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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 04, 2015	Aug. 01, 2015
Document and Entity Information
Entity Registrant Name	Avery Dennison Corp
Entity Central Index Key	0000008818
Document Type	10-Q
Document Period End Date	Jul. 04, 2015
Amendment Flag	false
Current Fiscal Year End Date	--01-02
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		91,437,757
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 04, 2015	Jan. 03, 2015
Current assets:
Cash and cash equivalents	$ 246.0	$ 227.0
Trade accounts receivable, less allowances of $34.6 and $30.5 at July 4, 2015 and January 3, 2015, respectively	1,011.4	958.1
Inventories, net	512.1	491.8
Current deferred and refundable income taxes	102.9	107.5
Assets held for sale	2.0	0.8
Other current assets	123.7	136.1
Total current assets	1,998.1	1,921.3
Property, plant and equipment	2,613.3	2,654.5
Accumulated depreciation	(1,761.6)	(1,779.2)
Property, plant and equipment, net	851.7	875.3
Goodwill	698.4	721.6
Other intangibles resulting from business acquisitions, net	55.7	67.4
Non-current deferred income taxes	300.3	311.0
Other assets	449.4	463.6
Total assets	4,353.6	4,360.2
Current liabilities:
Short-term borrowings and current portion of long-term debt and capital leases	182.2	204.3
Accounts payable	856.0	797.8
Current deferred and payable income taxes	47.6	64.9
Other current liabilities	465.0	530.8
Total current liabilities	1,550.8	1,597.8
Long-term debt and capital leases	969.5	945.3
Long-term retirement benefits and other liabilities	608.6	622.8
Non-current deferred and payable income taxes	128.0	127.8
Commitments and contingencies (see Note 15)
Shareholders' equity:
Common stock, $1 par value per share, authorized - 400,000,000 shares at July 4, 2015 and January 3, 2015; issued - 124,126,624 shares at July 4, 2015 and January 3, 2015; outstanding - 91,572,765 shares and 90,458,956 shares at July 4, 2015 and January 3, 2015, respectively	124.1	124.1
Capital in excess of par value	818.0	823.9
Retained earnings	2,213.2	2,137.1
Treasury stock at cost, 32,553,859 shares and 33,667,668 shares at July 4, 2015 and January 3, 2015, respectively	(1,455.2)	(1,471.3)
Accumulated other comprehensive loss	(603.4)	(547.3)
Total shareholders' equity	1,096.7	1,066.5
Total liabilities and shareholders' equity	$ 4,353.6	$ 4,360.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jul. 04, 2015	Jan. 03, 2015
CONSOLIDATED BALANCE SHEETS
Trade accounts receivable, allowances (in dollars)	$ 34.6	$ 30.5
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	124,126,624	124,126,624
Common stock, outstanding shares	91,572,765	90,458,956
Treasury stock, shares	32,553,859	33,667,668

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 1,516.0	$ 1,615.8	$ 3,044.0	$ 3,165.9
Cost of products sold	1,098.4	1,187.6	2,196.4	2,330.5
Gross profit	417.6	428.2	847.6	835.4
Marketing, general and administrative expense	273.8	297.0	574.7	593.7
Interest expense	15.3	15.6	30.6	31.0
Other expense, net	27.7	38.5	42.0	45.8
Income from continuing operations before taxes	100.8	77.1	200.3	164.9
Provision for income taxes	36.5	32.7	64.4	48.9
Income from continuing operations	64.3	44.4	135.9	116.0
Loss from discontinued operations, net of tax	(1.0)	(1.9)	(1.0)	(2.3)
Net income	$ 63.3	$ 42.5	$ 134.9	$ 113.7
Net income (loss) per common share:
Continuing operations (in dollars per share)	$ 0.70	$ 0.47	$ 1.49	$ 1.22
Discontinued operations (in dollars per share)	(0.01)	(0.02)	(0.01)	(0.03)
Net income per common share (in dollars per share)	0.69	0.45	1.48	1.19
Net income (loss) per common share, assuming dilution:
Continuing operations (in dollars per share)	0.69	0.46	1.46	1.19
Discontinued operations (in dollars per share)	(0.01)	(0.02)	(0.01)	(0.02)
Net income per common share, assuming dilution (in dollars per share)	0.68	0.44	1.45	1.17
Dividends per common share (in dollars per share)	$ 0.37	$ 0.35	$ 0.72	$ 0.64
Weighted average shares outstanding:
Common shares (in shares)	91.2	94.9	90.9	95.4
Common shares, assuming dilution (in shares)	93.0	96.7	92.8	97.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 63.3	$ 42.5	$ 134.9	$ 113.7
Other comprehensive income (loss), before tax:
Foreign currency translation	3.0	(3.1)	(69.1)	(4.0)
Pension and other postretirement benefits	11.7	5.4	19.3	10.9
Cash flow hedges	0.3	(0.5)	(0.7)	(0.6)
Other comprehensive income (loss), before tax	15.0	1.8	(50.5)	6.3
Income tax expense related to components of other comprehensive income (loss)	4.7	2.6	5.6	3.8
Other comprehensive income (loss), net of tax	10.3	(0.8)	(56.1)	2.5
Total comprehensive income, net of tax	$ 73.6	$ 41.7	$ 78.8	$ 116.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014
Operating Activities
Net income	$ 134.9	$ 113.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	64.9	66.0
Amortization	31.8	33.4
Provision for doubtful accounts and sales returns	15.2	9.8
Net losses from asset impairments and sales/disposals of assets	11.1	3.8
Stock-based compensation	13.2	14.5
Other non-cash expense and loss	26.7	25.9
Changes in assets and liabilities and other adjustments	(126.9)	(257.3)
Net cash provided by operating activities	170.9	9.8
Investing Activities
Purchases of property, plant and equipment	(56.4)	(67.5)
Purchases of software and other deferred charges	(4.0)	(14.4)
Proceeds from sales of property, plant and equipment	2.8	0.6
(Purchases) sales of investments, net	(0.3)	0.1
Other	(1.5)
Net cash used in investing activities	(56.4)	(81.2)
Financing Activities
Net (decrease) increase in borrowings (maturities of 90 days or less)	(15.8)	145.0
Payments of debt (maturities longer than 90 days)	(5.5)	(0.8)
Dividends paid	(65.7)	(60.9)
Share repurchases	(61.5)	(153.4)
Proceeds from exercises of stock options, net	61.3	18.4
Other	(4.0)	(2.7)
Net cash used in financing activities	(91.2)	(54.4)
Effect of foreign currency translation on cash balances	(4.3)	(3.9)
Increase (decrease) in cash and cash equivalents	19.0	(129.7)
Cash and cash equivalents, beginning of year	227.0	351.6
Cash and cash equivalents, end of period	$ 246.0	$ 221.9

General	6 Months Ended
General	Jul. 04, 2015
General
General	Note 1. General The unaudited Condensed Consolidated Financial Statements and notes in this Quarterly Report on Form 10-Q are presented as permitted by Article 10 of Regulation S-X and do not contain certain information included in the audited Consolidated Financial Statements and notes thereto in our 2014 Annual Report on Form 10-K, which should be read in conjunction with this Quarterly Report on Form 10-Q. The accompanying unaudited Condensed Consolidated Financial Statements include normal recurring adjustments necessary for a fair statement of our interim results. Fiscal Period The second quarters of 2015 and 2014 consisted of thirteen-week periods ending July 4, 2015 and June 28, 2014, respectively. The six months ended July 4, 2015 and June 28, 2014 consisted of twenty-six-week periods. Interim results of operations are not necessarily indicative of future results.

Sale of Product Line and Discontinued Operations	6 Months Ended
Sale of Product Line and Discontinued Operations	Jul. 04, 2015
Sale of Product Line and Discontinued Operations
Sale of Product Line and Discontinued Operations	Note 2. Sale of Product Line and Discontinued Operations Sale of Product Line In May 2015, we sold certain assets and transferred certain liabilities associated with a product line in our Retail Branding and Information Solutions (“RBIS”) reportable segment for $1.5 million. This sale resulted in a pretax loss which, when combined with exit costs related to the sale, totaled $7.7 million in the second quarter of 2015. The exit costs included $3.4 million of severance costs, of which $.1 million had been paid as of July 4, 2015. In the first quarter of 2015, we recorded an impairment charge of approximately $2 million related to certain long-lived assets of this product line as well as $.6 million of other costs related to this sale. This loss and these costs were included in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income. Discontinued Operations Loss from discontinued operations, net of tax, during the second quarter and six months ended July 4, 2015 included $1 million of tax expense related to the completion of certain tax return filings related to the sale of our former Office and Consumer Products (“OCP”) and Designed and Engineered Solutions (“DES”) businesses. Loss from discontinued operations, net of tax, during the second quarter and six months ended June 28, 2014 included costs related to the resolution of certain post-closing adjustments from the sale of the OCP and DES businesses. We continue to be subject to certain indemnification obligations under the terms of the purchase agreement. In addition, the tax liability associated with the sale is subject to completion of remaining tax return filings in certain foreign jurisdictions where we operated the OCP and DES businesses.

