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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Apr. 28, 2018
Document and Entity Information
Entity Registrant Name	Avery Dennison Corp
Entity Central Index Key	0000008818
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		88,030,887
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
Current assets:
Cash and cash equivalents	$ 187.5	$ 224.4
Trade accounts receivable, less allowances of $29.2 and $36.2 at March 31, 2018 and December 30, 2017, respectively	1,240.0	1,180.3
Inventories, net	678.2	609.6
Assets held for sale	1.1	6.3
Other current assets	225.5	217.3
Total current assets	2,332.3	2,237.9
Property, plant and equipment, net	1,117.6	1,097.9
Goodwill	1,005.1	985.1
Other intangibles resulting from business acquisitions, net	167.2	166.3
Non-current deferred income taxes	215.5	196.3
Other assets	442.8	453.4
Total assets	5,280.5	5,136.9
Current liabilities:
Short-term borrowings and current portion of long-term debt and capital leases	370.3	265.4
Accounts payable	1,064.4	1,007.2
Accrued payroll and employee benefits	173.1	248.5
Other current liabilities	473.6	450.7
Total current liabilities	2,081.4	1,971.8
Long-term debt and capital leases	1,342.7	1,316.3
Long-term retirement benefits and other liabilities	596.5	629.3
Non-current deferred and payable income taxes	170.2	173.3
Commitments and contingencies (see Note 13)
Shareholders' equity:
Common stock, $1 par value per share, authorized - 400,000,000 shares at March 31, 2018 and December 30, 2017; issued - 124,126,624 shares at March 31, 2018 and December 30, 2017; outstanding - 88,015,267 shares and 88,011,541 shares at March 31, 2018 and December 30, 2017, respectively	124.1	124.1
Capital in excess of par value	848.4	862.6
Retained earnings	2,647.8	2,596.7
Treasury stock at cost, 36,111,357 shares and 36,115,083 shares at March 31, 2018 and December 30, 2017, respectively	(1,891.0)	(1,856.7)
Accumulated other comprehensive loss	(639.6)	(680.5)
Total shareholders' equity	1,089.7	1,046.2
Total liabilities and shareholders' equity	$ 5,280.5	$ 5,136.9

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade accounts receivable, allowances (in dollars)	$ 29.2	$ 36.2
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	88,015,267	88,011,541
Treasury stock, shares	36,111,357	36,115,083

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 1,776.4	$ 1,572.1
Cost of products sold	1,293.0	1,129.7
Gross profit	483.4	442.4
Marketing, general and administrative expense	295.0	279.8
Other expense, net	12.8	6.5
Interest expense	13.2	16.7
Other non-operating expense	3.3	3.5
Income before taxes	159.1	135.9
Provision for income taxes	33.3	23.7
Equity method investment net losses	(0.6)
Net income	$ 125.2	$ 112.2
Per share amounts:
Net income per common share (in dollars per share)	$ 1.42	$ 1.27
Net income per common share, assuming dilution (in dollars per share)	1.40	1.25
Dividends per common share (in dollars per share)	$ 0.45	$ 0.41
Weighted average number of shares outstanding:
Common shares (in shares)	88.0	88.4
Common shares, assuming dilution (in shares)	89.6	90.0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 125.2	$ 112.2
Other comprehensive income (loss), net of tax:
Foreign currency translation	34.3	35.5
Pension and other postretirement benefits	5.7	4.7
Cash flow hedges	0.9	(0.8)
Other comprehensive income, net of tax	40.9	39.4
Total comprehensive income, net of tax	$ 166.1	$ 151.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Operating Activities
Net income	$ 125.2	$ 112.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	34.3	28.8
Amortization	10.2	15.8
Provision for doubtful accounts and sales returns	12.9	11.5
Net losses from impairments, sales of assets, and investment settlements	9.8	0.2
Stock-based compensation	7.4	5.6
Loss from settlement of pension obligations	0.5
Deferred income taxes	(8.0)	3.4
Other non-cash expense and loss	14.2	15.2
Changes in assets and liabilities and other adjustments	(190.5)	(178.8)
Net cash provided by operating activities	16.0	13.9
Investing Activities
Purchases of property, plant and equipment	(35.6)	(30.3)
Purchases of software and other deferred charges	(7.3)	(6.9)
Proceeds from sales of property, plant and equipment	6.9
Sales of investments and proceeds from insurance, net	0.3	1.2
Payments for acquisitions, net of cash acquired, and investments in businesses	(0.1)	(74.6)
Net cash used in investing activities	(35.8)	(110.6)
Financing Activities
Net increase (decrease) in borrowings (maturities of three months or less)	104.3	(256.8)
Additional long-term borrowings		526.7
Repayments of long-term debt	(1.0)	(0.8)
Dividends paid	(39.6)	(36.4)
Share repurchases	(51.6)	(34.6)
Proceeds from exercises of stock options, net	0.2	16.4
Tax withholding for stock-based compensation	(31.6)	(19.8)
Payments of contingent consideration	(2.5)
Net cash (used in) provided by financing activities	(21.8)	194.7
Effect of foreign currency translation on cash balances	4.7	1.8
(Decrease) increase in cash and cash equivalents	(36.9)	99.8
Cash and cash equivalents, beginning of year	224.4
Cash and cash equivalents, end of period	$ 187.5	$ 294.9

General

3 Months Ended

Mar. 31, 2018

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 2017 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 first quarters of 2018 and 2017 consisted of thirteen-week periods ending March 31, 2018 and April 1, 2017, respectively.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Accounting Guidance Updates

Revenue Recognition

In the first quarter of 2018, we adopted an accounting guidance update that provides a single comprehensive model on accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. We adopted this guidance using the modified retrospective method, which means that reporting periods beginning in 2018 are presented under this guidance, while prior period amounts continue to be reported under the previous guidance. As allowed under this guidance, we began to apply this guidance for contracts with customers that were not completed as of the beginning of 2018. As a result of the adoption of this guidance, the allowance for customer returns, presented as a reduction of trade accounts receivable in prior years, is now presented as a returns liability in “Other current liabilities.” As of March 31, 2018, the returns liability was $11.3 million. Our adoption of this guidance did not have a material impact on our financial position, results of operations, or cash flows. The applicable disclosures related to this guidance are included in Note 2, “Revenue Recognition,” and Note 14, “Segment and Disaggregated Revenue Information.”

Presentation of Net Periodic Benefit Costs

In the first quarter of 2018, we adopted an accounting guidance update that requires certain employers with defined benefit plans to present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Employers are required to present the other components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income. Components other than the service cost component are no longer eligible for capitalization in assets. Employers are required to apply the portion of this guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively, while the portion of this guidance that limits the capitalization of net periodic benefit cost in assets to the service cost component must be applied prospectively.

