View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 01, 2016	Oct. 29, 2016
Document and Entity Information
Entity Registrant Name	Avery Dennison Corp
Entity Central Index Key	0000008818
Document Type	10-Q
Document Period End Date	Oct. 01, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		88,991,587
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 01, 2016	Jan. 02, 2016
Current assets:
Cash and cash equivalents	$ 189.4	$ 158.8
Trade accounts receivable, less allowances of $40.6 and $31.5 at October 1, 2016 and January 2, 2016, respectively	1,069.7	964.7
Inventories, net	565.3	478.7
Assets held for sale	5.9	2.5
Other current assets	183.3	170.7
Total current assets	2,013.6	1,775.4
Property, plant and equipment	2,685.5	2,599.9
Accumulated depreciation	(1,780.1)	(1,752.0)
Property, plant and equipment, net	905.4	847.9
Goodwill	821.6	686.2
Other intangibles resulting from business acquisitions, net	70.9	45.8
Non-current deferred income taxes	390.7	372.2
Other assets	398.2	406.2
Total assets	4,600.4	4,133.7
Current liabilities:
Short-term borrowings and current portion of long-term debt and capital leases	587.6	95.3
Accounts payable	866.7	814.6
Accrued payroll and employee benefits	207.8	194.6
Other current liabilities	394.0	354.6
Total current liabilities	2,056.1	1,459.1
Long-term debt and capital leases	713.0	963.6
Long-term retirement benefits and other liabilities	684.5	637.4
Non-current deferred and payable income taxes	104.4	107.9
Commitments and contingencies (see Note 15)
Shareholders' equity:
Common stock, $1 par value per share, authorized - 400,000,000 shares at October 1, 2016 and January 2, 2016; issued - 124,126,624 shares at October 1, 2016 and January 2, 2016; outstanding - 89,194,833 shares and 89,967,697 shares at October 1, 2016 and January 2, 2016, respectively	124.1	124.1
Capital in excess of par value	843.1	834.0
Retained earnings	2,444.1	2,277.6
Treasury stock at cost, 34,931,791 shares and 34,158,927 shares at October 1, 2016 and January 2, 2016, respectively	(1,699.9)	(1,587.0)
Accumulated other comprehensive loss	(669.0)	(683.0)
Total shareholders' equity	1,042.4	965.7
Total liabilities and shareholders' equity	$ 4,600.4	$ 4,133.7

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Oct. 01, 2016	Jan. 02, 2016
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade accounts receivable, allowances (in dollars)	$ 40.6	$ 31.5
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	89,194,833	89,967,697
Treasury stock, shares	34,931,791	34,158,927

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 1,508.7	$ 1,468.1	$ 4,535.7	$ 4,512.1
Cost of products sold	1,091.1	1,062.2	3,261.4	3,258.6
Gross profit	417.6	405.9	1,274.3	1,253.5
Marketing, general and administrative expense	270.3	268.1	817.7	841.8
Interest expense	14.7	14.7	45.4	45.3
Other expense, net	4.6	7.0	60.4	49.0
Income from continuing operations before taxes	128.0	116.1	350.8	317.4
Provision for income taxes	38.9	34.8	92.1	99.5
Income from continuing operations	89.1	81.3	258.7	217.9
Income (loss) from discontinued operations		0.4		(0.6)
Net income	$ 89.1	$ 81.7	$ 258.7	$ 217.3
Net income per common share:
Continuing operations (in dollars per share)	$ 1.00	$ 0.89	$ 2.90	$ 2.39
Net income per common share (in dollars per share)	1.00	0.89	2.90	2.39
Net income (loss) per common share, assuming dilution:
Continuing operations (in dollars per share)	0.98	0.87	2.85	2.35
Discontinued operations (in dollars per share)		0.01		(0.01)
Net income per common share, assuming dilution (in dollars per share)	0.98	0.88	2.85	2.34
Dividends per common share (in dollars per share)	$ 0.41	$ 0.37	$ 1.19	$ 1.09
Weighted average number of shares outstanding:
Common shares (in shares)	89.1	91.5	89.2	91.1
Common shares, assuming dilution (in shares)	90.6	93.2	90.9	92.9

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 89.1	$ 81.7	$ 258.7	$ 217.3
Other comprehensive income (loss), net of tax:
Foreign currency translation	15.5	(60.5)	21.1	(129.6)
Pension and other postretirement benefits	4.4	5.1	(6.9)	17.7
Cash flow hedges	(0.1)	(0.2)	(0.2)	(0.8)
Other comprehensive income (loss), net of tax	19.8	(55.6)	14.0	(112.7)
Total comprehensive income, net of tax	$ 108.9	$ 26.1	$ 272.7	$ 104.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015
Operating Activities
Net income	$ 258.7	$ 217.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	88.8	95.3
Amortization	46.7	47.5
Provision for doubtful accounts and sales returns	33.8	36.6
Net losses from asset impairments and sales/disposals of assets	3.8	10.9
Stock-based compensation	20.1	18.4
Loss from settlement of pension obligations	41.4
Other non-cash expense and loss	34.7	38.9
Changes in assets and liabilities and other adjustments	(162.3)	(182.7)
Net cash provided by operating activities	365.7	282.2
Investing Activities
Purchases of property, plant and equipment	(104.9)	(89.6)
Purchases of software and other deferred charges	(16.6)	(9.0)
Proceeds from sales of property, plant and equipment	4.3	7.1
Purchases of investments, net	(0.8)	(0.2)
Payments for acquisitions, net of cash acquired	(227.5)
Other		1.5
Net cash used in by investing activities	(345.5)	(90.2)
Financing Activities
Net increase (decrease) in borrowings (maturities of three months or less)	242.0	(109.8)
Payments of debt (maturities greater than three months)	(1.9)	(6.2)
Dividends paid	(106.2)	(99.6)
Share repurchases	(181.5)	(108.5)
Proceeds from exercises of stock options, net	63.4	78.4
Other	(4.4)	(1.2)
Net cash provided by (used in) financing activities	11.4	(246.9)
Effect of foreign currency translation on cash balances	(1.0)	(8.5)
Increase (decrease) in cash and cash equivalents	30.6	(63.4)
Cash and cash equivalents, beginning of year	158.8	207.2
Cash and cash equivalents, end of period	$ 189.4	$ 143.8

General

9 Months Ended

Oct. 01, 2016

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 2015 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. Interim results of operations are not necessarily indicative of future results.

Fiscal Periods

The third quarters of 2016 and 2015 consisted of thirteen-week periods ending October 1, 2016 and October 3, 2015, respectively. The nine months ended October 1, 2016 and October 3, 2015 each consisted of thirty-nine-week periods.

Prior Period Financial Statement Revision

In the fourth quarter of 2015, we identified certain liquid short-term bank drafts with maturities greater than three months that were improperly classified as cash and cash equivalents instead of other current assets, which resulted in an overstatement of operating cash flows, and tax effects related to certain foreign pension plans that were not properly accounted for in our consolidated financial statements. We assessed the materiality of these errors on our financial statements for prior periods in accordance with United States Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin (“SAB”) No. 99, Materiality, codified in Accounting Standards Codification (“ASC”) 250, Presentation of Financial Statements, and concluded that they were not material to any prior annual or interim periods. Consequently, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), we corrected these errors for all prior periods presented by revising the unaudited Condensed Consolidated Financial Statements and other financial information included herein.

The effects of the revision on our unaudited Condensed Consolidated Statements of Cash Flows were as follows:

	Nine Months Ended October 3, 2015
(In millions)	As Previously Reported			Adjustment			As Revised
Net cash provided by operating activities	$	290.3		$	(8.1	)	$	282.2
Decrease in cash and cash equivalents	(55.3		)	(8.1		)	(63.4		)
Cash and cash equivalents, beginning of year	227.0			(19.8		)	207.2
Cash and cash equivalents, end of period	171.7			(27.9		)	143.8

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. The pre-tax loss from the sale, when combined with exit costs related to the sale, totaled $8.5 million. 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

Income (loss) from discontinued operations during the third quarter and nine months ended October 3, 2015 included tax benefits (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. 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 remains subject to the completion of tax return filings in certain foreign jurisdictions where we formerly operated the OCP and DES businesses.