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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+ Details

Inventories

6 Months Ended

Jul. 04, 2015

Inventories

Inventories

Note 3. Inventories

Net inventories consisted of:

(In millions)	July 4, 2015		January 3, 2015
Raw materials	$	191.0	$	183.6
Work-in-progress	155.1		150.4
Finished goods	166.0		157.8

Inventories, net	$	512.1	$	491.8

Goodwill

6 Months Ended

Jul. 04, 2015

Goodwill.

Goodwill

Note 4. Goodwill

Changes in the net carrying amount of goodwill for the six months ended July 4, 2015, by reportable segment, were as follows:

(In millions)	Pressure-sensitive Materials			Retail Branding and Information Solutions			Total
Goodwill as of January 3, 2015	$	306.6		$	415.0		$	721.6
Translation adjustments	(18.1		)	(5.1		)	(23.2		)

Goodwill as of July 4, 2015	$	288.5		$	409.9		$	698.4

The carrying amounts of goodwill at July 4, 2015 and January 3, 2015 were net of accumulated impairment losses of $820 million, which were included in our RBIS reportable segment.

There was no goodwill associated with our Vancive Medical Technologies reportable segment.

Debt and Capital Leases	6 Months Ended
Debt and Capital Leases	Jul. 04, 2015
Debt
Debt and Capital Leases	Note 5. Debt and Capital Leases The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities on notes with similar rates, credit ratings, and remaining maturities. The fair value of short-term borrowings, which include commercial paper issuances and short-term lines of credit, approximates carrying value given the short duration of these obligations. The fair value of our total debt was $1.21 billion at July 4, 2015 and $1.22 billion at January 3, 2015. Fair value amounts were determined based primarily on Level 2 inputs, which are inputs other than quoted prices in active markets that are either directly or indirectly observable. Our various loan agreements require that we maintain specified financial covenant ratios of total debt and interest expense in relation to certain measures of income. We were in compliance with our financial covenants as of July 4, 2015. In May 2015, we extended and amended the lease on our Mentor, Ohio facility for an additional ten years. This facility is used primarily for the North American headquarters and research center of our Materials Group business. Because ownership of the facility transfers to us at the end of the lease term, it was accounted for as a capital lease. The carrying value of the lease at inception was approximately $26 million, of which approximately $24 million was included in “Long-term debt and capital leases” and approximately $2 million was included in “Short-term borrowings and current portion of long-term debt and capital leases” in the unaudited Condensed Consolidated Balance Sheets at July 4, 2015.

Pension And Other Postretirement Benefits

6 Months Ended

Jul. 04, 2015

Pension and Other Postretirement Benefits.

Pension and Other Postretirement Benefits

Note 6. 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 us.

We are also obligated to pay unfunded termination indemnity benefits to certain employees outside of the U.S., which are subject to applicable agreements, laws and regulations. We have not incurred significant costs related to termination indemnity arrangements, and therefore, no related costs are included in the disclosures below.

The following table sets forth the components of net periodic benefit cost (credit), which are recorded in income from continuing operations, for our defined benefit plans:

	Pension Benefits
	Three Months Ended												Six Months Ended
	July 4, 2015						June 28, 2014						July 4, 2015						June 28, 2014
(In millions)	U.S.			Int’l			U.S.			Int’l			U.S.			Int’l			U.S.			Int’l
Service cost	$	.1		$	3.3		$	.1		$	3.2		$	.2		$	7.0		$	.2		$	6.7
Interest cost	11.0			4.3			11.4			6.2			21.7			8.8			22.4			12.2
Expected return on plan assets	(12.9		)	(5.3		)	(13.0		)	(6.5		)	(25.8		)	(10.8		)	(26.0		)	(13.0		)
Recognized net actuarial loss	5.1			2.3			4.2			1.3			10.2			4.8			8.1			2.6
Amortization of prior service cost (credit)	.3			–			.3			.1			.6			(.1		)	.6			.2
Recognized loss on curtailment(1)	–			–			–			.6			–			–			–			.6
Recognized loss on settlement(2)	–			3.8			–			–			–			3.8			–			–

Net periodic benefit cost	$	3.6		$	8.4		$	3.0		$	4.9		$	6.9		$	13.5		$	5.3		$	9.3

(1)

Recognized loss on curtailment related to a pension plan in the Netherlands and was recorded in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

(2)

Recognized loss on settlement related to pension plans in Germany and France as a result of the sale of a product line in our RBIS reportable segment. The loss on settlement was recorded in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

	U.S. Postretirement Health Benefits
	Three Months Ended				Six Months Ended
(In millions)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Interest cost	$	–	$	.1	$	.1	$	.1
Recognized net actuarial loss	.5		.7		1.1		1.4
Amortization of prior service credit	(.8)		(.8)		(1.6)		(1.6)

Net periodic benefit credit	$	(.3)	$	–	$	(.4)	$	(.1)

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. All of the contributions made in the first six months of 2015 and 2014 were made to meet minimum funding requirements.

The following table sets forth our contributions to our defined benefit plans:

	Six Months Ended
(In millions)	July 4, 2015		June 28, 2014
U.S.	$	2.0	$	2.4
Int’l	9.3		10.6
U.S. postretirement health benefits	.6		.9

Research and Development	6 Months Ended
Research and Development	Jul. 04, 2015
Research and Development
Research and Development	Note 7. Research and Development Research and development expense from continuing operations was $22.8 million and $48.4 million for the three and six months ended July 4, 2015, respectively, and $26.9 million and $51.9 million for the three and six months ended June 28, 2014, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.

+ References + Details

Long-Term Incentive Compensation	6 Months Ended
Long-Term Incentive Compensation	Jul. 04, 2015
Long-Term Incentive Compensation
Long-Term Incentive Compensation	Note 8. Long-Term Incentive Compensation Equity Awards Stock-based compensation expense from continuing operations was $5.8 million and $13.2 million for the three and six months ended July 4, 2015, respectively, and $8.5 million and $14.5 million for the three and six months ended June 28, 2014, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income. As of July 4, 2015, we had approximately $41 million of unrecognized compensation expense from continuing operations related to unvested stock-based awards, which is expected to be recognized over the remaining weighted-average period of approximately three years. Cash Awards Compensation expense from continuing operations related to long-term incentive units was $10.1 million and $15.3 million for the three and six months ended July 4, 2015, respectively, and $4.6 million and $9.9 million for the three and six months ended June 28, 2014, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income.

Cost Reduction Actions

6 Months Ended

Jul. 04, 2015

Cost Reduction Actions

Cost Reduction Actions

Note 9. Cost Reduction Actions

2014/2015 Actions

During the six months ended July 4, 2015, we recorded $33.9 million in restructuring charges, net of reversals, related to restructuring actions we initiated in 2014 that are continuing through 2015 (“2014/2015 Actions”). These charges consisted of severance and related costs for the reduction of approximately 605 positions, lease cancellation costs, and asset impairment charges.

In 2014, we recorded $66.5 million in restructuring charges, net of reversals, related to our 2014/2015 Actions. These charges consisted of severance and related costs for the reduction of approximately 1,420 positions, lease cancellation costs, and asset impairment charges.

Approximately 245 employees impacted by our 2014/2015 Actions remained employed with us as of July 4, 2015. We expect charges and payments related to these actions to be substantially completed in 2015.

Accruals for severance and related costs and lease cancellation costs were included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets. Asset impairment charges were based on the estimated market value of the assets. Restructuring costs were included in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

During the six months ended July 4, 2015, restructuring charges and payments were as follows:

(In millions)	Accrual at January 3, 2015		Charges (Reversals), net		Cash Payments			Non-cash Impairment			Foreign Currency Translation			Accrual at July 4, 2015
2014/2015 Actions
Severance and related costs	$	16.8	$	30.3	$	(26.0	)	$	–		$	(1.0	)	$	20.1
Asset impairment charges	–		3.4		–			(3.4		)	–			–
Lease cancellation costs	.1		.2		(.3		)	–			–			–
2012 Program
Severance and related costs	.8		–		–			–			(.1		)	.7

Total	$	17.7	$	33.9	$	(26.3	)	$	(3.4	)	$	(1.1	)	$	20.8

The table below shows the total amount of restructuring costs incurred by reportable segment and Corporate.