Prior year results have been reclassified as required by this guidance. The effects of our adoption of this guidance on our unaudited Condensed Consolidated Statements of Income for the prior year were as follows:

	Three Months Ended April 1, 2017
(In millions)	As Previously Reported		Reclassification			As Reclassified
Marketing, general and administrative expense	$	283.3	$	(3.5	)	$	279.8
Other non-operating expense	–		3.5			3.5

Classification of Certain Cash Payments

In the first quarter of 2018, we adopted an accounting guidance update that reduces the diversity in the presentation and classification of certain cash receipts and cash payments in the statement of cash flows.

Prior year results have been reclassified, as required by this guidance. The effects of our adoption of this guidance, which primarily relate to the classification of corporate-owned life insurance cash flows, on our unaudited Condensed Consolidated Statements of Cash Flows for the prior year were as follows:

	Three Months Ended April 1, 2017
(In millions)	As Previously Reported			Reclassification			As Reclassified
Net cash provided by operating activities	$	15.3		$	(1.4	)	$	13.9
Net cash used in investing activities	(112.0		)	1.4			(110.6		)

Intra-Entity Transfers of Assets Other Than Inventory

In the first quarter of 2018, we adopted an accounting guidance update that requires companies to recognize the income tax effects of intra-entity sales and transfers of assets other than inventory in the period in which they occur. Upon adoption, we derecognized tax-related deferred charges and recognized deferred tax assets related to certain intra-entity asset transfers as a $14 million net reduction to retained earnings.

Revenue Recognition

3 Months Ended

Mar. 31, 2018

Revenue Recognition

Revenue Recognition

Note 2. Revenue Recognition

Sales are recognized when or as we satisfy a performance obligation by transferring control of a product or service to a customer, in an amount that reflects the consideration to which we expect to be entitled in exchange for the product or service. We consider a number of factors in determining when we have transferred control to a customer, including the following: (i) our present right to payment; (ii) the customer’s legal title to the asset; (iii) physical possession of the asset; (iv) the customer’s significant risks and rewards of ownership of the asset; and (v) the customer’s acceptance of the asset.

Generally, payment terms with our customers are consistent with those used in our industries and the regions in which we operate.

Sales returns are accepted under certain limited circumstances. We record an estimate for return liabilities, with a corresponding reduction in sales, in the amount we expect to repay or credit customers, which we base on historical actual returns and outstanding customer claims. Changes in estimates are updated each reporting period.

Sales rebates, discounts, and other customer concessions are common practice in the industries in which we operate and are accounted for as a reduction in sales, based on estimates at the time products are sold. These estimates are based on our historical experience, as well as current information such as sales forecasts. We review estimates regularly and, as additional information becomes available, if necessary, adjust sales and the respective accruals accordingly.

Sales tax, value-added tax, and other taxes we collect from customers are excluded from sales.

Shipping and handling activities after control of a product is transferred to a customer are accounted for as a fulfillment cost and not a separate performance obligation.

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of less than one year.

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Income Statements.

Deferred Revenue

Deferred revenue primarily relates to constrained variable consideration on supply agreements for sales of products, as well as to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as or when we perform under the contract.

The following table shows the amounts and balance sheet locations of deferred revenue as of March 31, 2018 and December 30, 2017:

(In millions)	March 31, 2018		December 30, 2017
Other current liabilities	$	18.9	$	15.3
Long-term retirement benefits and other liabilities	.5		.4

Total deferred revenue	$	19.4	$	15.7

Revenue recognized from amounts included in deferred revenue as of December 30, 2017 was $8.4 million for the three months ended March 31, 2018 and was included in “Net sales” in the unaudited Condensed Consolidated Statements of Income.

Goodwill

3 Months Ended

Mar. 31, 2018

Goodwill

Goodwill

Note 3. Goodwill

Changes in the net carrying amount of goodwill for the three months ended March 31, 2018 by reportable segment were as follows:

(In millions)	Label and Graphic Materials		Retail Branding and Information Solutions		Industrial and Healthcare Materials		Total
Goodwill as of December 30, 2017	$	429.5	$	355.4	$	200.2	$	985.1
Translation adjustments	13.1		.2		6.7		20.0

Goodwill as of March 31, 2018	$	442.6	$	355.6	$	206.9	$	1,005.1

The carrying amounts of goodwill at March 31, 2018 and December 30, 2017 were net of accumulated impairment losses of $820 million recognized in fiscal year 2009 by our Retail Branding and Information Solutions (“RBIS”) reportable segment.

Debt	3 Months Ended
Debt	Mar. 31, 2018
Debt
Debt	Note 4. Debt In March 2017, we issued €500 million of senior notes, due March 2025. The senior notes bear an interest rate of 1.25% per year, payable annually in arrears. The net proceeds from the offering, after deducting underwriting discounts and estimated offering expenses, were $526.7 million (€495.6 million), a portion of which we used during the three months ended April 1, 2017 to repay commercial paper borrowings used to finance a portion of our acquisition of the European business of Mactac. We designate a portion of these senior notes as a net investment hedge of our investment in foreign operations. Refer to Note 8, “Financial Instruments,” for more information. The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities or euro government bond securities, as applicable, on notes with similar rates, credit ratings, and remaining maturities. The fair value of short-term borrowings, which includes commercial paper issuances and short-term lines of credit, approximates the carrying value given the short duration of these obligations. The fair value of our total debt was $1.73 billion at March 31, 2018 and $1.6 billion at December 30, 2017. 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 $800 million revolving credit facility (the “Revolver”) contains financial covenants requiring that we maintain specified ratios, including total debt and interest expense in relation to certain measures of income. No balance was outstanding under the Revolver as of March 31, 2018 or December 30, 2017. As of March 31, 2018 and December 30, 2017, we were in compliance with our financial covenants.

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2018

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Note 5. Pension and Other Postretirement Benefits

Defined Benefit Plans

We sponsor a number of defined benefit plans, the accruals of benefits under some of which have 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.