Acquisitions	9 Months Ended
Acquisitions	Oct. 01, 2016
Acquisitions
Acquisitions	Note 2. Acquisitions On August 1, 2016, we completed the acquisition of the European business of MACtac (“Mactac”) from Platinum Equity through the purchase of Evergreen Holding V, LLC. Mactac manufactures pressure-sensitive materials that complement our existing graphics portfolio and has been included in our Pressure-sensitive Materials segment. The total consideration for this acquisition, net of cash received, was approximately $222 million, which we funded primarily through existing credit facilities. The purchase price is subject to certain adjustments in accordance with the terms of the purchase agreement Due to the time required to complete our assessment, the final valuation of certain acquired assets and liabilities, including property, plant and equipment, intangible assets, taxes, and environmental and asset retirement obligations, is currently pending. This acquisition was not material to our condensed consolidated financial statements.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Inventories

9 Months Ended

Oct. 01, 2016

Inventories

Inventories

Note 3. Inventories

Net inventories consisted of:

(In millions)	October 1, 2016		January 2, 2016
Raw materials	$	207.8	$	180.5
Work-in-progress	172.1		143.0
Finished goods	185.4		155.2
Inventories, net	$	565.3	$	478.7

Goodwill and Other Intangibles Resulting from Business Acquisitions

9 Months Ended

Oct. 01, 2016

Goodwill and Other Intangibles Resulting from Business Acquisitions

Goodwill and Other Intangibles Resulting from Business Acquisitions

Note 4. Goodwill and Other Intangibles Resulting from Business Acquisitions

Goodwill

Changes in the net carrying amount of goodwill for the nine months ended October 1, 2016, by reportable segment, were as follows:

(In millions)	Pressure-sensitive Materials		Retail Branding and Information Solutions		Total
Goodwill as of January 2, 2016	$	277.9	$	408.3	$	686.2
Acquired during current period(1)	125.0		–		125.0
Translation adjustments	7.2		3.2		10.4
Goodwill as of October 1, 2016	$	410.1	$	411.5	$	821.6

(1) Goodwill acquired during the current period primarily related to the Mactac acquisition.

The carrying amounts of goodwill at October 1, 2016 and January 2, 2016 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.

In connection with the Mactac acquisition, we recognized an estimated $120 million of preliminary goodwill based on our expectation of synergies and other benefits of combining our businesses. These synergies and benefits include use of our existing commercial infrastructure to expand sales of products of the acquired business in a cost-efficient manner. The amount of goodwill recognized is not expected to be deductible for tax purposes.

Other Intangibles Resulting from Business Acquisitions

In connection with the Mactac acquisition, we acquired approximately $39 million of identifiable intangible assets, which includes finite-lived and indefinite-lived intangible assets. Identifiable intangible assets consist of customer relationships, trade names and trademarks, and patents and other acquired technology. The table below summarizes the preliminary amounts and weighted average useful lives, if applicable, of these intangible assets:

	Amount (in millions)		Weighted-average amortization period (in years)
Customer relationships	$	22.8		15
Patents and other acquired technology	2.4		4
Trade names and trademarks(1)	14.2		n/a

(1) Acquired trade names and trademarks associated with the Mactac acquisition were not subject to amortization as they were classified as indefinite-lived intangible assets.

Refer to Note 2, “Acquisitions,” to the unaudited Condensed Consolidated Financial Statements for more information.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt and Capital Leases	9 Months Ended
Debt and Capital Leases	Oct. 01, 2016
Debt and Capital Leases
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 includes 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 $1.35 billion at October 1, 2016 and $1.08 billion at January 2, 2016. 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 $700 million revolving credit facility (the “Revolver”) contains financial covenants requiring that we maintain specified ratios of total debt and interest expense in relation to certain measures of income. As of October 1, 2016 and January 2, 2016, we were in compliance with our financial covenants. In March 2016, we entered into an agreement with three commercial paper dealers to establish a Euro-Commercial Paper Program pursuant to which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million. Proceeds from issuances under this program may be used for general corporate purposes. The maturities of the notes may vary, but may not exceed 364 days from the date of issuance. Our payment obligations with respect to any notes issued under this program would be backed by the Revolver. There are no financial covenants under this program. As of October 1, 2016, $210.3 million was outstanding under this program. We reclassified approximately $250 million of senior notes due on October 1, 2017 from long-term debt to current portion of long-term debt.

Pension and Other Postretirement Benefits

9 Months Ended

Oct. 01, 2016

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 these benefits, and therefore, no related costs are included in the disclosures below.

In December 2015, we offered eligible former employees who were vested participants in the Avery Dennison Pension Plan (“ADPP”), a U.S. pension plan, the opportunity to receive their benefits immediately as either a lump-sum payment or an annuity, rather than waiting until they are retirement eligible under the terms of the plan. In the second quarter of 2016, approximately $70 million of pension obligations related to this plan were settled out of existing plan assets and a non-cash pre-tax settlement charge of $41.4 million was recorded in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income. This settlement required us to remeasure the remaining net pension obligations of the ADPP. As a result, approximately $72 million of additional net pension obligations with a corresponding increase in actuarial losses recorded in “Accumulated other comprehensive loss” was recognized primarily due to lower discount rates that were in effect when the plan was remeasured.

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

	Pension Benefits
	Three Months Ended												Nine Months Ended
	October 1, 2016						October 3, 2015						October 1, 2016						October 3, 2015
(In millions)	U.S.			Int’l			U.S.			Int’l			U.S.			Int’l			U.S.			Int’l
Service cost	$	.1		$	3.5		$	.1		$	3.3		$	.3		$	10.4		$	.3		$	10.3
Interest cost	8.1			4.1			10.8			4.3			26.4			12.4			32.5			13.1
Actuarial loss	.7			–			–			–			2.4			–			–			–
Expected return on plan assets	(10.4		)	(5.4		)	(12.8		)	(5.4		)	(32.3		)	(16.1		)	(38.6		)	(16.2		)
Recognized net actuarial loss	4.9			1.7			5.2			2.4			14.1			5.3			15.4			7.2
Amortization of prior service cost (credit)	.3			–			.2			–			.9			(.2		)	.8			(.1		)
Recognized loss on settlements(1)	–			–			–			–			41.4			–			–			3.8
Net periodic benefit cost	$	3.7		$	3.9		$	3.5		$	4.6		$	53.2		$	11.8		$	10.4		$	18.1

(1) In 2016, we recognized a loss on settlements related to our U.S. pension plan as a result of making the lump-sum pension payments described above; in 2015, we recognized a loss on settlements related to pension plans in Germany and France as a result of the sale of a product line in our RBIS reportable segment. These losses on settlements were recorded in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

	U.S. Postretirement Health Benefits
	Three Months Ended						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Interest cost	$	–		$	.1		$	.1		$	.2
Recognized net actuarial loss	.5			.5			1.3			1.6
Amortization of prior service credit	(.9		)	(.8		)	(2.5		)	(2.4		)
Net periodic benefit credit	$	(.4	)	$	(.2	)	$	(1.1	)	$	(.6	)

Research and Development	9 Months Ended
Research and Development	Oct. 01, 2016
Research and Development
Research and Development	Note 7. Research and Development Research and development expense from continuing operations was $22.4 million and $67.4 million for the three and nine months ended October 1, 2016, respectively, and $22.2 million and $70.6 million for the three and nine months ended October 3, 2015, 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	9 Months Ended
Long-Term Incentive Compensation	Oct. 01, 2016
Long-Term Incentive Compensation
Long-Term Incentive Compensation	Note 8. Long-Term Incentive Compensation Equity Awards Stock-based compensation expense from continuing operations was $6 million and $20.1 million for the three and nine months ended October 1, 2016, respectively, and $5.2 million and $18.4 million for the three and nine months ended October 3, 2015, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income. As of October 1, 2016, we had approximately $44 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 two years. Cash Awards Compensation expense from continuing operations related to long-term incentive units was $7 million and $21.7 million for the three and nine months ended October 1, 2016, respectively, and $1.4 million and $16.7 million for the three and nine months ended October 3, 2015, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income.

Cost Reduction Actions

9 Months Ended

Oct. 01, 2016

Cost Reduction Actions

Cost Reduction Actions

Note 9. Cost Reduction Actions

2015/2016 Actions

During the nine months ended October 1, 2016, we recorded $15 million in restructuring charges, net of reversals, related to restructuring actions initiated during the third quarter of 2015 that we expect to continue through 2016 (“2015/2016 Actions”). These charges consisted of severance and related costs for the reduction of approximately 310 positions, lease cancellation costs, and asset impairment charges.

During fiscal year 2015, we recorded $26.1 million in restructuring charges, net of reversals, related to our 2015/2016 Actions. These charges consisted of severance and related costs for the reduction of approximately 430 positions, lease cancellation costs, and asset impairment charges.

No employees impacted by our 2015/2016 Actions taken through October 1, 2016 remained employed with us as of such date. We expect charges and payments related to these actions to be substantially completed in 2016.

2014/2015 Actions

During fiscal year 2015, we recorded $33.4 million in restructuring charges, net of reversals, related to restructuring actions we initiated in 2014 that continued through the second quarter of 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.

Approximately 25 employees impacted by our 2014/2015 Actions remained employed with us as of October 1, 2016. We expect charges and payments related to these actions to be substantially completed in 2016.

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, less selling costs, if applicable. Restructuring charges were included in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income.