	Three Months Ended				Six Months Ended
(In millions)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Restructuring costs by reportable segment and Corporate
Pressure-sensitive Materials	$	7.1	$	32.3	$	14.4	$	33.6
Retail Branding and Information Solutions	12.3		6.2		15.7		12.2
Vancive Medical Technologies	.6		–		1.7		–
Corporate	–		–		2.1		–

	$	20.0	$	38.5	$	33.9	$	45.8

Financial Instruments

6 Months Ended

Jul. 04, 2015

Financial Instruments

Financial Instruments

Note 10. Financial Instruments

We enter into foreign exchange hedge 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. 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 for forecasted transactions is 36 months.

As of July 4, 2015, the aggregate U.S. dollar equivalent notional value of our outstanding commodity contracts and foreign exchange contracts was $3.4 million and $1.2 billion, respectively.

We recognize all derivative instruments as either assets or liabilities at fair value in the unaudited Condensed Consolidated Balance Sheets. We designate commodity forward contracts on forecasted purchases of commodities and foreign exchange contracts on forecasted transactions as cash flow hedges and foreign exchange contracts on existing balance sheet items as fair value hedges.

The following table provides the fair value and balance sheet locations of derivatives as of July 4, 2015:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	4.5	Other accrued liabilities	$	2.9
Commodity contracts	Other current assets	–		Other accrued liabilities	.6
				Long-term retirement benefits and other liabilities	.1

		$	4.5		$	3.6

The following table provides the fair value and balance sheet locations of derivatives as of January 3, 2015:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	10.3	Other accrued liabilities	$	10.5
Commodity contracts	Other current assets	–		Other accrued liabilities	1.0
				Long-term retirement benefits and other liabilities	.2

		$	10.3		$	11.7

Fair Value Hedges

For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative and the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings, resulting in no material net impact to income.

The following table provides the components of net gain (loss) recognized in income related to fair value hedge contracts. The corresponding gains or losses on the underlying hedged items approximated the net gain (loss) on these fair value hedge contracts.

		Three Months Ended						Six Months Ended
(In millions)	Location of Net Gains (Losses) in Income	July 4, 2015			June 28, 2014			July 4, 2015		June 28, 2014
Foreign exchange contracts	Cost of products sold	$	(.4	)	$	(2.1	)	$	1.0	$	(3.0	)
Foreign exchange contracts	Marketing, general and administrative expense	(7.7		)	(3.5		)	4.0		(2.5		)

		$	(8.1	)	$	(5.6	)	$	5.0	$	(5.5	)

Cash Flow Hedges

For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the 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 the derivative, representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in current earnings.

Gains (losses) recognized in “Accumulated other comprehensive loss” (effective portion) on derivatives related to cash flow hedge contracts were as follows:

	Three Months Ended						Six Months Ended
(In millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
Foreign exchange contracts	$	(1.8	)	$	(1.9	)	$	(1.5	)	$	(2.2	)
Commodity contracts	1.5			(.2		)	1.2			.2

	$	(.3	)	$	(2.1	)	$	(.3	)	$	(2.0	)

The amount of gain or loss recognized in income related to the ineffective portion of, and the amount excluded from, effectiveness testing for cash flow hedges and derivatives not designated as hedging instruments were not material for the three and six months ended July 4, 2015 and June 28, 2014, respectively.

As of July 4, 2015, we expected a net gain of approximately $1 million to be reclassified from “Accumulated other comprehensive loss” to earnings within the next 12 months. See Note 13, “Comprehensive Income,” for more information.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Taxes Based on Income

6 Months Ended

Jul. 04, 2015

Taxes Based on Income

Taxes Based On Income

Note 11. Taxes Based on Income

The following table summarizes our income from continuing operations before taxes, provision for income taxes from continuing operations, and effective tax rate:

	Three Months Ended							Six Months Ended
(In millions)	July 4, 2015			June 28, 2014				July 4, 2015			June 28, 2014
Income from continuing operations before taxes	$	100.8		$		77.1		$	200.3		$	164.9
Provision for income taxes	36.5			32.7				64.4			48.9

Effective tax rate		36.2	%		42.4		%		32.2	%		29.7	%

The effective tax rate for continuing operations for the three and six months ended July 4, 2015 included $5.3 million of tax expense associated with the tax cost to repatriate non-permanently reinvested 2015 earnings of certain foreign subsidiaries; $.5 million of tax expense due to non-deductible employee-related expenses; and $.7 million and $4.1 million of tax benefits, respectively, due to decreases in certain tax reserves as a result of closing tax years. Additionally, the effective tax rate for the six months ended July 4, 2015 included $1.6 million of net tax benefit related to changes in the effective tax rates in certain foreign municipalities.

The effective tax rate for continuing operations for the three and six months ended June 28, 2014 included $5.8 million of net tax expense and $3.7 million of net tax benefit, respectively, as a result of changes in certain tax reserves and valuation allowances. Both the three and six months ended June 28, 2014 included $6.1 million of tax expense from an out-of-period adjustment to properly reflect the valuation allowance related to state deferred tax assets and $6 million of tax expense related to our change in estimate of the potential outcome of uncertain tax issues in China. These expense items were offset by $6.3 million and $15.8 million of tax benefits in the three and six months ended June 28, 2014, respectively, due primarily to decreases in certain tax reserves as a result of closing tax years. Additionally, the effective tax rate for the six months ended June 28, 2014 included $4.8 million of tax benefit from out-of-period adjustments to properly reflect deferred taxes related to acquisitions completed in 2002 and 2003. The impact of the out-of-period adjustments was not material to the periods reported and any previous financial statements.

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 that 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. With some exceptions, we and our subsidiaries are no longer subject to income tax examinations by tax authorities for years prior to 2006.

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 $11 million, primarily as a result of closing tax years.

Net Income Per Common Share

6 Months Ended

Jul. 04, 2015

Net Income Per Common Share

Net Income Per Common Share

Note 12. Net Income Per Common Share

Net income per common share was computed as follows:

		Three Months Ended						Six Months Ended
(In millions, except per share amounts)		July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
(A)	Income from continuing operations	$	64.3		$	44.4		$	135.9		$	116.0
(B)	Loss from discontinued operations, net of tax	(1.0		)	(1.9		)	(1.0		)	(2.3		)

(C)	Net income available to common shareholders	$	63.3		$	42.5		$	134.9		$	113.7

(D)	Weighted-average number of common shares outstanding	91.2			94.9			90.9			95.4
	Dilutive shares (additional common shares issuable under stock-based awards)	1.8			1.8			1.9			1.9

(E)	Weighted-average number of common shares outstanding, assuming dilution	93.0			96.7			92.8			97.3

Net income (loss) per common share:
	Continuing operations (A) ÷ (D)	$	.70		$	.47		$	1.49		$	1.22
	Discontinued operations (B) ÷ (D)	(.01		)	(.02		)	(.01		)	(.03		)

Net income per common share (C) ÷ (D)		$	.69		$	.45		$	1.48		$	1.19

Net income (loss) per common share, assuming dilution:
	Continuing operations (A) ÷ (E)	$	.69		$	.46		$	1.46		$	1.19
	Discontinued operations (B) ÷ (E)	(.01		)	(.02		)	(.01		)	(.02		)

Net income per common share, assuming dilution (C) ÷ (E)		$	.68		$	.44		$	1.45		$	1.17

Certain stock-based compensation awards were not included in 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 approximately 1 million shares for both the three and six months ended July 4, 2015 and approximately 3 million shares and 4 million shares for the three and six months ended June 28, 2014, respectively.

Comprehensive Income

6 Months Ended

Jul. 04, 2015

Comprehensive Income

Comprehensive Income

Note 13. Comprehensive Income

The changes in “Accumulated other comprehensive loss” (net of tax) for the six-month period ended July 4, 2015 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of January 3, 2015	$	(16.7	)	$	(530.6	)	$	–		$	(547.3	)
Other comprehensive (loss) income before reclassifications, net of tax	(69.1		)	.5			(.2		)	(68.8		)
Reclassifications to net income, net of tax	–			13.1			(.4		)	12.7

Net current-period other comprehensive (loss) income, net of tax	(69.1		)	13.6			(.6		)	(56.1		)

Balance as of July 4, 2015	$	(85.8	)	$	(517.0	)	$	(.6	)	$	(603.4	)

The changes in “Accumulated other comprehensive loss” (net of tax) for the six-month period ended June 28, 2014 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of December 28, 2013	$	138.0		$	(418.1	)	$	(1.0	)	$	(281.1	)
Other comprehensive loss before reclassifications, net of tax	(4.0		)	(1.0		)	(1.6		)	(6.6		)
Reclassifications to net income, net of tax	–			8.0			1.1			9.1

Net current-period other comprehensive (loss) income, net of tax	(4.0		)	7.0			(.5		)	2.5

Balance as of June 28, 2014	$	134.0		$	(411.1	)	$	(1.5	)	$	(278.6	)

The amounts reclassified from “Accumulated other comprehensive loss” to increase (decrease) income from continuing operations were as follows:

	Amounts Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended						Six Months Ended
(In millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014			Affected Line Item in the Statements Where Net Income is Presented
Cash flow hedges:
Foreign exchange contracts	$	(.2	)	$	(1.5	)	$	1.3		$	(1.5	)	Cost of products sold
Commodity contracts	(.3		)	.1			(.8		)	.2			Cost of products sold

	(.5		)	(1.4		)	.5			(1.3		)	Total before tax
	.2			.2			(.1		)	.2			Provision for income taxes

	(.3		)	(1.2		)	.4			(1.1		)	Net of tax


Pension and other postretirement benefits(1)	(11.2		)	(6.4		)	(18.8		)	(11.9		)
	4.5			2.7			5.7			3.9			Provision for income taxes

	(6.7		)	(3.7		)	(13.1		)	(8.0		)	Net of tax

Total reclassifications for the period	$	(7.0	)	$	(4.9	)	$	(12.7	)	$	(9.1	)	Total, net of tax

(1)

See Note 6, “Pension and Other Postretirement Benefits,” for more information.