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

	Pension Benefits												U.S. Postretirement Health Benefits
	Three Months Ended												Three Months Ended
	March 31, 2018						April 1, 2017						March 31, 2018			April 1, 2017
(In millions)	U.S.			Int’l			U.S.			Int’l
Service cost	$	–		$	4.9		$	.1		$	4.3		$	–		$	–
Interest cost	8.6			3.9			8.4			3.4			–			–
Expected return on plan assets	(10.6		)	(6.1		)	(10.1		)	(5.0		)	–			–
Recognized net actuarial loss	5.2			2.1			4.6			2.6			.4			.4
Amortization of prior service cost (credit)	.2			(.1		)	.2			(.1		)	(.8		)	(.8		)
Recognized loss on settlements(1)	.5			–			–			–			–			–

Net periodic benefit cost (credit)	$	3.9		$	4.7		$	3.2		$	5.2		$	(.4	)	$	(.4	)

(1)In 2018, settlements were related to lump-sum payments associated with a U.S. defined benefit pension plan.

Service cost and components of net periodic benefit cost other than service cost were included in “Marketing, general and administrative expense” and “Other non-operating expense” in the unaudited Condensed Consolidated Statements of Income, respectively. Refer to Note 1, “General,” for more information.

Long-Term Incentive Compensation	3 Months Ended
Long-Term Incentive Compensation	Mar. 31, 2018
Long-Term Incentive Compensation
Long-Term Incentive Compensation	Note 6. Long-Term Incentive Compensation Stock-Based Awards Stock-based compensation expense was $7.4 million and $5.6 million for the three months ended March 31, 2018 and April 1, 2017, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income. As of March 31, 2018, we had approximately $57 million of unrecognized compensation expense related to unvested stock-based awards, which is expected to be recognized over the remaining weighted-average requisite service period of approximately three years. Cash-Based Awards The compensation expense related to long-term incentive units was $5.6 million and $10.3 million for the three months ended March 31, 2018 and April 1, 2017, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income.

Cost Reduction Actions

3 Months Ended

Mar. 31, 2018

Cost Reduction Actions

Cost Reduction Actions

Note 7. Cost Reduction Actions

2018 Plan

On April 19, 2018, we approved a restructuring plan (the “2018 Plan”) associated with the consolidation of the European footprint of our Label and Graphic Materials (“LGM”) reportable segment, which is expected to result in a headcount reduction of 350 to 400 positions related to the closure of a manufacturing facility. This reduction is expected to be partially offset by headcount additions in other locations, resulting in a net reduction of approximately 150 positions. We expect the 2018 Plan to be largely complete by the end of 2019.

During the three months ended March 31, 2018, we recorded $6.9 million in non-cash asset impairment charges related to the 2018 Plan. Total pretax restructuring charges associated with the 2018 Plan are estimated at approximately $70 million. The remaining charges relate to cash costs primarily for severance, most of which are expected to be recognized during the second quarter of 2018.

2015/2016 Actions

During the three months ended March 31, 2018, we recorded $5.8 million in restructuring charges, net of reversals, related to restructuring actions initiated during the third quarter of 2015 (“2015/2016 Actions”). These charges consisted of severance and related costs for the reduction of approximately 200 positions, lease cancellation costs, and asset impairment charges.

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 three months ended March 31, 2018, restructuring charges and payments were as follows:

(In millions)	Accrual at December 30, 2017		Charges (Reversals), net		Cash Payments			Non-cash Impairment			Foreign Currency Translation		Accrual at March 31, 2018
2018 Plan
Asset impairment charges	$	–	$	6.9	$	–		$	(6.9	)	$	–	$	–
2015/2016 Actions
Severance and related costs	4.3		4.3		(5.4		)	–			.1		3.3
Lease cancellation costs	.6		.7		(.6		)	–			–		.7
Asset impairment charges	–		.8		–			(.8		)	–		–

Total	$	4.9	$	12.7	$	(6.0	)	$	(7.7	)	$	.1	$	4.0

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

	Three Months Ended
(In millions)	March 31, 2018		April 1, 2017
Restructuring charges by reportable segment
Label and Graphic Materials	$	7.5	$	2.0
Retail Branding and Information Solutions	5.2		3.5
Industrial and Healthcare Materials	–		.2

Total	$	12.7	$	5.7

Financial Instruments

3 Months Ended

Mar. 31, 2018

Financial Instruments

Financial Instruments

Note 8. Financial Instruments

We enter into foreign exchange hedge contracts to reduce our risk from foreign 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 March 31, 2018, the aggregate U.S. dollar equivalent notional value of our outstanding commodity contracts and foreign exchange contracts was $4.5 million and $974.3 million, respectively.

We recognize 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. We also enter into foreign exchange contracts to offset risks arising from foreign exchange rate fluctuations.

The following table shows the fair values and balance sheet locations of cash flow hedges as of March 31, 2018 and December 30, 2017:

		Asset
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current assets	$	2.0	$	.4

		Liability
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current liabilities	$	1.0	$	.6
Commodity contracts	Other current liabilities	.1		–

		$	1.1	$	.6

The following table shows the fair values and balance sheet locations of other derivatives as of March 31, 2018 and December 30, 2017:

		Asset
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current assets	$	3.0	$	3.5

		Liability
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current liabilities	$	4.0	$	5.6

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 derivatives, representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in current earnings.

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

	Three Months Ended
(In millions)	March 31, 2018		April 1, 2017
Foreign exchange contracts	$	.9	$	(3.1	)
Commodity contracts	–		(.2		)

	$	.9	$	(3.3	)

Neither the amount recognized in income related to the ineffective portion of, nor the amount excluded from, effectiveness testing for cash flow hedges and derivatives not designated as hedging instruments was material for the three months ended March 31, 2018 or April 1, 2017.

As of March 31, 2018, we expected a net gain of approximately $.9 million to be reclassified from “Accumulated other comprehensive loss” to earnings within the next 12 months.

Other Derivatives

For other derivative instruments, which are not designated as hedging instruments, the gain or loss is recognized in current earnings. These derivatives are intended to offset certain of our economic exposures. The following table shows the components of the net gains (losses) recognized in income related to these derivative instruments.

		Three Months Ended
(In millions)	Location of Net Gains (Losses) in Income	March 31, 2018			April 1, 2017
Foreign exchange contracts	Cost of products sold	$	(.8	)	$	(1.0	)
Foreign exchange contracts	Marketing, general and administrative expense	(9.5		)	1.2

		$	(10.3	)	$	.2

Net Investment Hedge

In March 2017, we designated the €500 million of our euro-denominated 1.25% senior notes due 2025 as a net investment hedge of our investment in foreign operations. The net assets from the investment in foreign operations were greater than the senior notes, and as such, the net investment hedge was effective. In January 2018, we reduced the amount we designate as a net investment hedge to €255 million.

Gains (losses), before tax, recognized in “Accumulated other comprehensive loss” (effective portion) related to the net investment hedge was as follows:

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Foreign currency denominated debt	$	(22.8	)	$	(11.4	)

We recorded no ineffectiveness from our net investment hedge in earnings during the three months ended March 31, 2018 and April 1, 2017.