During the nine months ended October 1, 2016, restructuring charges and payments were as follows:

(In millions)	Accrual at January 2, 2016		Charges (Reversals), net			Cash Payments			Non-cash Impairment			Foreign Currency Translation		Accrual at October 1, 2016
2015/2016 Actions
Severance and related costs	$	8.4	$	11.1		$	(18.8	)	$	–		$	.2	$	.9
Asset impairment charges	–		2.9			–			(2.9		)	–		–
Lease cancellation costs	.2		1.0			(.8		)	–			–		.4

2014/2015 Actions
Severance and related costs	4.8		(.3		)	(3.3		)	–			–		1.2

Prior actions
Severance and related costs	.7		(.1		)	–			–			–		.6
Total	$	14.1	$	14.6		$	(22.9	)	$	(2.9	)	$	.2	$	3.1

The table below shows the total amount of restructuring charges incurred by reportable segment and Corporate:

	Three Months Ended				Nine Months Ended
(In millions)	October 1, 2016		October 3, 2015		October 1, 2016		October 3, 2015
Restructuring charges by reportable segment and Corporate
Pressure-sensitive Materials	$	.7	$	1.1	$	7.5	$	15.5
Retail Branding and Information Solutions	1.5		3.7		6.6		19.4
Vancive Medical Technologies	.4		1.7		.5		3.4
Corporate	–		.1		–		2.2
	$	2.6	$	6.6	$	14.6	$	40.5

Financial Instruments

9 Months Ended

Oct. 01, 2016

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 October 1, 2016, the aggregate U.S. dollar equivalent notional value of our outstanding commodity contracts and foreign exchange contracts was $2.3 million and $1.5 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 designate 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 October 1, 2016:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	2.0	Other current liabilities	$	3.1
Commodity contracts	Other current assets	.1		Other current liabilities	–
		$	2.1		$	3.1

The following table provides the fair value and balance sheet locations of derivatives as of January 2, 2016:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	5.6	Other current liabilities	$	4.5
Commodity contracts	Other current assets	–		Other current liabilities	.7
		$	5.6		$	5.2

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 gains (losses) recognized in income related to fair value hedge contracts. The corresponding gains or losses on the underlying hedged items approximated the net gains (losses) on these fair value hedge contracts.

		Three Months Ended						Nine Months Ended
(In millions)	Location of Net Gains (Losses) in Income	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Foreign exchange contracts	Cost of products sold	$	(.2	)	$	2.3		$	1.5		$	3.3
Foreign exchange contracts	Marketing, general and administrative expense	(2.8		)	(19.9		)	(.4		)	(15.9		)
		$	(3.0	)	$	(17.6	)	$	1.1		$	(12.6	)

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						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Foreign exchange contracts	$	(1.3	)	$	2.7		$	(3.1	)	$	1.2
Commodity contracts	(.2		)	(1.7		)	.1			(.5		)
	$	(1.5	)	$	1.0		$	(3.0	)	$	.7

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 was not material for the three and nine months ended October 1, 2016 and October 3, 2015, respectively.

As of October 1, 2016, we expected a net loss of approximately $2 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
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Taxes Based on Income

9 Months Ended

Oct. 01, 2016

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						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Income from continuing operations before taxes	$	128.0		$	116.1		$	350.8		$	317.4
Provision for income taxes	38.9			34.8			92.1			99.5
Effective tax rate	30.4		%	30.0		%	26.3		%	31.3		%

The effective tax rate for continuing operations for the three and nine months ended October 1, 2016 reflected the impact of favorable geographic mixture of pretax income and included the following: $4.8 million and $3.1 million of tax expense, respectively, resulting from return to provision adjustments pursuant to the completion of the 2015 U.S. federal tax return; $1 million and $7.1 million of tax benefit, respectively, from our change in judgment about tax filing positions in certain foreign jurisdictions as a result of new information gained from our interactions with tax authorities; and $17.7 million and $26.9 million of tax expense, respectively, associated with the tax cost to repatriate non-permanently reinvested earnings of certain foreign subsidiaries. The effective tax rate for the three and nine months ended October 1, 2016 also included $11.1 million of tax benefit resulting from effective settlements of tax examinations in various foreign jurisdictions. Included in the $11.1 million of tax benefit is an effective settlement for certain members of a consolidated tax group under examination. Additionally, the effective tax rate for the nine months ended October 1, 2016 included $6.7 million of tax benefit from the release of valuation allowances against certain deferred tax assets in a foreign jurisdiction associated with a structural simplification approved by the tax authority and $3.3 million of tax benefit due to decreases in certain tax reserves as a result of closing tax years.

The effective tax rate for the nine months ended October 1, 2016 compared to the effective tax rate for the nine months ended October 3, 2015 was impacted by favorable effective settlements in various foreign jurisdictions, favorable geographic mixture of pretax income, and a tax benefit from the release of valuation allowances against deferred tax assets.

The effective tax rate for continuing operations for the three and nine months ended October 3, 2015 included $4.2 million of tax benefit resulting from return to provision adjustments pursuant to the completion of the 2014 U.S. federal tax return and $.9 million of tax benefit from a favorable foreign tax law change. Additionally, the effective tax rate for the nine months ended October 3, 2015 included $1.6 million of net tax benefit related to changes in the effective tax rates in certain foreign municipalities; $4.2 million of tax benefit due to decreases in certain tax reserves as a result of closing tax years; and $5.4 million of tax expense associated with the tax cost to repatriate non-permanently reinvested 2015 earnings of certain foreign subsidiaries.

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 $26 million, primarily as a result of audit settlements and closing tax years.

Net Income Per Common Share

9 Months Ended

Oct. 01, 2016

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				Nine Months Ended
(In millions, except per share amounts)	October 1, 2016		October 3, 2015		October 1, 2016		October 3, 2015
(A) Income from continuing operations	$	89.1	$	81.3	$	258.7	$	217.9
(B) Income (loss) from discontinued operations	–		.4		–		(.6		)
(C) Net income available to common shareholders	$	89.1	$	81.7	$	258.7	$	217.3
(D) Weighted average number of common shares outstanding	89.1		91.5		89.2		91.1
Dilutive shares (additional common shares issuable under stock-based awards)	1.5		1.7		1.7		1.8
(E) Weighted average number of common shares outstanding, assuming dilution	90.6		93.2		90.9		92.9
Net income per common share:
Continuing operations (A) ÷ (D)	$	1.00	$	.89	$	2.90	$	2.39
Discontinued operations (B) ÷ (D)	–		–		–		–
Net income per common share (C) ÷ (D)	$	1.00	$	.89	$	2.90	$	2.39
Net income (loss) per common share, assuming dilution:
Continuing operations (A) ÷ (E)	$	.98	$	.87	$	2.85	$	2.35
Discontinued operations (B) ÷ (E)	–		.01		–		(.01		)
Net income per common share, assuming dilution (C) ÷ (E)	$	.98	$	.88	$	2.85	$	2.34

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 and .2 million shares for the three and nine months ended October 1, 2016, respectively, and approximately .5 million and 1 million shares for the three and nine months ended October 3, 2015, respectively.

Comprehensive Income

9 Months Ended

Oct. 01, 2016

Comprehensive Income

Comprehensive Income

Note 13. Comprehensive Income

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine months ended October 1, 2016 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of January 2, 2016	$	(158.9	)	$	(521.6	)	$	(2.5	)	$	(683.0	)
Other comprehensive income (loss) before reclassifications, net of tax	21.1			(46.7		)	(2.2		)	(27.8		)
Reclassifications to net income, net of tax	–			39.8			2.0			41.8
Net current-period other comprehensive income (loss), net of tax	21.1			(6.9		)	(.2		)	14.0
Balance as of October 1, 2016	$	(137.8	)	$	(528.5	)	$	(2.7	)	$	(669.0	)

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine months ended October 3, 2015 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of January 3, 2015	$	(19.9	)	$	(525.6	)	$	–		$	(545.5	)
Other comprehensive (loss) income before reclassifications, net of tax	(129.6		)	(.5		)	.6			(129.5		)
Reclassifications to net income, net of tax	–			18.2			(1.4		)	16.8
Net current-period other comprehensive (loss) income, net of tax	(129.6		)	17.7			(.8		)	(112.7		)
Balance as of October 3, 2015	$	(149.5	)	$	(507.9	)	$	(.8	)	$	(658.2	)