The following table sets forth the income tax expense (benefit) allocated to each component of other comprehensive income (loss):

	Three Months Ended					Six Months Ended
(In millions)	July 4, 2015		June 28, 2014			July 4, 2015			June 28, 2014
Pension and other postretirement benefits	$	4.5	$	2.7		$	5.7		$	3.9
Cash flow hedges	.2		(.1		)	(.1		)	(.1		)

Income tax expense related to components of other comprehensive income (loss)	$	4.7	$	2.6		$	5.6		$	3.8

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Fair Value Measurements

6 Months Ended

Jul. 04, 2015

Fair Value Measurements

Fair Value Measurements

Note 14. Fair Value Measurements

Recurring Fair Value Measurements

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of July 4, 2015:

			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trading securities	$	18.0	$	8.6	$	9.4	$	–
Derivative assets	4.5		–		4.5		–

Liabilities
Derivative liabilities	$	3.6	$	.7	$	2.9	$	–

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of January 3, 2015:

			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trading securities	$	17.9	$	7.6	$	10.3	$	–
Derivative assets	10.3		–		10.3		–

Liabilities
Derivative liabilities	$	11.7	$	1.2	$	10.5	$	–

Trading securities include 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 net asset value. As of July 4, 2015, trading securities of $.5 million and $17.5 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of January 3, 2015, trading securities of $.8 million and $17.1 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. Derivatives that are exchange-traded are measured at fair value using quoted market prices and are classified within Level 1 of the valuation hierarchy. Derivatives measured based on foreign exchange rate inputs that are readily available in public markets are classified within Level 2 of the valuation hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jul. 04, 2015

Commitments and Contingencies

Commitments and Contingencies

Note 15. Commitments and 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. We have accrued liabilities for matters where it is probable that a loss will be incurred and the amount of loss can be reasonably estimated. Because of the uncertainties associated with claims resolution and litigation, future expenses to resolve these matters could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses. If information were to become available that allowed us to reasonably estimate a range of potential expenses in an amount higher or lower than what we have accrued, 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 such resolution cannot be determined. Based upon current information, we believe that the impact of the resolution of these matters would not be, individually or in the aggregate, material to our financial position, results of operations or cash flows.

Environmental

As of July 4, 2015, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a potentially responsible party (“PRP”) at thirteen waste disposal or waste recycling sites, which are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination and for which no settlement of our liability has been agreed. We are participating with other PRPs at these sites, and anticipate that our share of remediation costs will be determined pursuant to agreements entered into in the normal course of negotiations with the EPA or other governmental authorities.

We have accrued liabilities for sites where it is probable that a loss will be incurred and the cost or amount of loss can be reasonably estimated. 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, future expenses to remediate these sites could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses. If information were to become available that allowed us to reasonably estimate a range of potential expenses in an amount higher or lower than what we have accrued, 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 such remediation cannot be determined.

The activity for the six months ended July 4, 2015 related to our environmental liabilities was as follows:

(In millions)
Balance at January 3, 2015	$	26.2
Charges (reversals), net	2.6
Payments	(3.5		)

Balance at July 4, 2015	$	25.3

As of July 4, 2015, approximately $11 million of the balance was classified as short-term and included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets.

Guarantees

We participate in receivable financing programs with several financial institutions whereby advances may be requested from these financial institutions. We guarantee the collection of the related receivables. At July 4, 2015, the outstanding amount guaranteed was approximately $18 million. We believe our exposure to these guarantees is not material.

Unused letters of credit (primarily standby) outstanding with various financial institutions were approximately $47 million at July 4, 2015.

Segment Information

6 Months Ended

Jul. 04, 2015

Segment Information

Segment Information

Note 16. Segment Information

Financial information by reportable segment from continuing operations is set forth below.

	Three Months Ended						Six Months Ended
(In millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
Net sales to unaffiliated customers
Pressure-sensitive Materials	$	1,114.1		$	1,180.9		$	2,234.7		$	2,324.4
Retail Branding and Information Solutions	383.8			414.4			771.9			802.1
Vancive Medical Technologies	18.1			20.5			37.4			39.4

Net sales to unaffiliated customers	$	1,516.0		$	1,615.8		$	3,044.0		$	3,165.9

Intersegment sales
Pressure-sensitive Materials	$	16.2		$	16.7		$	31.9		$	32.9
Retail Branding and Information Solutions	.6			.6			1.2			1.4
Vancive Medical Technologies	1.6			2.5			3.2			4.8

Intersegment sales	$	18.4		$	19.8		$	36.3		$	39.1

Income from continuing operations before taxes
Pressure-sensitive Materials	$	129.8		$	86.5		$	252.7		$	198.5
Retail Branding and Information Solutions	10.0			28.3			29.2			44.9
Vancive Medical Technologies	(1.4		)	(1.7		)	(3.5		)	(4.3		)
Corporate expense	(22.3		)	(20.4		)	(47.5		)	(43.2		)
Interest expense	(15.3		)	(15.6		)	(30.6		)	(31.0		)

Income from continuing operations before taxes	$	100.8		$	77.1		$	200.3		$	164.9

Other expense, net by reportable segment
Pressure-sensitive Materials	$	7.1		$	32.9		$	12.7		$	34.2
Retail Branding and Information Solutions	20.0			5.6			25.5			11.6
Vancive Medical Technologies	.6			–			1.7			–
Corporate	–			–			2.1			–

Other expense, net	$	27.7		$	38.5		$	42.0		$	45.8

Other expense, net by type
Restructuring costs:
Severance and related costs	$	16.8		$	35.9		$	30.3		$	42.9
Asset impairment charges and lease cancellation costs	3.2			2.6			3.6			2.9
Other items:
Loss on sale of product line and related exit costs	7.7			–			10.3			–
Gain on sale of assets	–			(.6		)	(1.7		)	(.6		)
Loss from curtailment of pension obligation	–			.6			–			.6
Legal settlement	–			–			(.5		)	–

Other expense, net	$	27.7		$	38.5		$	42.0		$	45.8

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Recent Accounting Requirements	6 Months Ended
Recent Accounting Requirements	Jul. 04, 2015
Recent Accounting Requirements
Recent Accounting Requirements	Note 17. Recent Accounting Requirements In July 2015, the Financial Accounting Standards Board (“FASB”) amended guidance to simplify the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those years. We do not anticipate that adoption of this amended guidance will have a significant impact on our financial position, results of operations, cash flows, or disclosures. In May 2015, the FASB amended guidance to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Additionally, the amended guidance removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. This guidance is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years, and applied retrospectively. Early adoption is permitted. Most of the plan assets in our U.S. and international pension plans are invested in funds that are valued at net asset value. Although we do not anticipate that adoption of this guidance will have a significant impact on our financial position, results of operations, or cash flows, the adoption of this amended guidance may result in a significant amount of plan assets not being disclosed within the fair value hierarchy. In April 2015, the FASB issued guidance about accounting for fees paid in a cloud computing arrangement. Examples of cloud computing arrangements include software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements. If a cloud computing arrangement includes a software license, as clarified in the guidance, then the software license element of the arrangement should be accounted for consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the arrangement should be accounted for as a service contract. This guidance is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years and may be adopted prospectively or retrospectively. We do not anticipate that adoption of this guidance will have a significant impact on our financial position, results of operations, cash flows, or disclosures. In April 2015, the FASB revised guidance to allow employers with fiscal year-ends that do not coincide with a calendar month-end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the calendar month closest to their fiscal year-end. Employers that make this election must apply the alternative measurement date to all defined benefit plans. The guidance also allows all employers to elect to remeasure defined plan assets and obligations in interim periods at the closest calendar month-end to an event that triggers the remeasurement. This revised guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. We do not anticipate that adoption of this revised guidance will have a significant impact on our financial position, results of operations, cash flows, or disclosures. In April 2015, the FASB revised guidance on the presentation of debt issuance costs. Under this revised guidance, debt issuance costs should be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, consistent with the presentation of a debt discount. This revised guidance is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. We do not anticipate that adoption of this revised guidance will have a significant impact on our financial position, results of operations, cash flows, or disclosures. In May 2014, the FASB issued revised guidance on revenue recognition. This revised guidance provides a single comprehensive model for accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This revised guidance will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of contract(s), which includes (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. This revised guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This revised guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years, and can be applied retrospectively either to each prior reporting period presented or with the cumulative effect of adoption recognized at the date of initial application. Early adoption is permitted for fiscal periods beginning after December 15, 2016. We are evaluating the impact of this revised guidance, but based on the information that we have evaluated to date, we do not anticipate its adoption to have a significant impact on our financial position, results of operations, cash flows, or disclosures.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

General (Policies)	6 Months Ended
General (Policies)	Jul. 04, 2015
General
Fiscal Period	Fiscal Period The second quarters of 2015 and 2014 consisted of thirteen-week periods ending July 4, 2015 and June 28, 2014, respectively. The six months ended July 4, 2015 and June 28, 2014 consisted of twenty-six-week periods. Interim results of operations are not necessarily indicative of future results.