Taxes Based on Income

3 Months Ended

Mar. 31, 2018

Taxes Based on Income

Taxes Based on Income

Note 9. Taxes Based on Income

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

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Income before taxes	$	159.1		$	135.9
Provision for income taxes	33.3			23.7

Effective tax rate	20.9		%	17.4		%

Our effective tax rate for the three months ended March 31, 2018 compared to the same period last year reflects a decrease in the U.S. federal statutory tax rate from 35% to 21%, offset by net tax charges related to certain U.S. international tax provisions, the loss of domestic manufacturing deductions and limitations on the deductibility of our executive compensation, all as a result of the Tax Cuts and Jobs Act (“TCJA”) enacted in December 2017.

Our effective tax rate for the three months ended March 31, 2018 included $7.2 million of net tax charges related to the tax on global intangible low-taxed income of our foreign subsidiaries and the base-erosion anti-abuse tax on certain foreign earnings, partially offset by the benefit from foreign-derived intangible income; $2.8 million of tax charges resulting from recognizing foreign withholding taxes on current year earnings; and $4 million of tax benefit from the release of valuation allowances on certain state deferred tax assets primarily related to the impact of state conformity to certain TCJA provisions. These impacts were primarily a result of the TCJA. Additionally, the effective tax rate for the three months ended March 31, 2018 included a discrete tax benefit of $7.1 million related to excess tax benefits associated with stock-based payments and a discrete tax benefit of $7.1 million from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years.

Our effective tax rate for the three months ended April 1, 2017 included net discrete tax benefits of $12.7 million related to excess tax benefits associated with stock-based payments and $1.5 million from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years.

Our effective tax rate for the three months ended March 31, 2018 also included certain measurement period adjustments to the 2017 provisional amounts related to the enactment of the TCJA in accordance with guidance provided under SEC Staff Accounting Bulletin No. 118 (“SAB 118”). SAB 118 provides for a measurement period up to one year from the enactment of the TCJA within which we may complete our final assessment of the legislation’s impact. Measurement period adjustments determined during the first quarter of 2018 did not have a significant impact on our consolidated financial statements, either individually or in the aggregate. We did not finalize any aspects of the previously disclosed provisional amounts. Furthermore, we have not made a determination on our accounting policy choice related to our global intangible low-taxed income provision nor have we completed the assessment of our indefinite reinvestment assertions. We will continue to assess any future guidance and accounting interpretations on the effects of the TCJA and expect to complete our analysis within the measurement period afforded by SAB 118.

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. We and our U.S. subsidiaries anticipate closing the Internal Revenue Service’s Compliance Assurance Process Program through 2016 in the second quarter of 2018. With some exceptions, our foreign 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 $23 million, primarily as a result of audit settlements and closing tax years.

Net Income Per Common Share

3 Months Ended

Mar. 31, 2018

Net Income Per Common Share

Net Income Per Common Share

Note 10. Net Income Per Common Share

Net income per common share was computed as follows:

	Three Months Ended
(In millions, except per share amounts)	March 31, 2018		April 1, 2017
(A)Net income available to common shareholders	$	125.2	$	112.2

(B)Weighted average number of common shares outstanding	88.0		88.4
Dilutive shares (additional common shares issuable under stock-based awards)	1.6		1.6

(C)Weighted average number of common shares outstanding, assuming dilution	89.6		90.0

Net income per common share: (A) ÷ (B)	$	1.42	$	1.27

Net income per common share, assuming dilution: (A) ÷ (C)	$	1.40	$	1.25

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 were not significant for the three months ended March 31, 2018. Stock-based compensation awards excluded from the computation totaled approximately .1 million shares for the three months ended April 1, 2017.

Comprehensive Income

3 Months Ended

Mar. 31, 2018

Comprehensive Income

Comprehensive Income

Note 11. Comprehensive Income

The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended March 31, 2018 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of December 30, 2017	$	(156.2	)	$	(524.0	)	$	(.3	)	$	(680.5	)
Other comprehensive income before reclassifications, net of tax	34.3			–			.7			35.0
Reclassifications to net income, net of tax	–			5.7			.2			5.9

Net current-period other comprehensive income, net of tax	34.3			5.7			.9			40.9

Balance as of March 31, 2018	$	(121.9	)	$	(518.3	)	$	.6		$	(639.6	)

The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended April 1, 2017 were as follows:

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of December 31, 2016	$	(212.6	)	$	(540.3	)	$	1.0		$	(751.9	)
Other comprehensive income (loss) before reclassifications, net of tax	35.5			–			(2.6		)	32.9
Reclassifications to net income, net of tax	–			4.7			1.8			6.5

Net current-period other comprehensive income (loss), net of tax	35.5			4.7			(.8		)	39.4

Balance as of April 1, 2017	$	(177.1	)	$	(535.6	)	$	.2		$	(712.5	)

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

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017			Affected Line Item in the Statements Where Net Income is Presented
Cash flow hedges:
Foreign exchange contracts	$	(.3	)	$	(.9	)	Cost of products sold
Commodity contracts	–			.1			Cost of products sold
Interest rate contracts	–			(1.8		)	Interest expense

	(.3		)	(2.6		)	Total before tax
	.1			.8			Provision for income taxes

	(.2		)	(1.8		)	Net of tax
Pension and other postretirement benefits	(7.5		)	(6.9		)	Other non-operating expense
	1.8			2.2			Provision for income taxes

	(5.7		)	(4.7		)	Net of tax

Total reclassifications for the period	$	(5.9	)	$	(6.5	)	Total, net of tax

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

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Foreign currency translation	$	(5.3	)	$	(4.0	)
Pension and other postretirement benefits	1.8			2.2
Cash flow hedges	.3			–

Income tax benefit allocated to components of other comprehensive income	$	(3.2	)	$	(1.8	)

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Measurements

Fair Value Measurements

Note 12. Fair Value Measurements

Recurring Fair Value Measurements

The following table shows the assets and liabilities carried at fair value, measured on a recurring basis, as of March 31, 2018:

			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	$	22.6	$	17.7	$	4.9	$	–
Derivative assets	5.0		–		5.0		–
Bank drafts	19.2		19.2		–		–

Liabilities
Derivative liabilities	$	5.1	$	.1	$	5.0	$	–
Contingent consideration liabilities	42.5		–		–		42.5

The following table shows the assets and liabilities carried at fair value, measured on a recurring basis, as of December 30, 2017:

			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	$	22.7	$	17.7	$	5.0	$	–
Derivative assets	3.9		–		3.9		–
Bank drafts	18.4		18.4		–		–

Liabilities
Derivative liabilities	$	6.2	$	.1	$	6.1	$	–
Contingent consideration liabilities	45.0		–		–		45.0

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 March 31, 2018, trading securities of $.4 million and $22.2 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of December 30, 2017, trading securities of $.4 million and $22.3 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. Contingent consideration liabilities relate to estimated earn-out payments associated with certain of our acquisitions completed in 2017. These payments are based on the achievement of certain performance targets in 2017 and 2018 based on the applicable terms of the purchase agreements, and our estimates are based on the expected payments related to these targets under the terms of their respective agreements. We have classified these liabilities as Level 3. As of March 31, 2018, contingent consideration liabilities were included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets. As of December 30, 2017, contingent consideration liabilities of approximately $18 million and $27 million were included in “Other current liabilities” and “Long-term retirement benefits and other liabilities,” respectively, in the unaudited Condensed Consolidated Balance Sheets.