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						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015			Affected Line Item in the Statements Where Net Income is Presented
Cash flow hedges:
Foreign exchange contracts	$	(1.2	)	$	1.4		$	(2.1	)	$	2.7		Cost of products sold
Commodity contracts	–			(.1		)	(.6		)	(.9		)	Cost of products sold
Interest rate contracts	(.1		)	(.1		)	(.1		)	(.1		)	Interest expense
	(1.3		)	1.2			(2.8		)	1.7			Total before tax
	.4			(.2		)	.8			(.3		)	Provision for income taxes
	(.9		)	1.0			(2.0		)	1.4			Net of tax
Pension and other postretirement benefits(1)	(6.5		)	(7.5		)	(60.3		)	(26.3		)
	2.1			2.4			20.5			8.1			Provision for income taxes
	(4.4		)	(5.1		)	(39.8		)	(18.2		)	Net of tax
Total reclassifications for the period	$	(5.3	)	$	(4.1	)	$	(41.8	)	$	(16.8	)	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						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Pension and other postretirement benefits	$	2.0		$	2.4		$	(4.7	)	$	9.1
Cash flow hedges	(.1		)	(.1		)	–			(.2		)
Income tax expense (benefit) related to components of other comprehensive income (loss)	$	1.9		$	2.3		$	(4.7	)	$	8.9

- 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
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580

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

9 Months Ended

Oct. 01, 2016

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 October 1, 2016:

			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	$	18.9	$	12.7	$	6.2	$	–
Derivative assets	2.1		.1		2.0		–
Bank drafts	15.9		15.9		–		–

Liabilities
Derivative liabilities	$	3.1	$	–	$	3.1	$	–

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of January 2, 2016:

			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	$	11.3	$	6.6	$	–
Derivative assets	5.6		–		5.6		–
Bank drafts	24.8		24.8		–		–

Liabilities
Derivative liabilities	$	5.2	$	.7	$	4.5	$	–

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 October 1, 2016, trading securities of $.4 million and $18.5 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of January 2, 2016, trading securities of $.3 million and $17.6 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 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. Bank drafts (maturities greater than three months) are valued at face value due to their short-term nature and were included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets.

We utilized an income approach to estimate the fair values of the identifiable intangibles acquired from Mactac, using primarily Level 3 inputs. The discount rates we used to value these assets were between 10% and 12%.

- 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

9 Months Ended

Oct. 01, 2016

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 October 1, 2016, 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 that are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination. No settlement of our liability related to any of the sites has been agreed upon. We are participating with other PRPs at these sites and anticipate that our share of remediation costs will be determined pursuant to agreements that we negotiate with the EPA or other governmental authorities.

We have accrued liabilities for sites where it is probable that a loss or cost will be incurred and the amount of loss or cost 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 nine months ended October 1, 2016 related to our environmental liabilities was as follows:

(In millions)
Balance at January 2, 2016	$	17.7
Charges (reversals), net	6.1
Payments	(5.9		)
Balance at October 1, 2016	$	17.9

As of October 1, 2016 and January 2, 2016, approximately $9 million and $7 million, respectively, of the balance was classified as short-term and included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets.

Segment Information

9 Months Ended

Oct. 01, 2016

Segment Information

Segment Information

Note 16. Segment Information

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

	Three Months Ended						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Net sales to unaffiliated customers
Pressure-sensitive Materials	$	1,123.8		$	1,083.7		$	3,360.9		$	3,318.4
Retail Branding and Information Solutions	370.9			366.8			1,127.0			1,138.7
Vancive Medical Technologies	14.0			17.6			47.8			55.0
Net sales to unaffiliated customers	$	1,508.7		$	1,468.1		$	4,535.7		$	4,512.1
Intersegment sales
Pressure-sensitive Materials	$	16.3		$	14.6		$	49.0		$	46.5
Retail Branding and Information Solutions	.5			.3			1.6			1.5
Vancive Medical Technologies	.1			1.2			.4			4.4
Intersegment sales	$	16.9		$	16.1		$	51.0		$	52.4
Income from continuing operations before taxes
Pressure-sensitive Materials	$	138.7		$	130.5		$	425.6		$	383.2
Retail Branding and Information Solutions	28.4			25.1			82.8			54.3
Vancive Medical Technologies	(.9		)	(1.2		)	(.2		)	(4.7		)
Corporate expense	(23.5		)	(23.6		)	(112.0		)	(70.1		)
Interest expense	(14.7		)	(14.7		)	(45.4		)	(45.3		)
Income from continuing operations before taxes	$	128.0		$	116.1		$	350.8		$	317.4
Other expense, net by reportable segment
Pressure-sensitive Materials	$	2.7		$	1.1		$	11.2		$	13.8
Retail Branding and Information Solutions	1.5			3.9			7.3			29.4
Vancive Medical Technologies	.4			1.7			.5			3.4
Corporate	–			.3			41.4			2.4
Other expense, net	$	4.6		$	7.0		$	60.4		$	49.0
Other expense, net by type
Restructuring charges:
Severance and related costs	$	1.9		$	4.7		$	10.7		$	35.0
Asset impairment charges and lease cancellation costs	.7			1.9			3.9			5.5
Other items:
Loss from settlement of pension obligations	–			–			41.4			–
Transaction costs	2.0			–			4.1			–
Loss (gain) on sale of assets	–			–			.3			(1.7		)
Loss on sale of product line and related transaction and exit costs	–			.2			–			10.5
Legal settlements	–			.2			–			(.3		)
Other expense, net	$	4.6		$	7.0		$	60.4		$	49.0

- 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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Recent Accounting Requirements	9 Months Ended
Recent Accounting Requirements	Oct. 01, 2016
Recent Accounting Requirements
Recent Accounting Requirements	Note 17. Recent Accounting Requirements In August 2016, the Financial Accounting Standards Board (“FASB”) issued guidance to reduce the diversity in the presentation of certain cash receipts and cash payments presented and classified in the statement of cash flows. This guidance requires retrospective adoption and will be effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted. We are currently assessing the impact of this guidance on our cash flows. In March 2016, the FASB issued guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2016, and early adoption is permitted. Different components of the guidance require prospective, retrospective and/or modified retrospective adoption. We are currently assessing the timing of our adoption of this guidance and its impact on our financial position, results of operations, cash flows, and disclosures. In March 2016, the FASB issued guidance on accounting for leases that requires lessees to recognize most leases on their balance sheets for the rights and obligations created by those leases. This guidance also requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases and will be effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective approach is required for adoption with respect to all leases that exist at or commence after the date of initial application with an option to use certain practical expedients. We are currently assessing the impact of this guidance on our financial position, results of operations, cash flows, and disclosures. In July 2015, the FASB issued 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 fiscal years. We elected to early adopt this amended guidance in the first quarter of 2016 prospectively. The adoption of this guidance did not have an impact on our financial position, results of operations, cash flows, or disclosures. In August 2014, the FASB issued a new standard that requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. Under this new standard, substantial doubt exists when it is probable that the entity will be unable to meet its obligations as they become due within one year of the date the financial statements are issued. If applicable, certain disclosures are required, including management’s plans to mitigate those relevant conditions or events to alleviate the substantial doubt. This standard is effective for annual periods and interim periods within those annual periods ending after December 15, 2016. Early adoption is permitted. We do not expect that adoption of this standard will have an impact on our financial position, results of operations, cash flows, or disclosures. In May 2014, and in subsequent updates, 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 fiscal 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 currently evaluating which transition method to elect and we expect to adopt this guidance in the first quarter of 2018. Based on the information we have evaluated to date, we do not anticipate that the adoption of this revised guidance will have a significant impact on our financial position, results of operations, or cash flows.

- 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=66092750

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=64853466&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=64853466&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=64853466&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=68064558&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=68064558&loc=d3e725-108305

+ Details

General (Policies)	9 Months Ended
General (Policies)	Oct. 01, 2016
General
Fiscal Periods	Fiscal Periods The third quarters of 2016 and 2015 consisted of thirteen-week periods ending October 1, 2016 and October 3, 2015, respectively. The nine months ended October 1, 2016 and October 3, 2015 each consisted of thirty-nine-week periods.

General (Tables)

9 Months Ended

Oct. 01, 2016

General

Summary of Previously Stated and Corrected Balance of Condensed Consolidated Statements of Cash Flows

	Nine Months Ended October 3, 2015
(In millions)	As Previously Reported			Adjustment			As Revised
Net cash provided by operating activities	$	290.3		$	(8.1	)	$	282.2
Decrease in cash and cash equivalents	(55.3		)	(8.1		)	(63.4		)
Cash and cash equivalents, beginning of year	227.0			(19.8		)	207.2
Cash and cash equivalents, end of period	171.7			(27.9		)	143.8

Inventories (Tables)

9 Months Ended

Oct. 01, 2016

Inventories

Net inventories

(In millions)	October 1, 2016		January 2, 2016
Raw materials	$	207.8	$	180.5
Work-in-progress	172.1		143.0
Finished goods	185.4		155.2
Inventories, net	$	565.3	$	478.7

Goodwill and Other Intangibles Resulting from Business Acquisitions (Tables)

9 Months Ended

Oct. 01, 2016

Goodwill and Other Intangibles Resulting from Business Acquisitions

Changes in net carrying amount of goodwill

(In millions)	Pressure-sensitive Materials		Retail Branding and Information Solutions		Total
Goodwill as of January 2, 2016	$	277.9	$	408.3	$	686.2
Acquired during current period(1)	125.0		–		125.0
Translation adjustments	7.2		3.2		10.4
Goodwill as of October 1, 2016	$	410.1	$	411.5	$	821.6

(1) Goodwill acquired during the current period primarily related to the Mactac acquisition.