- Definition

Disclosure of accounting policy for determining an entity's fiscal year or other fiscal period. This disclosure may include identification of the fiscal period end-date, the length of the fiscal period, any reporting period lag between the entity and its subsidiaries, or equity investees. If a reporting lag exists, the closing date of the entity having a different period end is generally noted, along with an explanation of the necessity for using different closing dates. Any intervening events that materially affect the entity's financial position or results of operations are generally also disclosed.

+ References + Details

Inventories (Tables)

6 Months Ended

Jul. 04, 2015

Inventories

Net inventories

(In millions)	July 4, 2015		January 3, 2015
Raw materials	$	191.0	$	183.6
Work-in-progress	155.1		150.4
Finished goods	166.0		157.8

Inventories, net	$	512.1	$	491.8

Goodwill (Tables)

6 Months Ended

Jul. 04, 2015

Goodwill.

Changes in net carrying amount of goodwill

(In millions)	Pressure-sensitive Materials			Retail Branding and Information Solutions			Total
Goodwill as of January 3, 2015	$	306.6		$	415.0		$	721.6
Translation adjustments	(18.1		)	(5.1		)	(23.2		)

Goodwill as of July 4, 2015	$	288.5		$	409.9		$	698.4

Pension and Other Postretirement Benefits (Tables)

6 Months Ended

Jul. 04, 2015

Pension and Other Postretirement Benefits.

Schedule of components of net periodic benefit cost (credit)

	Pension Benefits
	Three Months Ended												Six Months Ended
	July 4, 2015						June 28, 2014						July 4, 2015						June 28, 2014
(In millions)	U.S.			Int’l			U.S.			Int’l			U.S.			Int’l			U.S.			Int’l
Service cost	$	.1		$	3.3		$	.1		$	3.2		$	.2		$	7.0		$	.2		$	6.7
Interest cost	11.0			4.3			11.4			6.2			21.7			8.8			22.4			12.2
Expected return on plan assets	(12.9		)	(5.3		)	(13.0		)	(6.5		)	(25.8		)	(10.8		)	(26.0		)	(13.0		)
Recognized net actuarial loss	5.1			2.3			4.2			1.3			10.2			4.8			8.1			2.6
Amortization of prior service cost (credit)	.3			–			.3			.1			.6			(.1		)	.6			.2
Recognized loss on curtailment(1)	–			–			–			.6			–			–			–			.6
Recognized loss on settlement(2)	–			3.8			–			–			–			3.8			–			–

Net periodic benefit cost	$	3.6		$	8.4		$	3.0		$	4.9		$	6.9		$	13.5		$	5.3		$	9.3

(1)

Recognized loss on curtailment related to a pension plan in the Netherlands and was recorded in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

(2)

	U.S. Postretirement Health Benefits
	Three Months Ended				Six Months Ended
(In millions)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Interest cost	$	–	$	.1	$	.1	$	.1
Recognized net actuarial loss	.5		.7		1.1		1.4
Amortization of prior service credit	(.8)		(.8)		(1.6)		(1.6)

Net periodic benefit credit	$	(.3)	$	–	$	(.4)	$	(.1)

Schedule of defined benefit plan contributions

	Six Months Ended
(In millions)	July 4, 2015		June 28, 2014
U.S.	$	2.0	$	2.4
Int’l	9.3		10.6
U.S. postretirement health benefits	.6		.9

Cost Reduction Actions (Tables)

6 Months Ended

Jul. 04, 2015

Cost Reduction Actions

Restructuring charges and payments

(In millions)	Accrual at January 3, 2015		Charges (Reversals), net		Cash Payments			Non-cash Impairment			Foreign Currency Translation			Accrual at July 4, 2015
2014/2015 Actions
Severance and related costs	$	16.8	$	30.3	$	(26.0	)	$	–		$	(1.0	)	$	20.1
Asset impairment charges	–		3.4		–			(3.4		)	–			–
Lease cancellation costs	.1		.2		(.3		)	–			–			–
2012 Program
Severance and related costs	.8		–		–			–			(.1		)	.7

Total	$	17.7	$	33.9	$	(26.3	)	$	(3.4	)	$	(1.1	)	$	20.8

Total amount of restructuring costs incurred by reportable segment and Corporate

	Three Months Ended				Six Months Ended
(In millions)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Restructuring costs by reportable segment and Corporate
Pressure-sensitive Materials	$	7.1	$	32.3	$	14.4	$	33.6
Retail Branding and Information Solutions	12.3		6.2		15.7		12.2
Vancive Medical Technologies	.6		–		1.7		–
Corporate	–		–		2.1		–

	$	20.0	$	38.5	$	33.9	$	45.8

Financial Instruments (Tables)

6 Months Ended

Jul. 04, 2015

Financial Instruments

Fair value and balance sheet locations of derivatives

The following table provides the fair value and balance sheet locations of derivatives as of July 4, 2015:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	4.5	Other accrued liabilities	$	2.9
Commodity contracts	Other current assets	–		Other accrued liabilities	.6
				Long-term retirement benefits and other liabilities	.1

		$	4.5		$	3.6

The following table provides the fair value and balance sheet locations of derivatives as of January 3, 2015:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	10.3	Other accrued liabilities	$	10.5
Commodity contracts	Other current assets	–		Other accrued liabilities	1.0
				Long-term retirement benefits and other liabilities	.2

		$	10.3		$	11.7

Components of the gain (loss) recognized in income related to fair value hedge contracts

		Three Months Ended						Six Months Ended
(In millions)	Location of Net Gains (Losses) in Income	July 4, 2015			June 28, 2014			July 4, 2015		June 28, 2014
Foreign exchange contracts	Cost of products sold	$	(.4	)	$	(2.1	)	$	1.0	$	(3.0	)
Foreign exchange contracts	Marketing, general and administrative expense	(7.7		)	(3.5		)	4.0		(2.5		)

		$	(8.1	)	$	(5.6	)	$	5.0	$	(5.5	)

Components of the gain (loss) recognized in income related to cash flow hedges

	Three Months Ended						Six Months Ended
(In millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
Foreign exchange contracts	$	(1.8	)	$	(1.9	)	$	(1.5	)	$	(2.2	)
Commodity contracts	1.5			(.2		)	1.2			.2

	$	(.3	)	$	(2.1	)	$	(.3	)	$	(2.0	)

Taxes Based on Income (Tables)

6 Months Ended

Jul. 04, 2015

Taxes Based on Income

Income from continuing operations before taxes, provision for income taxes from continuing operations, and effective tax rate

	Three Months Ended							Six Months Ended
(In millions)	July 4, 2015			June 28, 2014				July 4, 2015			June 28, 2014
Income from continuing operations before taxes	$	100.8		$		77.1		$	200.3		$	164.9
Provision for income taxes	36.5			32.7				64.4			48.9

Effective tax rate		36.2	%		42.4		%		32.2	%		29.7	%

Net Income Per Common Share (Tables)

6 Months Ended

Jul. 04, 2015

Net Income Per Common Share

Schedule of net income per common share

		Three Months Ended						Six Months Ended
(In millions, except per share amounts)		July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
(A)	Income from continuing operations	$	64.3		$	44.4		$	135.9		$	116.0
(B)	Loss from discontinued operations, net of tax	(1.0		)	(1.9		)	(1.0		)	(2.3		)

(C)	Net income available to common shareholders	$	63.3		$	42.5		$	134.9		$	113.7

(D)	Weighted-average number of common shares outstanding	91.2			94.9			90.9			95.4
	Dilutive shares (additional common shares issuable under stock-based awards)	1.8			1.8			1.9			1.9