The following table presents a reconciliation of Level 3 contingent consideration liabilities activity for the three months ended March 31, 2018:

	Level 3 Liabilities
(In millions)	Contingent Consideration
Balance at December 30, 2017	$	45.0
Payments	(2.5		)

Balance at March 31, 2018	$	42.5

Non-Recurring Fair Value Measurements

During the first quarter of 2018, long lived-assets with carrying amounts totaling $17.2 million were written down to their fair value of $10.3 million, resulting in an impairment charge of $6.9 million, which was included in “Other expense, net” in the unaudited Condensed Consolidated Statements of Income. The fair value was based on the estimated sale price of the assets, less estimated broker fees, which is primarily a Level 3 input.

- 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

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies

Commitments and Contingencies

Note 13. 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. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these claims could affect future results of operations should our exposure be materially different from our estimates or should liabilities be incurred that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities.

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 Expenditures

Environmental expenditures are generally expensed. However, environmental expenditures for newly acquired assets and those which extend or improve the economic useful life of existing assets are capitalized and amortized over the shorter of the estimated useful life of the acquired asset or the remaining life of the existing asset. We review our estimates of costs of compliance with environmental laws related to remediation and cleanup of various sites, including sites in which governmental agencies have designated us as a potentially responsible party (“PRP”). When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. Potential insurance reimbursements are not offset against potential liabilities.

As of March 31, 2018, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a 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 these sites has been agreed upon. We are participating with other PRPs at these sites and anticipate that our share of remediation costs will be determined pursuant to agreements that we negotiate with the EPA or other governmental authorities.

These estimates could change as a result of changes in planned remedial actions, remediation technologies, site conditions, the estimated time to complete remediation, environmental laws and regulations, and other factors. Because of the uncertainties associated with environmental assessment and remediation activities, 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 three months ended March 31, 2018 related to our environmental liabilities was as follows:

(In millions)
Balance at December 30, 2017	$	21.1
Charges (reversals), net	(.7		)
Payments	(1.5		)

Balance at March 31, 2018	$	18.9

Approximately $4 million and $5 million of the balance was classified as short-term and included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2018 and December 30, 2017, respectively.

Segment and Disaggregated Revenue Information

3 Months Ended

Mar. 31, 2018

Segment and Disaggregated Revenue Information

Segment and Disaggregated Revenue Information

Note 14. Segment and Disaggregated Revenue Information

Disaggregated Revenue Information

Disaggregated revenue information is set forth below in a manner which best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue from our LGM reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our RBIS reportable segment is shown by product group.

	Three Months Ended
(In millions)	March 31, 2018		April 1, 2017
Net sales to unaffiliated customers
Label and Graphic Materials:
U.S.	$	309.8	$	299.7
Europe	484.9		404.7
Asia	267.3		237.9
Latin America	88.8		86.1
Other international	67.4		61.2

Total Label and Graphic Materials		1,218.2		1,089.6

Retail Branding and Information Solutions:
Apparel		347.2		327.6
Printer Solutions	38.8		39.2

Total Retail Branding and Information Solutions		386.0		366.8

Industrial and Healthcare Materials		172.2		115.7

Net sales to unaffiliated customers	$	1,776.4	$	1,572.1

Additional Segment Information

Additional financial information by reportable segment is set forth below:

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Intersegment sales
Label and Graphic Materials	$	18.9		$	15.2
Retail Branding and Information Solutions	.6			.9
Industrial and Healthcare Materials	1.7			1.6

Intersegment sales	$	21.2		$	17.7

Income before taxes
Label and Graphic Materials	$	149.7		$	137.7
Retail Branding and Information Solutions	34.7			27.3
Industrial and Healthcare Materials	13.0			13.2
Corporate expense	(21.8		)	(22.1		)
Interest expense	(13.2		)	(16.7		)
Other non-operating expense	(3.3		)	(3.5		)

Income before taxes	$	159.1		$	135.9

Other expense, net by reportable segment
Label and Graphic Materials	$	8.1		$	2.2
Retail Branding and Information Solutions	4.7			3.8
Industrial and Healthcare Materials	–			.5

Other expense, net	$	12.8		$	6.5

Other expense, net by type
Restructuring charges:
Severance and related costs	$	4.3		$	5.7
Asset impairment charges and lease cancellation costs	8.4			–
Other items:
Other restructuring related charge	.5			–
Net gain on sales of assets	(.4		)	–
Transaction costs	–			.8

Other expense, net	$	12.8		$	6.5

Supplemental Financial Information

3 Months Ended

Mar. 31, 2018

Supplemental Financial Information

Supplemental Financial Information

Note 15. Supplemental Financial Information

Inventories

Net inventories consisted of the following:

(In millions)	March 31, 2018		December 30, 2017
Raw materials	$	248.3	$	214.6
Work-in-progress	194.3		179.8
Finished goods	235.6		215.2

Inventories, net	$	678.2	$	609.6

Property, Plant and Equipment

(In millions)	March 31, 2018			December 30, 2017
Property, plant and equipment	$	3,032.0		$	3,000.9
Accumulated depreciation	(1,914.4		)	(1,903.0		)

Property, plant and equipment, net	$	1,117.6		$	1,097.9

Research and Development

Research and development expense was $24.8 million and $22.9 million for the three months ended March 31, 2018 and April 1, 2017, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Income.

Equity Method Investment

The carrying values of our equity method investment were $9 million and $9.1 million as of March 31, 2018 and December 30, 2017, respectively, and were included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets.