Summary of weighted-average amortization periods from the date of acquisition and weighted-average remaining useful lives of finite-lived intangible assets

	Amount (in millions)		Weighted-average amortization period (in years)
Customer relationships	$	22.8		15
Patents and other acquired technology	2.4		4
Trade names and trademarks(1)	14.2		n/a

(1) Acquired trade names and trademarks associated with the Mactac acquisition were not subject to amortization as they were classified as indefinite-lived intangible assets.

Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Oct. 01, 2016

Pension and Other Postretirement Benefits

Schedule of components of net periodic benefit cost (credit)

	Pension Benefits
	Three Months Ended												Nine Months Ended
	October 1, 2016						October 3, 2015						October 1, 2016						October 3, 2015
(In millions)	U.S.			Int’l			U.S.			Int’l			U.S.			Int’l			U.S.			Int’l
Service cost	$	.1		$	3.5		$	.1		$	3.3		$	.3		$	10.4		$	.3		$	10.3
Interest cost	8.1			4.1			10.8			4.3			26.4			12.4			32.5			13.1
Actuarial loss	.7			–			–			–			2.4			–			–			–
Expected return on plan assets	(10.4		)	(5.4		)	(12.8		)	(5.4		)	(32.3		)	(16.1		)	(38.6		)	(16.2		)
Recognized net actuarial loss	4.9			1.7			5.2			2.4			14.1			5.3			15.4			7.2
Amortization of prior service cost (credit)	.3			–			.2			–			.9			(.2		)	.8			(.1		)
Recognized loss on settlements(1)	–			–			–			–			41.4			–			–			3.8
Net periodic benefit cost	$	3.7		$	3.9		$	3.5		$	4.6		$	53.2		$	11.8		$	10.4		$	18.1

	U.S. Postretirement Health Benefits
	Three Months Ended						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Interest cost	$	–		$	.1		$	.1		$	.2
Recognized net actuarial loss	.5			.5			1.3			1.6
Amortization of prior service credit	(.9		)	(.8		)	(2.5		)	(2.4		)
Net periodic benefit credit	$	(.4	)	$	(.2	)	$	(1.1	)	$	(.6	)

Cost Reduction Actions (Tables)

9 Months Ended

Oct. 01, 2016

Cost Reduction Actions

Restructuring charges and payments

(In millions)	Accrual at January 2, 2016		Charges (Reversals), net			Cash Payments			Non-cash Impairment			Foreign Currency Translation		Accrual at October 1, 2016
2015/2016 Actions
Severance and related costs	$	8.4	$	11.1		$	(18.8	)	$	–		$	.2	$	.9
Asset impairment charges	–		2.9			–			(2.9		)	–		–
Lease cancellation costs	.2		1.0			(.8		)	–			–		.4

2014/2015 Actions
Severance and related costs	4.8		(.3		)	(3.3		)	–			–		1.2

Prior actions
Severance and related costs	.7		(.1		)	–			–			–		.6
Total	$	14.1	$	14.6		$	(22.9	)	$	(2.9	)	$	.2	$	3.1

Total amount of restructuring charges incurred by reportable segment and Corporate

	Three Months Ended				Nine Months Ended
(In millions)	October 1, 2016		October 3, 2015		October 1, 2016		October 3, 2015
Restructuring charges by reportable segment and Corporate
Pressure-sensitive Materials	$	.7	$	1.1	$	7.5	$	15.5
Retail Branding and Information Solutions	1.5		3.7		6.6		19.4
Vancive Medical Technologies	.4		1.7		.5		3.4
Corporate	–		.1		–		2.2
	$	2.6	$	6.6	$	14.6	$	40.5

Financial Instruments (Tables)

9 Months Ended

Oct. 01, 2016

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 October 1, 2016:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	2.0	Other current liabilities	$	3.1
Commodity contracts	Other current assets	.1		Other current liabilities	–
		$	2.1		$	3.1

The following table provides the fair value and balance sheet locations of derivatives as of January 2, 2016:

	Asset			Liability
(In millions)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Foreign exchange contracts	Other current assets	$	5.6	Other current liabilities	$	4.5
Commodity contracts	Other current assets	–		Other current liabilities	.7
		$	5.6		$	5.2

Components of net gains (losses) recognized in income related to fair value hedge contracts

		Three Months Ended						Nine Months Ended
(In millions)	Location of Net Gains (Losses) in Income	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Foreign exchange contracts	Cost of products sold	$	(.2	)	$	2.3		$	1.5		$	3.3
Foreign exchange contracts	Marketing, general and administrative expense	(2.8		)	(19.9		)	(.4		)	(15.9		)
		$	(3.0	)	$	(17.6	)	$	1.1		$	(12.6	)

Components of the gains (losses) recognized in Accumulated other comprehensive loss related to cash flow hedges

	Three Months Ended						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Foreign exchange contracts	$	(1.3	)	$	2.7		$	(3.1	)	$	1.2
Commodity contracts	(.2		)	(1.7		)	.1			(.5		)
	$	(1.5	)	$	1.0		$	(3.0	)	$	.7

Taxes Based on Income (Tables)

9 Months Ended

Oct. 01, 2016

Taxes Based on Income

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

	Three Months Ended						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Income from continuing operations before taxes	$	128.0		$	116.1		$	350.8		$	317.4
Provision for income taxes	38.9			34.8			92.1			99.5
Effective tax rate	30.4		%	30.0		%	26.3		%	31.3		%

Net Income Per Common Share (Tables)

9 Months Ended

Oct. 01, 2016

Net Income Per Common Share

Schedule of net income per common share

	Three Months Ended				Nine Months Ended
(In millions, except per share amounts)	October 1, 2016		October 3, 2015		October 1, 2016		October 3, 2015
(A) Income from continuing operations	$	89.1	$	81.3	$	258.7	$	217.9
(B) Income (loss) from discontinued operations	–		.4		–		(.6		)
(C) Net income available to common shareholders	$	89.1	$	81.7	$	258.7	$	217.3
(D) Weighted average number of common shares outstanding	89.1		91.5		89.2		91.1
Dilutive shares (additional common shares issuable under stock-based awards)	1.5		1.7		1.7		1.8
(E) Weighted average number of common shares outstanding, assuming dilution	90.6		93.2		90.9		92.9
Net income per common share:
Continuing operations (A) ÷ (D)	$	1.00	$	.89	$	2.90	$	2.39
Discontinued operations (B) ÷ (D)	–		–		–		–
Net income per common share (C) ÷ (D)	$	1.00	$	.89	$	2.90	$	2.39
Net income (loss) per common share, assuming dilution:
Continuing operations (A) ÷ (E)	$	.98	$	.87	$	2.85	$	2.35
Discontinued operations (B) ÷ (E)	–		.01		–		(.01		)
Net income per common share, assuming dilution (C) ÷ (E)	$	.98	$	.88	$	2.85	$	2.34

Comprehensive Income (Tables)

9 Months Ended

Oct. 01, 2016

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 2, 2016	$	(158.9	)	$	(521.6	)	$	(2.5	)	$	(683.0	)
Other comprehensive income (loss) before reclassifications, net of tax	21.1			(46.7		)	(2.2		)	(27.8		)
Reclassifications to net income, net of tax	–			39.8			2.0			41.8
Net current-period other comprehensive income (loss), net of tax	21.1			(6.9		)	(.2		)	14.0
Balance as of October 1, 2016	$	(137.8	)	$	(528.5	)	$	(2.7	)	$	(669.0	)

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of January 3, 2015	$	(19.9	)	$	(525.6	)	$	–		$	(545.5	)
Other comprehensive (loss) income before reclassifications, net of tax	(129.6		)	(.5		)	.6			(129.5		)
Reclassifications to net income, net of tax	–			18.2			(1.4		)	16.8
Net current-period other comprehensive (loss) income, net of tax	(129.6		)	17.7			(.8		)	(112.7		)
Balance as of October 3, 2015	$	(149.5	)	$	(507.9	)	$	(.8	)	$	(658.2	)