(E)	Weighted-average number of common shares outstanding, assuming dilution	93.0			96.7			92.8			97.3

Net income (loss) per common share:
	Continuing operations (A) ÷ (D)	$	.70		$	.47		$	1.49		$	1.22
	Discontinued operations (B) ÷ (D)	(.01		)	(.02		)	(.01		)	(.03		)

Net income per common share (C) ÷ (D)		$	.69		$	.45		$	1.48		$	1.19

Net income (loss) per common share, assuming dilution:
	Continuing operations (A) ÷ (E)	$	.69		$	.46		$	1.46		$	1.19
	Discontinued operations (B) ÷ (E)	(.01		)	(.02		)	(.01		)	(.02		)

Net income per common share, assuming dilution (C) ÷ (E)		$	.68		$	.44		$	1.45		$	1.17

Comprehensive Income (Tables)

6 Months Ended

Jul. 04, 2015

Comprehensive Income

Schedule of changes in "Accumulated other comprehensive loss" (net of tax)

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of January 3, 2015	$	(16.7	)	$	(530.6	)	$	–		$	(547.3	)
Other comprehensive (loss) income before reclassifications, net of tax	(69.1		)	.5			(.2		)	(68.8		)
Reclassifications to net income, net of tax	–			13.1			(.4		)	12.7

Net current-period other comprehensive (loss) income, net of tax	(69.1		)	13.6			(.6		)	(56.1		)

Balance as of July 4, 2015	$	(85.8	)	$	(517.0	)	$	(.6	)	$	(603.4	)

The changes in “Accumulated other comprehensive loss” (net of tax) for the six-month period ended June 28, 2014 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of December 28, 2013	$	138.0		$	(418.1	)	$	(1.0	)	$	(281.1	)
Other comprehensive loss before reclassifications, net of tax	(4.0		)	(1.0		)	(1.6		)	(6.6		)
Reclassifications to net income, net of tax	–			8.0			1.1			9.1

Net current-period other comprehensive (loss) income, net of tax	(4.0		)	7.0			(.5		)	2.5

Balance as of June 28, 2014	$	134.0		$	(411.1	)	$	(1.5	)	$	(278.6	)

Schedule of amounts reclassified from "Accumulated other comprehensive loss" to increase (decrease) income from continuing operations

	Amounts Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended						Six Months Ended
(In millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014			Affected Line Item in the Statements Where Net Income is Presented
Cash flow hedges:
Foreign exchange contracts	$	(.2	)	$	(1.5	)	$	1.3		$	(1.5	)	Cost of products sold
Commodity contracts	(.3		)	.1			(.8		)	.2			Cost of products sold

	(.5		)	(1.4		)	.5			(1.3		)	Total before tax
	.2			.2			(.1		)	.2			Provision for income taxes

	(.3		)	(1.2		)	.4			(1.1		)	Net of tax


Pension and other postretirement benefits(1)	(11.2		)	(6.4		)	(18.8		)	(11.9		)
	4.5			2.7			5.7			3.9			Provision for income taxes

	(6.7		)	(3.7		)	(13.1		)	(8.0		)	Net of tax

Total reclassifications for the period	$	(7.0	)	$	(4.9	)	$	(12.7	)	$	(9.1	)	Total, net of tax

Income tax expense (benefit) allocated to each component of other comprehensive loss (income):

	Three Months Ended					Six Months Ended
(In millions)	July 4, 2015		June 28, 2014			July 4, 2015			June 28, 2014
Pension and other postretirement benefits	$	4.5	$	2.7		$	5.7		$	3.9
Cash flow hedges	.2		(.1		)	(.1		)	(.1		)

Income tax expense related to components of other comprehensive income (loss)	$	4.7	$	2.6		$	5.6		$	3.8

Fair Value Measurements (Tables)

6 Months Ended

Jul. 04, 2015

Fair Value Measurements

Assets and liabilities carried at fair value, measured on a recurring basis

			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trading securities	$	18.0	$	8.6	$	9.4	$	–
Derivative assets	4.5		–		4.5		–

Liabilities
Derivative liabilities	$	3.6	$	.7	$	2.9	$	–

			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Trading securities	$	17.9	$	7.6	$	10.3	$	–
Derivative assets	10.3		–		10.3		–

Liabilities
Derivative liabilities	$	11.7	$	1.2	$	10.5	$	–

Commitments and Contingencies (Tables)

6 Months Ended

Jul. 04, 2015

Commitments and Contingencies

Costs of Environmental Liabilities with Remediation

(In millions)
Balance at January 3, 2015	$	26.2
Charges (reversals), net	2.6
Payments	(3.5		)

Balance at July 4, 2015	$	25.3

Segment Information (Tables)

6 Months Ended

Jul. 04, 2015

Segment Information

Financial information, by reportable segment from continuing operations

	Three Months Ended						Six Months Ended
(In millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
Net sales to unaffiliated customers
Pressure-sensitive Materials	$	1,114.1		$	1,180.9		$	2,234.7		$	2,324.4
Retail Branding and Information Solutions	383.8			414.4			771.9			802.1
Vancive Medical Technologies	18.1			20.5			37.4			39.4

Net sales to unaffiliated customers	$	1,516.0		$	1,615.8		$	3,044.0		$	3,165.9

Intersegment sales
Pressure-sensitive Materials	$	16.2		$	16.7		$	31.9		$	32.9
Retail Branding and Information Solutions	.6			.6			1.2			1.4
Vancive Medical Technologies	1.6			2.5			3.2			4.8

Intersegment sales	$	18.4		$	19.8		$	36.3		$	39.1

Income from continuing operations before taxes
Pressure-sensitive Materials	$	129.8		$	86.5		$	252.7		$	198.5
Retail Branding and Information Solutions	10.0			28.3			29.2			44.9
Vancive Medical Technologies	(1.4		)	(1.7		)	(3.5		)	(4.3		)
Corporate expense	(22.3		)	(20.4		)	(47.5		)	(43.2		)
Interest expense	(15.3		)	(15.6		)	(30.6		)	(31.0		)

Income from continuing operations before taxes	$	100.8		$	77.1		$	200.3		$	164.9

Other expense, net by reportable segment
Pressure-sensitive Materials	$	7.1		$	32.9		$	12.7		$	34.2
Retail Branding and Information Solutions	20.0			5.6			25.5			11.6
Vancive Medical Technologies	.6			–			1.7			–
Corporate	–			–			2.1			–

Other expense, net	$	27.7		$	38.5		$	42.0		$	45.8

Other expense, net by type
Restructuring costs:
Severance and related costs	$	16.8		$	35.9		$	30.3		$	42.9
Asset impairment charges and lease cancellation costs	3.2			2.6			3.6			2.9
Other items:
Loss on sale of product line and related exit costs	7.7			–			10.3			–
Gain on sale of assets	–			(.6		)	(1.7		)	(.6		)
Loss from curtailment of pension obligation	–			.6			–			.6
Legal settlement	–			–			(.5		)	–

Other expense, net	$	27.7		$	38.5		$	42.0		$	45.8

General (Details)	3 Months Ended		6 Months Ended
General (Details)	Apr. 04, 2015	Mar. 29, 2014	Jul. 04, 2015	Jun. 28, 2014
General
Length of fiscal period	91 days	91 days	182 days	182 days

Sale of Product Line and Discontinued Operations (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 04, 2015	May 31, 2015	Jul. 04, 2015	Apr. 04, 2015	Jul. 04, 2015
Operating results of discontinued operations and loss on sale
Loss on sale of product line and related exit costs			$ 7.7		$ 10.3
Severance cost paid	$ 0.1
Impairment of long-lived assets of product line				$ 2.0
Other costs				$ 0.6
OCP and DES businesses
Operating results of discontinued operations and loss on sale
Tax-expenses related to the completion of certain tax return filings			1.0		$ 1.0
Retail Branding and Information Solutions
Operating results of discontinued operations and loss on sale
Proceeds from Sale of Other Productive Assets		$ 1.5
Loss on sale of product line and related exit costs		7.7	7.7
Severance Costs		$ 3.4	$ 3.4

Inventories (Details) - USD ($) $ in Millions	Jul. 04, 2015	Jan. 03, 2015
Inventories
Raw materials	$ 191.0	$ 183.6
Work-in-progress	155.1	150.4
Finished goods	166.0	157.8
Inventories, net	$ 512.1	$ 491.8

Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Jul. 04, 2015	Jan. 03, 2015
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance	$ 721.6
Translation adjustments	(23.2)
Goodwill, Ending Balance	698.4
Pressure-sensitive Materials
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance	306.6
Translation adjustments	(18.1)
Goodwill, Ending Balance	288.5
Retail Branding and Information Solutions
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance	415.0
Translation adjustments	(5.1)
Goodwill, Ending Balance	409.9
Accumulated impairment losses	820.0	$ 820.0
Vancive Medical Technologies
Changes in net carrying amount of goodwill
Goodwill, Ending Balance	$ 0.0