Recent Accounting Requirements	3 Months Ended
Recent Accounting Requirements	Mar. 31, 2018
Recent Accounting Requirements
Recent Accounting Requirements	Note 16. Recent Accounting Requirements In August 2017, the Financial Accounting Standards Board (“FASB”) issued amended guidance to improve the financial reporting of hedging relationships by better reflecting the economic results of an entity’s risk management activities in its financial statements, as well as to simplify the application of hedge accounting. Adoption of this amended presentation and disclosure guidance is required prospectively. This guidance will be effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We are currently assessing the timing of our adoption and the impact of this guidance on our financial position, results of operations, cash flows, and disclosures. In March 2016, and in subsequent updates, the FASB issued guidance on accounting for leases that requires lessees to recognize the rights and obligations created by leases on their balance sheets. 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. Modified retrospective adoption is required with respect to all leases that exist at or commence after the date of initial application of this guidance, with the option to use certain practical expedients. We established a cross-functional team to manage the assessment, design, and implementation of this new guidance. While we are still assessing the impact of this guidance on our financial position, results of operations, cash flows, and disclosures, we currently expect the adoption of this guidance to have a significant impact on our financial position and disclosures.

General (Policies)

3 Months Ended

Mar. 31, 2018

General

Fiscal Periods

The first quarters of 2018 and 2017 consisted of thirteen-week periods ending March 31, 2018 and April 1, 2017, respectively.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

Accounting Guidance Update

Accounting Guidance Updates

Revenue Recognition

Presentation of Net Periodic Benefit Costs

	Three Months Ended April 1, 2017
(In millions)	As Previously Reported		Reclassification			As Reclassified
Marketing, general and administrative expense	$	283.3	$	(3.5	)	$	279.8
Other non-operating expense	–		3.5			3.5

Classification of Certain Cash Payments

	Three Months Ended April 1, 2017
(In millions)	As Previously Reported			Reclassification			As Reclassified
Net cash provided by operating activities	$	15.3		$	(1.4	)	$	13.9
Net cash used in investing activities	(112.0		)	1.4			(110.6		)

Intra-Entity Transfers of Assets Other Than Inventory

General (Tables)

3 Months Ended

Mar. 31, 2018

General

Schedule of effects of the adoption of accounting guidance update of Presentation of Net Periodic Benefit Costs and Classification of Certain Cash Payments

	Three Months Ended April 1, 2017
(In millions)	As Previously Reported		Reclassification			As Reclassified
Marketing, general and administrative expense	$	283.3	$	(3.5	)	$	279.8
Other non-operating expense	–		3.5			3.5

	Three Months Ended April 1, 2017
(In millions)	As Previously Reported			Reclassification			As Reclassified
Net cash provided by operating activities	$	15.3		$	(1.4	)	$	13.9
Net cash used in investing activities	(112.0		)	1.4			(110.6		)

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2018

Revenue Recognition

Schedule of amounts and balance sheet locations of deferred revenue

(In millions)	March 31, 2018		December 30, 2017
Other current liabilities	$	18.9	$	15.3
Long-term retirement benefits and other liabilities	.5		.4

Total deferred revenue	$	19.4	$	15.7

Goodwill (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill

Changes in net carrying amount of goodwill

(In millions)	Label and Graphic Materials		Retail Branding and Information Solutions		Industrial and Healthcare Materials		Total
Goodwill as of December 30, 2017	$	429.5	$	355.4	$	200.2	$	985.1
Translation adjustments	13.1		.2		6.7		20.0

Goodwill as of March 31, 2018	$	442.6	$	355.6	$	206.9	$	1,005.1

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2018

Pension and Other Postretirement Benefits

Schedule of components of net periodic benefit cost (credit)

	Pension Benefits												U.S. Postretirement Health Benefits
	Three Months Ended												Three Months Ended
	March 31, 2018						April 1, 2017						March 31, 2018			April 1, 2017
(In millions)	U.S.			Int’l			U.S.			Int’l
Service cost	$	–		$	4.9		$	.1		$	4.3		$	–		$	–
Interest cost	8.6			3.9			8.4			3.4			–			–
Expected return on plan assets	(10.6		)	(6.1		)	(10.1		)	(5.0		)	–			–
Recognized net actuarial loss	5.2			2.1			4.6			2.6			.4			.4
Amortization of prior service cost (credit)	.2			(.1		)	.2			(.1		)	(.8		)	(.8		)
Recognized loss on settlements(1)	.5			–			–			–			–			–

Net periodic benefit cost (credit)	$	3.9		$	4.7		$	3.2		$	5.2		$	(.4	)	$	(.4	)

(1)In 2018, settlements were related to lump-sum payments associated with a U.S. defined benefit pension plan.

Cost Reduction Actions (Tables)

3 Months Ended

Mar. 31, 2018

Cost Reduction Actions

Restructuring charges and payments

(In millions)	Accrual at December 30, 2017		Charges (Reversals), net		Cash Payments			Non-cash Impairment			Foreign Currency Translation		Accrual at March 31, 2018
2018 Plan
Asset impairment charges	$	–	$	6.9	$	–		$	(6.9	)	$	–	$	–
2015/2016 Actions
Severance and related costs	4.3		4.3		(5.4		)	–			.1		3.3
Lease cancellation costs	.6		.7		(.6		)	–			–		.7
Asset impairment charges	–		.8		–			(.8		)	–		–

Total	$	4.9	$	12.7	$	(6.0	)	$	(7.7	)	$	.1	$	4.0

Schedule of total amount of restructuring charges incurred by reportable segment

	Three Months Ended
(In millions)	March 31, 2018		April 1, 2017
Restructuring charges by reportable segment
Label and Graphic Materials	$	7.5	$	2.0
Retail Branding and Information Solutions	5.2		3.5
Industrial and Healthcare Materials	–		.2

Total	$	12.7	$	5.7

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Components of the gains (losses), before taxes, recognized in Accumulated other comprehensive loss related to cash flow hedge contracts

	Three Months Ended
(In millions)	March 31, 2018		April 1, 2017
Foreign exchange contracts	$	.9	$	(3.1	)
Commodity contracts	–		(.2		)

	$	.9	$	(3.3	)

Components of net gains (losses) recognized in income related to the derivative instruments

		Three Months Ended
(In millions)	Location of Net Gains (Losses) in Income	March 31, 2018			April 1, 2017
Foreign exchange contracts	Cost of products sold	$	(.8	)	$	(1.0	)
Foreign exchange contracts	Marketing, general and administrative expense	(9.5		)	1.2

		$	(10.3	)	$	.2

Components of the gain (loss), before tax, recognized in Accumulated other comprehensive loss related to the net investment hedge

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Foreign currency denominated debt	$	(22.8	)	$	(11.4	)

Cash Flow Hedging

Fair value and balance sheet locations of derivatives

		Asset
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current assets	$	2.0	$	.4

