock-based compensation 8.8 10.9
Pension and other postretirement benefits 31.1 34.2
Inventory reserve 19.2 16.4
Lease liabilities 44.7 43.3
Other assets 31.6 27.9
Valuation allowance (72.7) (62.0)
Total deferred tax assets 326.9 323.0
Depreciation and amortization (306.0) (317.2)
Repatriation accrual (24.2) (24.5)
Foreign operating loss recapture (3.1) (3.4)
Lease assets (44.3) (43.4)
Total deferred tax liabilities (377.6) (388.5)
Total net deferred tax assets (liabilities) $ (50.7) $ (65.5)
v3.25.0.1
TAXES BASED ON INCOME - Net Operating Loss and Tax Carryforwards (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Net operating loss and credit carryforward [Line Items]    
Net operating losses $ 466.0 $ 481.0
Tax Credits 14.8 $ 9.0
Total    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 466.1  
Tax Credits 14.8  
2025    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 2.6  
Tax Credits 0.2  
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 3.1  
Tax Credits 0.4  
2028    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 6.6  
Tax Credits 0.8  
2029    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 28.5  
Tax Credits 0.4  
2030-2044    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 23.6  
Tax Credits 11.7  
Indefinite life/no expiry    
Net operating loss and credit carryforward [Line Items]    
Net operating losses 399.4  
Tax Credits $ 1.1  
v3.25.0.1
TAXES BASED ON INCOME - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Unrecognized tax benefits $ 81.1 $ 88.0 $ 69.5
Unrecognized tax benefits, if recognized, would reduce annual effective income tax rate 74.0 75.0  
Accrued interest and penalties for uncertain tax positions, net of tax benefit 17.0 $ 16.0  
Reasonably possible decrease in uncertain tax positions, including interest and penalties $ 6.0    
v3.25.0.1
TAXES BASED ON INCOME - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of year $ 88.0 $ 69.5
Additions for tax positions of current year 11.4 15.4
Additions (reductions) for tax positions of prior years, net (7.2) 8.0
Settlements with tax authorities (4.6) (1.8)
Expirations of statutes of limitations (3.7) (3.9)
Changes due to translation of foreign currencies (2.8) 0.8
Balance at end of year $ 81.1 $ 88.0
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Net Sales to Unaffiliated Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Net sales to unaffiliated customers      
Net sales to unaffiliated customers $ 8,755.7 $ 8,364.3 $ 9,039.3
U.S.      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,613.4 2,578.3 2,565.9
Europe, the Middle East and North Africa      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,418.6 2,306.7 2,683.6
Asia      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,763.1 2,545.2 2,817.2
Latin America      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 599.8 582.3 605.7
Other      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 360.8 351.8 366.9
Operating Segments | Materials Group      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 6,013.0 5,811.3 6,495.1
Operating Segments | Materials Group | U.S.      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 1,715.6 1,687.8 1,892.1
Operating Segments | Materials Group | Europe, the Middle East and North Africa      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,091.0 2,007.1 2,396.2
Operating Segments | Materials Group | Asia      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 1,388.0 1,315.2 1,390.3
Operating Segments | Materials Group | Latin America      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 489.7 474.2 470.1
Operating Segments | Materials Group | Other      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 328.7 327.0 346.4
Operating Segments | Solutions Group      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 2,742.7 2,553.0 2,544.2
Operating Segments | Solutions Group | Apparel and other      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers 1,875.5 1,661.4 1,851.2
Operating Segments | Solutions Group | Identification Solutions and Vestcom      
Net sales to unaffiliated customers      
Net sales to unaffiliated customers $ 867.2 $ 891.6 $ 693.0
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Material Group Revenue By Product (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers $ 8,755.7 $ 8,364.3 $ 9,039.3
Materials Group | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers 6,013.0 5,811.3 6,495.1
Materials Group | Labels, graphics and reflectives | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers 5,266.0 5,076.8 5,725.7
Materials Group | Tapes and adhesives | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers 676.0 665.3 696.3
Materials Group | Other | Operating Segments      
Revenue from External Customer [Line Items]      
Net sales to unaffiliated customers $ 71.0 $ 69.2 $ 73.1
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 8,755.7 $ 8,364.3 $ 9,039.3
Long-lived assets $ 1,814.2 $ 1,826.0  
Ten Customer | Net Sales | Revenue from rights concentration risk      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk percentage 16.00% 16.00% 16.00%
China Including Hong Kong      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 1,400.0 $ 1,300.0 $ 1,500.0
Long-lived assets $ 288.0 $ 305.0  
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Segment Results and Reconciliation to Income before Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Segment and disaggregated revenue information [Line Items]      
Net sales $ 8,755.7 $ 8,364.3 $ 9,039.3
Operating Segments      
Segment and disaggregated revenue information [Line Items]      
Segment adjusted operating income 1,214.0 1,041.2 1,156.0
Materials Group | Operating Segments      
Segment and disaggregated revenue information [Line Items]      
Net sales 6,013.0 5,811.3 6,495.1
Segment expense 5,088.3 5,022.1 5,649.2
Segment adjusted operating income 924.7 789.2 845.9
Solutions Group | Operating Segments      
Segment and disaggregated revenue information [Line Items]      
Net sales 2,742.7 2,553.0 2,544.2
Segment expense 2,453.4 2,301.0 2,234.1
Segment adjusted operating income $ 289.3 $ 252.0 $ 310.1
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Segment Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Other expense (income), net and other items $ (71.6) $ (180.9) $ 0.6