Debt and Capital Leases (Details) - USD ($) $ in Millions	1 Months Ended
Debt and Capital Leases (Details) - USD ($) $ in Millions	May 31, 2015	Jul. 04, 2015	Jan. 03, 2015
Debt
Fair value of debt		$ 1,210	$ 1,220
Mentor lease facility
Capital Lease Obligations
Capital Lease Obligations		26
Capital Lease Obligations, Current		2
Capital Lease Obligations, Noncurrent		$ 24
Term of lease financing for commercial facility	10 years

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Components of net periodic benefit cost:
Loss from curtailment of pension obligation		$ 0.6		$ 0.6
U.S..
Components of net periodic benefit cost:
Employer contributions			$ 2.0	2.4
Int'l
Components of net periodic benefit cost:
Employer contributions			9.3	10.6
Int'l \| Continuing operations
Components of net periodic benefit cost:
Service cost	$ 3.3	3.2	7.0	6.7
Interest cost	4.3	6.2	8.8	12.2
Expected return on plan assets	(5.3)	(6.5)	(10.8)	(13.0)
Recognized net actuarial loss	2.3	1.3	4.8	2.6
Amortization of prior service credit		0.1	(0.1)	0.2
Recognized loss on curtailment		0.6		0.6
Recognized loss on settlement	3.8		3.8
Net periodic benefit credit	8.4	4.9	13.5	9.3
U.S. Postretirement Health Benefits
Components of net periodic benefit cost:
Interest cost		0.1	0.1	0.1
Recognized net actuarial loss	0.5	0.7	1.1	1.4
Amortization of prior service credit	(0.8)	(0.8)	(1.6)	(1.6)
Net periodic benefit credit	(0.3)		(0.4)	(0.1)
Employer contributions			0.6	0.9
U.S. Postretirement Health Benefits \| Continuing operations
Components of net periodic benefit cost:
Service cost	0.1	0.1	0.2	0.2
Interest cost	11.0	11.4	21.7	22.4
Expected return on plan assets	(12.9)	(13.0)	(25.8)	(26.0)
Recognized net actuarial loss	5.1	4.2	10.2	8.1
Amortization of prior service credit	0.3	0.3	0.6	0.6
Net periodic benefit credit	$ 3.6	$ 3.0	$ 6.9	$ 5.3

Research and Development (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Research and Development (Details) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Marketing, general and administrative expense
Research and development expense	$ 22.8	$ 26.9	$ 48.4	$ 51.9

Long-Term Incentive Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Marketing, general and administrative expense
Stock-Based Compensation
Stock-based compensation expense	$ 5.8	$ 8.5	$ 13.2	$ 14.5
Cash-based LTI awards	10.1	$ 4.6	15.3	$ 9.9
Stock-based awards \| Continuing operations
Stock-Based Compensation
Unrecognized compensation cost related to share based compensation cost	$ 41.0		$ 41.0
Unrecognized compensation cost weighted average recognition period			3 years

Cost Reduction Actions (Details) $ in Millions	6 Months Ended	12 Months Ended
Cost Reduction Actions (Details) $ in Millions	Jul. 04, 2015 USD ($) item	Jan. 03, 2015 USD ($) item
Restructuring Cost and Reserve
Charges (Reversals), net \| $	$ 33.9
2014/2015 Actions
Restructuring Cost and Reserve
Charges (Reversals), net \| $	$ 33.9	$ 66.5
Number of positions reduced as a result of Cost Reduction Actions \| item	605	1,420
Number of positions remaining \| item	245

Cost Reduction Actions (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
Cost Reduction Actions (Details 2) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014	Jan. 03, 2015
Cost Reduction Actions
Beginning Balance			$ 17.7
Charges (Reversals), net			33.9
Cash payments			(26.3)
Non-cash Impairment			(3.4)
Foreign Currency translation			(1.1)
Ending Balance	$ 20.8		20.8		$ 17.7
Severance and related costs
Cost Reduction Actions
Charges (Reversals), net	16.8	$ 35.9	30.3	$ 42.9
2014/2015 Actions
Cost Reduction Actions
Charges (Reversals), net			33.9		66.5
2014/2015 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			16.8
Charges (Reversals), net			30.3
Cash payments			(26.0)
Foreign Currency translation			(1.0)
Ending Balance	20.1		20.1		16.8
2014/2015 Actions \| Asset impairment charges
Cost Reduction Actions
Charges (Reversals), net			3.4
Non-cash Impairment			(3.4)
2014/2015 Actions \| Lease cancellation costs
Cost Reduction Actions
Beginning Balance			0.1
Charges (Reversals), net			0.2
Cash payments			(0.3)
Ending Balance					0.1
2012 Program \| Severance and related costs
Cost Reduction Actions
Beginning Balance			0.8
Foreign Currency translation			(0.1)
Ending Balance	$ 0.7		$ 0.7		$ 0.8

Cost Reduction Actions (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Cost Reduction Actions (Details 3) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Restructuring Cost and Reserve
Restructuring costs			$ 33.9
Other expense, net
Restructuring Cost and Reserve
Restructuring costs	$ 20.0	$ 38.5	33.9	$ 45.8
Pressure-sensitive Materials \| Other expense, net
Restructuring Cost and Reserve
Restructuring costs	7.1	32.3	14.4	33.6
Retail Branding and Information Solutions \| Other expense, net
Restructuring Cost and Reserve
Restructuring costs	12.3	$ 6.2	15.7	$ 12.2
Vancive Medical Technologies \| Other expense, net
Restructuring Cost and Reserve
Restructuring costs	$ 0.6		1.7
Corporate \| Other expense, net
Restructuring Cost and Reserve
Restructuring costs			$ 2.1

Financial Instruments (Details) - Cash Flow Hedging $ in Millions	6 Months Ended
	Jul. 04, 2015 USD ($)
Financial Instruments
Maximum length of time hedged in cash flow hedge	36 months
Cash Flow Hedge Gain to be Reclassified within Twelve Months	$ 1.0
Foreign exchange contracts
Financial Instruments
Notional amount	1,200.0
Commodity contracts
Financial Instruments
Notional amount	$ 3.4

Financial Instruments (Details 2) - USD ($) $ in Millions	Jul. 04, 2015	Jan. 03, 2015
Derivatives, Fair Value
Asset	$ 4.5	$ 10.3
Liability	3.6	11.7
Long-term retirement benefits and other liabilities
Derivatives, Fair Value
Liability	0.1	0.2
Foreign exchange contracts \| Other current assets
Derivatives, Fair Value
Asset	4.5	10.3
Foreign exchange contracts \| Other accrued liabilities
Derivatives, Fair Value
Liability	2.9	10.5
Commodity contracts \| Other accrued liabilities
Derivatives, Fair Value
Liability	$ 0.6	$ 1.0

Financial Instruments (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Financial Instruments (Details 3) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Fair Value Hedges
Gain (loss) in income	$ (8.1)	$ (5.6)	$ 5.0	$ (5.5)
Foreign exchange contracts \| Cost of products sold
Fair Value Hedges
Gain (loss) in income	(0.4)	(2.1)	1.0	(3.0)
Foreign exchange contracts \| Marketing, general and administrative expense
Fair Value Hedges
Gain (loss) in income	$ (7.7)	$ (3.5)	$ 4.0	$ (2.5)

Financial Instruments (Details 4) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	$ (0.3)	$ (2.1)	$ (0.3)	$ (2.0)
Foreign exchange contracts
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	(1.8)	(1.9)	(1.5)	(2.2)
Commodity contracts
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	$ 1.5	$ (0.2)	$ 1.2	$ 0.2

Taxes Based on Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Taxes Based on Income (Details) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Taxes Based on Income
Income from continuing operations before taxes	$ 100.8	$ 77.1	$ 200.3	$ 164.9
Provision for income taxes	$ 36.5	$ 32.7	$ 64.4	$ 48.9
Effective tax rate (as a percent)	36.20%	42.40%	32.20%	29.70%
Tax expense associated with the tax cost to repatriate non-permanently reinvested 2015 earnings of certain foreign subsidiaries	$ 5.3		$ 5.3
Tax expense due to non-deductible employee-related expenses	0.5		0.5
Tax benefits due to decreases in certain tax reserves as a result of closing tax years	0.7		4.1
Net tax expense as a result of changes in certain tax reserves and valuation allowances		$ 5.8
Net tax benefits as a result of changes in certain tax reserves and valuation allowance				$ 3.7
Net Tax benefit related to changes in the effective tax rates in certain foreign municipalities			1.6
Tax expense from an out-of-period adjustment to properly reflect the valuation allowance related to state deferred tax assets		6.1		6.1
Tax expense related to change in estimate of the potential outcome of uncertain tax issues in China		6.0		6.0
Tax benefit due primarily to decreases in certain tax reserves as a result of closing of tax years		$ 6.3		15.8
Income tax benefit from out-of-period adjustments to properly state deferred taxes related to acquisitions completed in 2002 and 2003				$ 4.8
Reasonably possible decrease in unrecognized tax benefits during next 12 months	$ 11.0		$ 11.0