		Liability
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current liabilities	$	1.0	$	.6
Commodity contracts	Other current liabilities	.1		–

		$	1.1	$	.6

Not designated as hedging instruments

Fair value and balance sheet locations of derivatives

		Asset
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current assets	$	3.0	$	3.5

		Liability
(In millions)	Balance Sheet Location	March 31, 2018		December 30, 2017
Foreign exchange contracts	Other current liabilities	$	4.0	$	5.6

Taxes Based on Income (Tables)

3 Months Ended

Mar. 31, 2018

Taxes Based on Income

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

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Income before taxes	$	159.1		$	135.9
Provision for income taxes	33.3			23.7

Effective tax rate	20.9		%	17.4		%

Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2018

Net Income Per Common Share

Schedule of net income per common share

	Three Months Ended
(In millions, except per share amounts)	March 31, 2018		April 1, 2017
(A)Net income available to common shareholders	$	125.2	$	112.2

(B)Weighted average number of common shares outstanding	88.0		88.4
Dilutive shares (additional common shares issuable under stock-based awards)	1.6		1.6

(C)Weighted average number of common shares outstanding, assuming dilution	89.6		90.0

Net income per common share: (A) ÷ (B)	$	1.42	$	1.27

Net income per common share, assuming dilution: (A) ÷ (C)	$	1.40	$	1.25

Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2018

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 December 30, 2017	$	(156.2	)	$	(524.0	)	$	(.3	)	$	(680.5	)
Other comprehensive income before reclassifications, net of tax	34.3			–			.7			35.0
Reclassifications to net income, net of tax	–			5.7			.2			5.9

Net current-period other comprehensive income, net of tax	34.3			5.7			.9			40.9

Balance as of March 31, 2018	$	(121.9	)	$	(518.3	)	$	.6		$	(639.6	)

(In millions)	Foreign Currency Translation			Pension and Other Postretirement Benefits			Cash Flow Hedges			Total
Balance as of December 31, 2016	$	(212.6	)	$	(540.3	)	$	1.0		$	(751.9	)
Other comprehensive income (loss) before reclassifications, net of tax	35.5			–			(2.6		)	32.9
Reclassifications to net income, net of tax	–			4.7			1.8			6.5

Net current-period other comprehensive income (loss), net of tax	35.5			4.7			(.8		)	39.4

Balance as of April 1, 2017	$	(177.1	)	$	(535.6	)	$	.2		$	(712.5	)

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

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017			Affected Line Item in the Statements Where Net Income is Presented
Cash flow hedges:
Foreign exchange contracts	$	(.3	)	$	(.9	)	Cost of products sold
Commodity contracts	–			.1			Cost of products sold
Interest rate contracts	–			(1.8		)	Interest expense

	(.3		)	(2.6		)	Total before tax
	.1			.8			Provision for income taxes

	(.2		)	(1.8		)	Net of tax
Pension and other postretirement benefits	(7.5		)	(6.9		)	Other non-operating expense
	1.8			2.2			Provision for income taxes

	(5.7		)	(4.7		)	Net of tax

Total reclassifications for the period	$	(5.9	)	$	(6.5	)	Total, net of tax

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

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Foreign currency translation	$	(5.3	)	$	(4.0	)
Pension and other postretirement benefits	1.8			2.2
Cash flow hedges	.3			–

Income tax benefit allocated to components of other comprehensive income	$	(3.2	)	$	(1.8	)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Measurements

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

The following table shows the assets and liabilities carried at fair value, measured on a recurring basis, as of March 31, 2018:

			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	$	22.6	$	17.7	$	4.9	$	–
Derivative assets	5.0		–		5.0		–
Bank drafts	19.2		19.2		–		–

Liabilities
Derivative liabilities	$	5.1	$	.1	$	5.0	$	–
Contingent consideration liabilities	42.5		–		–		42.5

The following table shows the assets and liabilities carried at fair value, measured on a recurring basis, as of December 30, 2017:

			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	$	22.7	$	17.7	$	5.0	$	–
Derivative assets	3.9		–		3.9		–
Bank drafts	18.4		18.4		–		–

Liabilities
Derivative liabilities	$	6.2	$	.1	$	6.1	$	–
Contingent consideration liabilities	45.0		–		–		45.0

Reconciliation of Level 3 contingent consideration liabilities

	Level 3 Liabilities
(In millions)	Contingent Consideration
Balance at December 30, 2017	$	45.0
Payments	(2.5		)

Balance at March 31, 2018	$	42.5

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies

Costs of environmental liabilities with remediation

(In millions)
Balance at December 30, 2017	$	21.1
Charges (reversals), net	(.7		)
Payments	(1.5		)

Balance at March 31, 2018	$	18.9

Segment and Disaggregated Revenue Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment and Disaggregated Revenue Information

Summary of net sales to unaffiliated customers

	Three Months Ended
(In millions)	March 31, 2018		April 1, 2017
Net sales to unaffiliated customers
Label and Graphic Materials:
U.S.	$	309.8	$	299.7
Europe	484.9		404.7
Asia	267.3		237.9
Latin America	88.8		86.1
Other international	67.4		61.2

Total Label and Graphic Materials		1,218.2		1,089.6

Retail Branding and Information Solutions:
Apparel		347.2		327.6
Printer Solutions	38.8		39.2

Total Retail Branding and Information Solutions		386.0		366.8

Industrial and Healthcare Materials		172.2		115.7

Net sales to unaffiliated customers	$	1,776.4	$	1,572.1

Summary of additional financial information by reportable segment

	Three Months Ended
(In millions)	March 31, 2018			April 1, 2017
Intersegment sales
Label and Graphic Materials	$	18.9		$	15.2
Retail Branding and Information Solutions	.6			.9
Industrial and Healthcare Materials	1.7			1.6

Intersegment sales	$	21.2		$	17.7

Income before taxes
Label and Graphic Materials	$	149.7		$	137.7
Retail Branding and Information Solutions	34.7			27.3
Industrial and Healthcare Materials	13.0			13.2
Corporate expense	(21.8		)	(22.1		)
Interest expense	(13.2		)	(16.7		)
Other non-operating expense	(3.3		)	(3.5		)

Income before taxes	$	159.1		$	135.9

Other expense, net by reportable segment
Label and Graphic Materials	$	8.1		$	2.2
Retail Branding and Information Solutions	4.7			3.8
Industrial and Healthcare Materials	–			.5