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						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015			Affected Line Item in the Statements Where Net Income is Presented
Cash flow hedges:
Foreign exchange contracts	$	(1.2	)	$	1.4		$	(2.1	)	$	2.7		Cost of products sold
Commodity contracts	–			(.1		)	(.6		)	(.9		)	Cost of products sold
Interest rate contracts	(.1		)	(.1		)	(.1		)	(.1		)	Interest expense
	(1.3		)	1.2			(2.8		)	1.7			Total before tax
	.4			(.2		)	.8			(.3		)	Provision for income taxes
	(.9		)	1.0			(2.0		)	1.4			Net of tax
Pension and other postretirement benefits(1)	(6.5		)	(7.5		)	(60.3		)	(26.3		)
	2.1			2.4			20.5			8.1			Provision for income taxes
	(4.4		)	(5.1		)	(39.8		)	(18.2		)	Net of tax
Total reclassifications for the period	$	(5.3	)	$	(4.1	)	$	(41.8	)	$	(16.8	)	Total, net of tax

⁽¹⁾

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

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

	Three Months Ended						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Pension and other postretirement benefits	$	2.0		$	2.4		$	(4.7	)	$	9.1
Cash flow hedges	(.1		)	(.1		)	–			(.2		)
Income tax expense (benefit) related to components of other comprehensive income (loss)	$	1.9		$	2.3		$	(4.7	)	$	8.9

Fair Value Measurements (Tables)

9 Months Ended

Oct. 01, 2016

Fair Value Measurements

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

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of October 1, 2016:

			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	$	18.9	$	12.7	$	6.2	$	–
Derivative assets	2.1		.1		2.0		–
Bank drafts	15.9		15.9		–		–

Liabilities
Derivative liabilities	$	3.1	$	–	$	3.1	$	–

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of January 2, 2016:

			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	$	11.3	$	6.6	$	–
Derivative assets	5.6		–		5.6		–
Bank drafts	24.8		24.8		–		–

Liabilities
Derivative liabilities	$	5.2	$	.7	$	4.5	$	–

Commitments and Contingencies (Tables)

9 Months Ended

Oct. 01, 2016

Commitments and Contingencies

Costs of environmental liabilities with remediation

(In millions)
Balance at January 2, 2016	$	17.7
Charges (reversals), net	6.1
Payments	(5.9		)
Balance at October 1, 2016	$	17.9

Segment Information (Tables)

9 Months Ended

Oct. 01, 2016

Segment Information

Financial information, by reportable segment from continuing operations

	Three Months Ended						Nine Months Ended
(In millions)	October 1, 2016			October 3, 2015			October 1, 2016			October 3, 2015
Net sales to unaffiliated customers
Pressure-sensitive Materials	$	1,123.8		$	1,083.7		$	3,360.9		$	3,318.4
Retail Branding and Information Solutions	370.9			366.8			1,127.0			1,138.7
Vancive Medical Technologies	14.0			17.6			47.8			55.0
Net sales to unaffiliated customers	$	1,508.7		$	1,468.1		$	4,535.7		$	4,512.1
Intersegment sales
Pressure-sensitive Materials	$	16.3		$	14.6		$	49.0		$	46.5
Retail Branding and Information Solutions	.5			.3			1.6			1.5
Vancive Medical Technologies	.1			1.2			.4			4.4
Intersegment sales	$	16.9		$	16.1		$	51.0		$	52.4
Income from continuing operations before taxes
Pressure-sensitive Materials	$	138.7		$	130.5		$	425.6		$	383.2
Retail Branding and Information Solutions	28.4			25.1			82.8			54.3
Vancive Medical Technologies	(.9		)	(1.2		)	(.2		)	(4.7		)
Corporate expense	(23.5		)	(23.6		)	(112.0		)	(70.1		)
Interest expense	(14.7		)	(14.7		)	(45.4		)	(45.3		)
Income from continuing operations before taxes	$	128.0		$	116.1		$	350.8		$	317.4
Other expense, net by reportable segment
Pressure-sensitive Materials	$	2.7		$	1.1		$	11.2		$	13.8
Retail Branding and Information Solutions	1.5			3.9			7.3			29.4
Vancive Medical Technologies	.4			1.7			.5			3.4
Corporate	–			.3			41.4			2.4
Other expense, net	$	4.6		$	7.0		$	60.4		$	49.0
Other expense, net by type
Restructuring charges:
Severance and related costs	$	1.9		$	4.7		$	10.7		$	35.0
Asset impairment charges and lease cancellation costs	.7			1.9			3.9			5.5
Other items:
Loss from settlement of pension obligations	–			–			41.4			–
Transaction costs	2.0			–			4.1			–
Loss (gain) on sale of assets	–			–			.3			(1.7		)
Loss on sale of product line and related transaction and exit costs	–			.2			–			10.5
Legal settlements	–			.2			–			(.3		)
Other expense, net	$	4.6		$	7.0		$	60.4		$	49.0

General (Details)	3 Months Ended		9 Months Ended
General (Details)	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
General
Length of fiscal period	91 days	91 days	273 days	273 days

General - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015
Accounting Changes and Error Corrections
Net cash provided by operating activities	$ 365.7	$ 282.2
Increase (decrease) in cash and cash equivalents	30.6	(63.4)
Cash and cash equivalents, beginning of year	158.8	207.2
Cash and cash equivalents, end of period	$ 189.4	143.8
As Previously Reported
Accounting Changes and Error Corrections
Net cash provided by operating activities		290.3
Increase (decrease) in cash and cash equivalents		(55.3)
Cash and cash equivalents, beginning of year		227.0
Cash and cash equivalents, end of period		171.7
Adjustment
Accounting Changes and Error Corrections
Net cash provided by operating activities		(8.1)
Increase (decrease) in cash and cash equivalents		(8.1)
Cash and cash equivalents, beginning of year		(19.8)
Cash and cash equivalents, end of period		$ (27.9)

General - Sale of Product Line and Discontinued Operations (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2015	Oct. 03, 2015	Apr. 04, 2015	Oct. 03, 2015
Discontinued Operations
Loss on sale of product line and related exit costs		$ 0.2		$ 10.5
Retail Branding and Information Solutions
Discontinued Operations
Proceeds from sale of product line	$ 1.5
Loss on sale of product line and related exit costs	$ 8.5
Impairment of long-lived assets of product line			$ 2.0
Other costs related to sale of product line			$ 0.6

Acquisitions (Details) $ in Millions	Aug. 01, 2016 USD ($)
Mactac Acquisition
Business Acquisition
Purchase price	$ 222

Inventories (Details) - USD ($) $ in Millions	Oct. 01, 2016	Jan. 02, 2016
Inventories
Raw materials	$ 207.8	$ 180.5
Work-in-progress	172.1	143.0
Finished goods	185.4	155.2
Inventories, net	$ 565.3	$ 478.7

Goodwill and Other Intangibles Resulting from Business Acquisitions (Details) - USD ($) $ in Millions		9 Months Ended
	Oct. 01, 2016	Oct. 01, 2016	Jan. 02, 2016
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance		$ 686.2
Acquired during current period		125.0
Translation adjustments		10.4
Goodwill, Ending Balance	$ 821.6	821.6
Mactac Acquisition
Changes in net carrying amount of goodwill
Goodwill, Ending Balance	120.0	120.0
Finite Lived And Indefinite Lived Intangible Assets Acquired
Intangible assets acquired	39.0	39.0
Customer relationships
Acquired Finite-Lived Intangible Assets
Intangible assets acquired	$ 22.8
Weighted-average useful life	15 years
Patents and other acquired technology
Acquired Finite-Lived Intangible Assets
Intangible assets acquired	$ 2.4
Weighted-average useful life	4 years
Trade names and trademarks
Indefinite-lived Intangible Assets
Intangible assets acquired	$ 14.2
Pressure-sensitive Materials
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance		277.9
Acquired during current period		125.0
Translation adjustments		7.2
Goodwill, Ending Balance	410.1	410.1
Retail Branding and Information Solutions
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance		408.3
Translation adjustments		3.2
Goodwill, Ending Balance	411.5	411.5
Accumulated impairment losses	820.0	820.0	$ 820.0
Vancive Medical Technologies
Changes in net carrying amount of goodwill
Goodwill, Ending Balance	$ 0.0	$ 0.0

Debt and Capital Leases (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Debt and Capital Leases (Details) - USD ($) $ in Millions	Oct. 01, 2016	Jan. 02, 2016	Apr. 02, 2016
Debt
Fair value of debt	$ 1,350.0	$ 1,080.0
Long-term debt, current	250.0
Revolving credit facility
Debt
Maximum borrowing capacity	$ 700.0
Covenants compliance	we were in compliance with our financial covenants.	we were in compliance with our financial covenants.
Commercial Paper
Debt
Maximum borrowing capacity			$ 500.0
Amount outstanding	$ 210.3