Interest expense (117.0) (119.0) (84.1)
Other non-operating expense (income), net 26.7 30.8 9.4
Income before taxes 953.5 694.7 999.3
Operating Segments      
Revenue from External Customer [Line Items]      
Segment adjusted operating income 1,214.0 1,041.2 1,156.0
Corporate And Reconciling Items      
Revenue from External Customer [Line Items]      
Corporate expense (91.9) (77.4) (82.6)
Other expense (income), net and other items (78.3) (180.9) 0.6
Interest expense (117.0) (119.0) (84.1)
Other non-operating expense (income), net 26.7 30.8 9.4
Materials Group | Operating Segments      
Revenue from External Customer [Line Items]      
Segment adjusted operating income 924.7 789.2 845.9
Solutions Group | Operating Segments      
Revenue from External Customer [Line Items]      
Segment adjusted operating income $ 289.3 $ 252.0 $ 310.1
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Additional Financial Information by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers $ 8,755.7 $ 8,364.3 $ 9,039.3
Capital expenditures 217.1 266.5 297.5
Depreciation and amortization expense 312.2 298.4 290.7
Intersegment sales      
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers (215.1) (192.6) (174.5)
Materials Group      
Segment and disaggregated revenue information [Line Items]      
Capital expenditures 96.3 117.8 153.5
Depreciation and amortization expense 130.9 127.8 135.8
Materials Group | Intersegment sales      
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers (162.8) (157.1) (137.1)
Solutions Group      
Segment and disaggregated revenue information [Line Items]      
Capital expenditures 120.8 148.7 144.0
Depreciation and amortization expense 181.3 170.6 154.9
Solutions Group | Intersegment sales      
Segment and disaggregated revenue information [Line Items]      
Net sales to unaffiliated customers $ (52.3) $ (35.5) $ (37.4)
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Other Expense (Income), Net by Type (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Restructuring charges, net of reversals:      
Restructuring charges $ 41.9 $ 79.4 $ 7.7
Other items:      
Losses from Argentine peso remeasurement and Blue Chip Swap transactions 16.4 29.9 0.0
(Gain) loss on venture investments 19.2 1.5 (13.5)
Outcomes of legal matters and settlements, net (6.2) 64.3 6.3
Transaction and related costs 0.3 5.3 0.3
(Gain) loss on sales of assets 0.0 0.5 (1.4)
Other expense (income), net 71.6 180.9 (0.6)
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 35.4 70.8 7.6
Asset impairment and lease cancellation charges      
Restructuring charges, net of reversals:      
Restructuring charges $ 6.5 $ 8.6 $ 0.1
v3.25.0.1
SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Long-lived Assets (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,814.2 $ 1,826.0
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 642.7 662.8
Non-U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 1,171.5 $ 1,163.2
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Inventories (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Inventories    
Raw materials $ 435.0 $ 415.4
Work-in-progress 224.9 238.2
Finished goods 318.2 267.1
Inventories $ 978.1 $ 920.7
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 28, 2024
Dec. 30, 2023
Property, plant and equipment    
Property, plant and equipment $ 3,993.5 $ 3,970.4
Accumulated depreciation (2,406.8) (2,344.6)
Property, plant and equipment, net 1,586.7 1,625.8
Land    
Property, plant and equipment    
Property, plant and equipment 35.1 35.9
Buildings and improvements    
Property, plant and equipment    
Property, plant and equipment 852.3 817.9
Machinery and equipment    
Property, plant and equipment    
Property, plant and equipment 2,903.4 2,799.5
Construction-in-progress    
Property, plant and equipment    
Property, plant and equipment $ 202.7 $ 317.1
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Software (Details) - Total software - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Capitalized software costs      
Cost $ 360.0 $ 362.4  
Accumulated amortization (249.3) (257.9)  
Software, net 110.7 104.5  
Software amortization expense $ 25.1 $ 23.4 $ 29.5
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Cloud Computing Arrangements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Inventory Disclosure [Abstract]    
Cost $ 97.1 $ 59.8
Accumulated amortization (17.9) (9.4)
Capitalized implementation costs, net 79.2 50.4
Capitalized implementation cost expense $ 8.0 $ 4.5
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Allowance of credit losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Change in Allowance for Credit Losses      
Balance at beginning of year $ 34.4 $ 34.4  
Provision for credit losses 4.6 4.4 $ 6.9
Amounts written off (8.9) (6.3)  
Other, including foreign currency translation (1.1) 1.9  
Balance at end of year 29.0 34.4 34.4
Reversal of credit losses $ (4.6) $ (4.4) $ (6.9)
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Research and Development, Supplemental Cash Flow Information and Deferred Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Research and Development      
Research and development expense $ 137.8 $ 135.8 $ 136.1
Cash paid for interest and income taxes      
Interest 111.8 109.9 80.9
Income taxes, net of refunds 226.8 234.9 $ 204.8
Deferred Revenue      
Other current liabilities 15.5 18.1  
Long-term retirement benefits and other liabilities 1.2 1.3  
Total deferred revenue $ 16.7 $ 19.4  
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Supplemental Financial Information      
Revenue recognized during the period $ 17.5 $ 21.0 $ 23.5
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable  
Supplier finance program, obligation, current $ 384.6 $ 397.4  
Loss on blue chip swap transactions $ 10.0    
v3.25.0.1
SUPPLEMENTAL FINANCIAL INFORMATION - Supplier Finance Programs (Details)
$ in Millions
 12 Months Ended
Dec. 28, 2024
USD ($)
Supplier Finance Program, Obligation [Roll Forward]  
Balance at beginning of year $ 397.4
Invoices confirmed during the year 1,339.3
Invoices paid during the year (1,328.9)
Other, including foreign currency translation (23.2)
Balance at end of year $ 384.6