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Net income per common share amounts
Income from continuing operations	$ 64.3	$ 44.4	$ 135.9	$ 116.0
Loss from discontinued operations, net of tax	(1.0)	(1.9)	(1.0)	(2.3)
Net income	$ 63.3	$ 42.5	$ 134.9	$ 113.7
Weighted-average number of common shares outstanding	91.2	94.9	90.9	95.4
Dilutive shares (additional common shares issuable under stock-based awards)	1.8	1.8	1.9	1.9
Weighted-average number of common shares outstanding, assuming dilution	93.0	96.7	92.8	97.3
Net income (loss) per common share:
Continuing operations (in dollars per share)	$ 0.70	$ 0.47	$ 1.49	$ 1.22
Discontinued operations (in dollars per share)	(0.01)	(0.02)	(0.01)	(0.03)
Net income per common share (in dollars per share)	0.69	0.45	1.48	1.19
Net income (loss) per common share, assuming dilution:
Continuing operations (in dollars per share)	0.69	0.46	1.46	1.19
Discontinued operations (in dollars per share)	(0.01)	(0.02)	(0.01)	(0.02)
Net income per common share, assuming dilution (in dollars per share)	$ 0.68	$ 0.44	$ 1.45	$ 1.17
Stock-based compensation awards excluded from the computation of net income per common share, assuming dilution	1.0	3.0	1.0	4.0

Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Comprehensive Income (Details) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			$ (547.3)	$ (281.1)
Other comprehensive (loss) income before reclassifications, net of tax			(68.8)	(6.6)
Reclassifications to net income, net of tax			12.7	9.1
Other comprehensive income (loss), net of tax	$ 10.3	$ (0.8)	(56.1)	2.5
Balance at end of the period	(603.4)	(278.6)	(603.4)	(278.6)
Foreign Currency Translation
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(16.7)	138.0
Other comprehensive (loss) income before reclassifications, net of tax			(69.1)	(4.0)
Other comprehensive income (loss), net of tax			(69.1)	(4.0)
Balance at end of the period	(85.8)	134.0	(85.8)	134.0
Pension and Other Postretirement Benefits
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(530.6)	(418.1)
Other comprehensive (loss) income before reclassifications, net of tax			0.5	(1.0)
Reclassifications to net income, net of tax			13.1	8.0
Other comprehensive income (loss), net of tax			13.6	7.0
Balance at end of the period	(517.0)	(411.1)	(517.0)	(411.1)
Cash Flow Hedges
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period				(1.0)
Other comprehensive (loss) income before reclassifications, net of tax			(0.2)	(1.6)
Reclassifications to net income, net of tax			(0.4)	1.1
Other comprehensive income (loss), net of tax			(0.6)	(0.5)
Balance at end of the period	$ (0.6)	$ (1.5)	$ (0.6)	$ (1.5)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Comprehensive Income (Details 2) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Comprehensive Income (Details 2) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	$ (1,098.4)	$ (1,187.6)	$ (2,196.4)	$ (2,330.5)
Income from continuing operations before taxes	100.8	77.1	200.3	164.9
Provision for income taxes	(36.5)	(32.7)	(64.4)	(48.9)
Income from continuing operations	64.3	44.4	135.9	116.0
Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Income from continuing operations	(7.0)	(4.9)	(12.7)	(9.1)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Income from continuing operations before taxes	(0.5)	(1.4)	0.5	(1.3)
Provision for income taxes	0.2	0.2	(0.1)	0.2
Income from continuing operations	(0.3)	(1.2)	0.4	(1.1)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss \| Foreign exchange contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	(0.2)	(1.5)	1.3	(1.5)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss \| Commodity contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	(0.3)	0.1	(0.8)	0.2
Pension and Other Postretirement Benefits \| Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Pension and other postretirement benefits	(11.2)	(6.4)	(18.8)	(11.9)
Provision for income taxes	4.5	2.7	5.7	3.9
Income from continuing operations	$ (6.7)	$ (3.7)	$ (13.1)	$ (8.0)

Comprehensive Income (Details 3) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Comprehensive Income (Details 3) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Income tax expense (benefit) allocated to other comprehensive income (loss)
Pension and other postretirement benefits	$ 4.5	$ 2.7	$ 5.7	$ 3.9
Cash flow hedges	0.2	(0.1)	(0.1)	(0.1)
Income tax expense related to components of other comprehensive income (loss)	$ 4.7	$ 2.6	$ 5.6	$ 3.8

Fair Value Measurements (Details) - USD ($) $ in Millions	Jul. 04, 2015	Jan. 03, 2015
Assets
Derivative assets	$ 4.5	$ 10.3
Liabilities
Derivative liabilities	3.6	11.7
Recurring
Assets
Trading securities	18.0	17.9
Derivative assets	4.5	10.3
Liabilities
Derivative liabilities	3.6	11.7
Recurring \| Cash and Cash Equivalents
Assets
Trading securities	0.5	0.8
Recurring \| Other current assets
Assets
Trading securities	17.5	17.1
Quoted Prices in Active Markets (Level 1) \| Recurring
Assets
Trading securities	8.6	7.6
Liabilities
Derivative liabilities	0.7	1.2
Significant Other Observable Inputs (Level 2) \| Recurring
Assets
Trading securities	9.4	10.3
Derivative assets	4.5	10.3
Liabilities
Derivative liabilities	$ 2.9	$ 10.5

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jul. 04, 2015 USD ($) item
Environmental
Environmental site contingency number of sites \| item	13
Activity related to environmental liabilities
Balance at beginning of year	$ 26.2
Charges (reversals), net	2.6
Payments	(3.5)
Balance at end of year	25.3
Short term environmental liabilities	11.0
Letters of credit
Guarantor Obligations
Unused borrowing capacity with various financial institutions	47.0
Guarantee receivable financing
Guarantor Obligations
Guarantee obligations	$ 18.0

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Segment Reporting Information
Net sales	$ 1,516.0	$ 1,615.8	$ 3,044.0	$ 3,165.9
Interest expense	(15.3)	(15.6)	(30.6)	(31.0)
Income from continuing operations before taxes	100.8	77.1	200.3	164.9
Other expense, net	27.7	38.5	42.0	45.8
Intersegment
Segment Reporting Information
Net sales	18.4	19.8	36.3	39.1
Pressure-sensitive Materials \| Operating segments
Segment Reporting Information
Net sales	1,114.1	1,180.9	2,234.7	2,324.4
Income from continuing operations before taxes	129.8	86.5	252.7	198.5
Other expense, net	7.1	32.9	12.7	34.2
Pressure-sensitive Materials \| Intersegment
Segment Reporting Information
Net sales	16.2	16.7	31.9	32.9
Retail Branding and Information Solutions \| Operating segments
Segment Reporting Information
Net sales	383.8	414.4	771.9	802.1
Income from continuing operations before taxes	10.0	28.3	29.2	44.9
Other expense, net	20.0	5.6	25.5	11.6
Retail Branding and Information Solutions \| Intersegment
Segment Reporting Information
Net sales	0.6	0.6	1.2	1.4
Vancive Medical Technologies
Segment Reporting Information
Other expense, net	0.6		1.7
Vancive Medical Technologies \| Operating segments
Segment Reporting Information
Net sales	18.1	20.5	37.4	39.4
Income from continuing operations before taxes	(1.4)	(1.7)	(3.5)	(4.3)
Vancive Medical Technologies \| Intersegment
Segment Reporting Information
Net sales	1.6	2.5	3.2	4.8
Corporate
Segment Reporting Information
Income from continuing operations before taxes	$ (22.3)	$ (20.4)	(47.5)	$ (43.2)
Other expense, net			$ 2.1

Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Segment Information (Details 2) - USD ($) $ in Millions	Jul. 04, 2015	Apr. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Restructuring costs
Asset impairment				$ 33.9
Other items:
Impairment charges on assets held for sale		$ 2.0
Loss on sale of product line and related exit costs	$ 7.7			10.3
Gain on sale of asset			$ (0.6)	(1.7)	$ (0.6)
Loss from curtailment of pension obligation			0.6		0.6
Legal settlement				(0.5)
Other expense, net	27.7		38.5	42.0	45.8
Severance and related costs
Restructuring costs
Asset impairment	16.8		35.9	30.3	42.9
Asset impairment
Restructuring costs
Asset impairment	$ 3.2		$ 2.6	$ 3.6	$ 2.9