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Oct. 01, 2016	Jul. 02, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Components of net periodic benefit cost (credit)
Actuarial loss		$ 72.0
Recognized loss on settlements				$ 41.4
U.S.
Defined Benefit Plans
Settled pension obligation		70.0
Components of net periodic benefit cost (credit)
Recognized loss on settlements		$ 41.4
U.S. \| Continuing operations
Components of net periodic benefit cost (credit)
Service cost	$ 0.1		$ 0.1	0.3	$ 0.3
Interest cost	8.1		10.8	26.4	32.5
Actuarial loss	0.7			2.4
Expected return on plan assets	(10.4)		(12.8)	(32.3)	(38.6)
Recognized net actuarial loss	4.9		5.2	14.1	15.4
Amortization of prior service cost (credit)	0.3		0.2	0.9	0.8
Recognized loss on settlements				41.4
Net periodic benefit cost (credit)	3.7		3.5	53.2	10.4
Int'l \| Continuing operations
Components of net periodic benefit cost (credit)
Service cost	3.5		3.3	10.4	10.3
Interest cost	4.1		4.3	12.4	13.1
Expected return on plan assets	(5.4)		(5.4)	(16.1)	(16.2)
Recognized net actuarial loss	1.7		2.4	5.3	7.2
Amortization of prior service cost (credit)				(0.2)	(0.1)
Recognized loss on settlements					3.8
Net periodic benefit cost (credit)	3.9		4.6	11.8	18.1
U.S. Postretirement Health Benefits \| Continuing operations
Components of net periodic benefit cost (credit)
Interest cost			0.1	0.1	0.2
Recognized net actuarial loss	0.5		0.5	1.3	1.6
Amortization of prior service cost (credit)	(0.9)		(0.8)	(2.5)	(2.4)
Net periodic benefit cost (credit)	$ (0.4)		$ (0.2)	$ (1.1)	$ (0.6)

Research and Development (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Research and Development (Details) - USD ($) $ in Millions	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Marketing, general and administrative expense
Research and development expense	$ 22.4	$ 22.2	$ 67.4	$ 70.6

Long-Term Incentive Compensation (Details) - Continuing operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Marketing, general and administrative expense
Stock-Based Compensation
Stock-based compensation expense	$ 6.0	$ 5.2	$ 20.1	$ 18.4
Cash-Based LTI Compensation
Cash-based LTI awards compensation expense	7.0	$ 1.4	21.7	$ 16.7
Stock-based awards
Stock-Based Compensation
Unrecognized compensation cost related to share based compensation cost	$ 44.0		$ 44.0
Unrecognized compensation cost weighted average recognition period			2 years

Cost Reduction Actions (Details) $ in Millions	9 Months Ended	12 Months Ended
Cost Reduction Actions (Details) $ in Millions	Oct. 01, 2016 USD ($) item	Jan. 02, 2016 USD ($) item
Restructuring Charges
Charges (Reversals), net \| $	$ 14.6
2015/2016 Actions
Restructuring Charges
Charges (Reversals), net \| $	$ 15.0	$ 26.1
Number of positions reduced as a result of Cost Reduction Actions	310	430
Number of positions remaining	0
2014/2015 Actions
Restructuring Charges
Charges (Reversals), net \| $		$ 33.4
Number of positions reduced as a result of Cost Reduction Actions		605
Number of positions remaining	25

Cost Reduction Actions - Restructuring Charges and Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015	Jan. 02, 2016
Cost Reduction Actions
Beginning Balance			$ 14.1
Charges (Reversals), net			14.6
Cash Payments			(22.9)
Non-cash Impairment			(2.9)
Foreign Currency Translation			0.2
Ending Balance	$ 3.1		3.1		$ 14.1
Severance and related costs
Cost Reduction Actions
Charges (Reversals), net	1.9	$ 4.7	10.7	$ 35.0
2015/2016 Actions
Cost Reduction Actions
Charges (Reversals), net			15.0		26.1
2015/2016 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			8.4
Charges (Reversals), net			11.1
Cash Payments			(18.8)
Foreign Currency Translation			0.2
Ending Balance	0.9		0.9		8.4
2015/2016 Actions \| Asset impairment charges
Cost Reduction Actions
Charges (Reversals), net			2.9
Non-cash Impairment			(2.9)
2015/2016 Actions \| Lease cancellation costs
Cost Reduction Actions
Beginning Balance			0.2
Charges (Reversals), net			1.0
Cash Payments			(0.8)
Ending Balance	0.4		0.4		0.2
2014/2015 Actions
Cost Reduction Actions
Charges (Reversals), net					33.4
2014/2015 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			4.8
Charges (Reversals), net			(0.3)
Cash Payments			(3.3)
Ending Balance	1.2		1.2		4.8
Prior actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			0.7
Charges (Reversals), net			(0.1)
Ending Balance	$ 0.6		$ 0.6		$ 0.7

Cost Reduction Actions - Reportable Segment and Corporate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Restructuring Charges
Restructuring charges			$ 14.6
Other expense, net.
Restructuring Charges
Restructuring charges	$ 2.6	$ 6.6	14.6	$ 40.5
Pressure-sensitive Materials \| Other expense, net.
Restructuring Charges
Restructuring charges	0.7	1.1	7.5	15.5
Retail Branding and Information Solutions \| Other expense, net.
Restructuring Charges
Restructuring charges	1.5	3.7	6.6	19.4
Vancive Medical Technologies \| Other expense, net.
Restructuring Charges
Restructuring charges	$ 0.4	1.7	$ 0.5	3.4
Corporate \| Other expense, net.
Restructuring Charges
Restructuring charges		$ 0.1		$ 2.2

Financial Instruments (Details) - Cash Flow Hedging $ in Millions	9 Months Ended
	Oct. 01, 2016 USD ($)
Financial Instruments
Maximum length of time hedged in cash flow hedge	36 months
Cash Flow Hedge Loss to be Reclassified within Twelve Months	$ 2.0
Foreign exchange contracts
Financial Instruments
Notional amount	1,500.0
Commodity contracts
Financial Instruments
Notional amount	$ 2.3

Financial Instruments - Fair Value (Details) - USD ($) $ in Millions	Oct. 01, 2016	Jan. 02, 2016
Derivatives, Fair Value
Asset	$ 2.1	$ 5.6
Liability	3.1	5.2
Foreign exchange contracts \| Other current assets
Derivatives, Fair Value
Asset	2.0	5.6
Foreign exchange contracts \| Other current liabilities
Derivatives, Fair Value
Liability	3.1	4.5
Commodity contracts \| Other current assets
Derivatives, Fair Value
Asset	$ 0.1
Commodity contracts \| Other current liabilities
Derivatives, Fair Value
Liability		$ 0.7

Financial Instruments - Net Gain (Loss) Recognized in Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Fair Value Hedges
Gain (loss) in income	$ (3.0)	$ (17.6)	$ 1.1	$ (12.6)
Foreign exchange contracts \| Cost of products sold
Fair Value Hedges
Gain (loss) in income	(0.2)	2.3	1.5	3.3
Foreign exchange contracts \| Marketing, general and administrative expense
Fair Value Hedges
Gain (loss) in income	$ (2.8)	$ (19.9)	$ (0.4)	$ (15.9)

Financial Instruments - Gains (Losses) Recognized in AOCI (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	$ (1.5)	$ 1.0	$ (3.0)	$ 0.7
Foreign exchange contracts
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	(1.3)	2.7	(3.1)	1.2
Commodity contracts
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	$ (0.2)	$ (1.7)	$ 0.1	$ (0.5)

Taxes Based on Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Taxes Based on Income (Details) - USD ($) $ in Millions	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Taxes Based on Income
Income from continuing operations before taxes	$ 128.0	$ 116.1	$ 350.8	$ 317.4
Provision for income taxes	$ 38.9	$ 34.8	$ 92.1	$ 99.5
Effective tax rate (as a percent)	30.40%	30.00%	26.30%	31.30%
Tax expense for adjustments to domestic income taxes	$ 4.8		$ 3.1
Tax benefits from our change in judgment about tax filing positions in certain foreign jurisdictions	1.0		7.1
Tax expense associated with the tax cost to repatriate non-permanently reinvested earnings of certain foreign subsidiaries	17.7		26.9
Tax benefit related to effective settlement of uncertain tax positions	11.1		11.1
Tax benefit from the release of valuation allowances against certain deferred tax assets in certain foreign jurisdiction associated with a structural simplification	6.7		6.7
Tax benefits due to decreases in certain tax reserves as a result of closing tax years			3.3	$ 4.2
Tax benefit for adjustments to domestic income taxes		$ 4.2		4.2
Tax benefit from an enacted favorable foreign tax law change				0.9
Net tax benefit related to changes in the effective tax rates in certain foreign municipalities				1.6
Tax expense associated with the tax cost to repatriate non-permanently reinvested 2015 earnings of certain foreign subsidiaries				$ 5.4
Reasonably possible decrease in unrecognized tax benefits from continuing operations during next 12 months	$ 26.0		$ 26.0

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Net income per common share amounts
Income from continuing operations	$ 89.1	$ 81.3	$ 258.7	$ 217.9
Income (loss) from discontinued operations		0.4		(0.6)
Net income available to common shareholders	$ 89.1	$ 81.7	$ 258.7	$ 217.3
Weighted average number of common shares outstanding	89.1	91.5	89.2	91.1
Dilutive shares (additional common shares issuable under stock-based awards)	1.5	1.7	1.7	1.8
Weighted average number of common shares outstanding, assuming dilution	90.6	93.2	90.9	92.9
Net income per common share:
Continuing operations (in dollars per share)	$ 1.00	$ 0.89	$ 2.90	$ 2.39
Net income per common share (in dollars per share)	1.00	0.89	2.90	2.39
Net income (loss) per common share, assuming dilution:
Continuing operations (in dollars per share)	0.98	0.87	2.85	2.35
Discontinued operations (in dollars per share)		0.01		(0.01)
Net income per common share, assuming dilution (in dollars per share)	$ 0.98	$ 0.88	$ 2.85	$ 2.34
Stock-based compensation awards excluded from the computation of net income per common share, assuming dilution	0.1	0.5	0.2	1.0

Comprehensive Income - Changes AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			$ (683.0)	$ (545.5)
Other comprehensive income (loss) before reclassifications, net of tax			(27.8)	(129.5)
Reclassifications to net income, net of tax			41.8	16.8
Net current-period other comprehensive income (loss), net of tax	$ 19.8	$ (55.6)	14.0	(112.7)
Balance at end of the period	(669.0)	(658.2)	(669.0)	(658.2)
Foreign Currency Translation
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(158.9)	(19.9)
Other comprehensive income (loss) before reclassifications, net of tax			21.1	(129.6)
Net current-period other comprehensive income (loss), net of tax			21.1	(129.6)
Balance at end of the period	(137.8)	(149.5)	(137.8)	(149.5)
Pension and Other Postretirement Benefits
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(521.6)	(525.6)
Other comprehensive income (loss) before reclassifications, net of tax			(46.7)	(0.5)
Reclassifications to net income, net of tax			39.8	18.2
Net current-period other comprehensive income (loss), net of tax			(6.9)	17.7
Balance at end of the period	(528.5)	(507.9)	(528.5)	(507.9)
Cash Flow Hedges
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(2.5)
Other comprehensive income (loss) before reclassifications, net of tax			(2.2)	0.6
Reclassifications to net income, net of tax			2.0	(1.4)
Net current-period other comprehensive income (loss), net of tax			(0.2)	(0.8)
Balance at end of the period	$ (2.7)	$ (0.8)	$ (2.7)	$ (0.8)

Comprehensive Income - Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	$ (1,091.1)	$ (1,062.2)	$ (3,261.4)	$ (3,258.6)
Interest expense	(14.7)	(14.7)	(45.4)	(45.3)
Income from continuing operations before taxes	128.0	116.1	350.8	317.4
Provision for income taxes	(38.9)	(34.8)	(92.1)	(99.5)
Income from continuing operations	89.1	81.3	258.7	217.9
Amounts Reclassified from Accumulated other comprehensive Loss
Amounts reclassified from Accumulated other comprehensive loss
Income from continuing operations	(5.3)	(4.1)	(41.8)	(16.8)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive Loss
Amounts reclassified from Accumulated other comprehensive loss
Income from continuing operations before taxes	(1.3)	1.2	(2.8)	1.7
Provision for income taxes	0.4	(0.2)	0.8	(0.3)
Income from continuing operations	(0.9)	1.0	(2.0)	1.4
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive Loss \| Foreign exchange contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	(1.2)	1.4	(2.1)	2.7
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive Loss \| Commodity contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold		(0.1)	(0.6)	(0.9)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive Loss \| Interest rate contracts
Amounts reclassified from Accumulated other comprehensive loss
Interest expense	0.1	0.1	0.1	0.1
Pension and Other Postretirement Benefits \| Amounts Reclassified from Accumulated other comprehensive Loss
Amounts reclassified from Accumulated other comprehensive loss
Pension and other postretirement benefits	(6.5)	(7.5)	(60.3)	(26.3)
Provision for income taxes	2.1	2.4	20.5	8.1
Income from continuing operations	$ (4.4)	$ (5.1)	$ (39.8)	$ (18.2)

Comprehensive Income - Income tax expense (benefit) allocated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Income tax expense (benefit) related to components of other comprehensive income (loss)
Pension and other postretirement benefits	$ 2.0	$ 2.4	$ (4.7)	$ 9.1
Cash flow hedges	(0.1)	(0.1)		(0.2)
Income tax expense (benefit) related to components of other comprehensive income (loss)	$ 1.9	$ 2.3	$ (4.7)	$ 8.9

Fair Value Measurements (Details) - USD ($) $ in Millions	9 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Oct. 01, 2016	Jan. 02, 2016
Assets
Derivative assets	$ 2.1	$ 5.6
Liabilities
Derivative liabilities	3.1	5.2
Recurring
Assets
Trading securities	18.9	17.9
Derivative assets	2.1	5.6
Bank drafts	15.9	24.8
Liabilities
Derivative liabilities	3.1	5.2
Recurring \| Cash and Cash Equivalents
Assets
Trading securities	0.4	0.3
Recurring \| Other current assets
Assets
Trading securities	18.5	17.6
Quoted Prices in Active Markets (Level 1) \| Recurring
Assets
Trading securities	12.7	11.3
Derivative assets	0.1
Bank drafts	15.9	24.8
Liabilities
Derivative liabilities		0.7
Significant Other Observable Inputs (Level 2) \| Recurring
Assets
Trading securities	6.2	6.6
Derivative assets	2.0	5.6
Liabilities
Derivative liabilities	$ 3.1	$ 4.5
Significant Other Unobservable Inputs (Level 3) \| Minimum
Liabilities
Discount rate used to value the intangibles	10.00%
Significant Other Unobservable Inputs (Level 3) \| Maximum
Liabilities
Discount rate used to value the intangibles	12.00%

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Oct. 01, 2016 USD ($) item	Jan. 02, 2016 USD ($)
Environmental
Environmental site contingency number of sites \| item	13
Activity related to environmental liabilities
Balance at beginning of year	$ 17.7
Charges (reversals), net	6.1
Payments	(5.9)
Balance at end of year	17.9
Short term environmental liabilities	$ 9.0	$ 7.0

Segment Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Segment Reporting Information
Net sales	$ 1,508.7	$ 1,468.1	$ 4,535.7	$ 4,512.1
Interest expense	(14.7)	(14.7)	(45.4)	(45.3)
Income from continuing operations before taxes	128.0	116.1	350.8	317.4
Other expense, net	4.6	7.0	60.4	49.0
Intersegment
Segment Reporting Information
Net sales	16.9	16.1	51.0	52.4
Pressure-sensitive Materials \| Operating segments
Segment Reporting Information
Net sales	1,123.8	1,083.7	3,360.9	3,318.4
Income from continuing operations before taxes	138.7	130.5	425.6	383.2
Other expense, net	2.7	1.1	11.2	13.8
Pressure-sensitive Materials \| Intersegment
Segment Reporting Information
Net sales	16.3	14.6	49.0	46.5
Retail Branding and Information Solutions \| Operating segments
Segment Reporting Information
Net sales	370.9	366.8	1,127.0	1,138.7
Income from continuing operations before taxes	28.4	25.1	82.8	54.3
Other expense, net	1.5	3.9	7.3	29.4
Retail Branding and Information Solutions \| Intersegment
Segment Reporting Information
Net sales	0.5	0.3	1.6	1.5
Vancive Medical Technologies \| Operating segments
Segment Reporting Information
Net sales	14.0	17.6	47.8	55.0
Income from continuing operations before taxes	(0.9)	(1.2)	(0.2)	(4.7)
Other expense, net	0.4	1.7	0.5	3.4
Vancive Medical Technologies \| Intersegment
Segment Reporting Information
Net sales	0.1	1.2	0.4	4.4
Corporate
Segment Reporting Information
Income from continuing operations before taxes	$ (23.5)	(23.6)	(112.0)	(70.1)
Other expense, net		$ 0.3	$ 41.4	$ 2.4

Segment Information - Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2016	Oct. 03, 2015	Oct. 01, 2016	Oct. 03, 2015
Restructuring charges
Restructuring charges			$ 14.6
Other items:
Loss from settlement of pension obligations			41.4
Transaction costs	$ 2.0		4.1
Loss (gain) on sale of assets			0.3	$ (1.7)
Loss on sale of product line and related transaction and exit costs		$ 0.2		10.5
Legal settlements		0.2		(0.3)
Other expense, net	4.6	7.0	60.4	49.0
Severance and related costs
Restructuring charges
Restructuring charges	1.9	4.7	10.7	35.0
Asset impairment charges and lease cancellation costs
Restructuring charges
Restructuring charges	$ 0.7	$ 1.9	$ 3.9	$ 5.5