Other expense, net	$	12.8		$	6.5

Other expense, net by type
Restructuring charges:
Severance and related costs	$	4.3		$	5.7
Asset impairment charges and lease cancellation costs	8.4			–
Other items:
Other restructuring related charge	.5			–
Net gain on sales of assets	(.4		)	–
Transaction costs	–			.8

Other expense, net	$	12.8		$	6.5

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Financial Information

Net inventories

(In millions)	March 31, 2018		December 30, 2017
Raw materials	$	248.3	$	214.6
Work-in-progress	194.3		179.8
Finished goods	235.6		215.2

Inventories, net	$	678.2	$	609.6

Property, Plant and Equipment

(In millions)	March 31, 2018			December 30, 2017
Property, plant and equipment	$	3,032.0		$	3,000.9
Accumulated depreciation	(1,914.4		)	(1,903.0		)

Property, plant and equipment, net	$	1,117.6		$	1,097.9

General (Details)	3 Months Ended
General (Details)	Mar. 31, 2018	Apr. 01, 2017
General
Length of fiscal period	91 days	91 days

General - Accounting Guidance Update (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Accounting Guidance Update
Marketing, general and administrative expense	$ 295.0	$ 279.8
Other non-operating expense	3.3	3.5
Net cash provided by operating activities	16.0	13.9
Net cash used in investing activities	(35.8)	(110.6)
Deferred taxes related to intra-entity transfers	14.0
Accounting Standards Update 2014-09
Accounting Guidance Update
Returns liability	$ 11.3
Accounting Standards Update 2017-07
Accounting Guidance Update
Marketing, general and administrative expense		279.8
Other non-operating expense		3.5
Accounting Standards Update 2017-07 \| As Previously Reported
Accounting Guidance Update
Marketing, general and administrative expense		283.3
Accounting Standards Update 2017-07 \| Reclassifications
Accounting Guidance Update
Marketing, general and administrative expense		(3.5)
Other non-operating expense		3.5
Accounting Standards Update 2016-15
Accounting Guidance Update
Net cash provided by operating activities		13.9
Net cash used in investing activities		(110.6)
Accounting Standards Update 2016-15 \| As Previously Reported
Accounting Guidance Update
Net cash provided by operating activities		15.3
Net cash used in investing activities		(112.0)
Accounting Standards Update 2016-15 \| Reclassifications
Accounting Guidance Update
Net cash provided by operating activities		(1.4)
Net cash used in investing activities		$ 1.4

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
Deferred Revenue
Deferred revenue	$ 19.4	$ 15.7
Net sales
Deferred Revenue
Deferred revenue recognized	8.4
Other current liabilities
Deferred Revenue
Deferred revenue	18.9	15.3
Long-term retirement benefits and other liabilities
Deferred Revenue
Deferred revenue	$ 0.5	$ 0.4

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	$ 985.1
Translation adjustments	20.0
Goodwill, Ending Balance	1,005.1
Label and Graphic Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	429.5
Translation adjustments	13.1
Goodwill, Ending Balance	442.6
Retail Branding and Information Solutions
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	355.4
Translation adjustments	0.2
Goodwill, Ending Balance	355.6
Accumulated impairment losses	820.0	$ 820.0
Industrial and Healthcare Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	200.2
Translation adjustments	6.7
Goodwill, Ending Balance	$ 206.9

Debt (Details) € in Millions, $ in Millions	3 Months Ended			12 Months Ended
Debt (Details) € in Millions, $ in Millions	Mar. 31, 2018 USD ($)	Apr. 01, 2017 EUR (€)	Apr. 01, 2017 USD ($)	Dec. 30, 2017 USD ($)	Mar. 31, 2017 EUR (€)
Debt
Fair value of debt	$ 1,730.0			$ 1,600.0
Revolving credit facility
Debt
Maximum borrowing capacity	800.0
Amount outstanding	$ 0.0			$ 0.0
Covenants compliance	we were in compliance with our financial covenants			we were in compliance with our financial covenants
Senior notes due March 2025 at 1.25%
Debt
Senior notes issued \| €					€ 500.0
Interest rate of senior notes (as a percent)					1.25%
Proceeds, net of underwriting discounts and estimated offering expenses		€ 495.6	$ 526.7

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Components of net periodic benefit cost (credit)
Recognized loss on settlements	$ 0.5
U.S.
Components of net periodic benefit cost (credit)
Service cost		$ 0.1
Interest cost	8.6	8.4
Expected return on plan assets	(10.6)	(10.1)
Recognized net actuarial loss	5.2	4.6
Amortization of prior service cost (credit)	0.2	0.2
Recognized loss on settlements	0.5
Net periodic benefit cost (credit)	3.9	3.2
Int'l
Components of net periodic benefit cost (credit)
Service cost	4.9	4.3
Interest cost	3.9	3.4
Expected return on plan assets	(6.1)	(5.0)
Recognized net actuarial loss	2.1	2.6
Amortization of prior service cost (credit)	(0.1)	(0.1)
Net periodic benefit cost (credit)	4.7	5.2
U.S. Postretirement Health Benefits
Components of net periodic benefit cost (credit)
Recognized net actuarial loss	0.4	0.4
Amortization of prior service cost (credit)	(0.8)	(0.8)
Net periodic benefit cost (credit)	$ (0.4)	$ (0.4)

Long-Term Incentive Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Marketing, general and administrative expense
Long-Term Incentive Compensation
Stock-based compensation expense	$ 7.4	$ 5.6
Cash-based awards compensation expense
Cash-based awards compensation expense	5.6	$ 10.3
Stock-based awards
Long-Term Incentive Compensation
Unrecognized compensation cost related to share based compensation cost	$ 57.0
Unrecognized compensation cost weighted average recognition period	3 years

Cost Reduction Actions (Details) $ in Millions		3 Months Ended
Cost Reduction Actions (Details) $ in Millions	Apr. 19, 2018 item	Mar. 31, 2018 USD ($) item
Restructuring charges:
Non-cash asset impairment charges		$ (7.7)
Charges (Reversals), net		12.7
2018 Plan
Restructuring charges:
Number of positions reduced as a result of Cost Reduction Actions \| item	150
Non-cash asset impairment charges		(6.9)
Total pretax restructuring charges		$ 70.0
2018 Plan \| Minimum
Restructuring charges:
Number of positions reduced as a result of Cost Reduction Actions \| item	350
2018 Plan \| Maximum
Restructuring charges:
Number of positions reduced as a result of Cost Reduction Actions \| item	400
2015/2016 Actions
Restructuring charges:
Number of positions reduced as a result of Cost Reduction Actions \| item		200
Charges (Reversals), net		$ 5.8

Cost Reduction Actions - Restructuring Charges and Payments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Cost Reduction Actions
Beginning Balance	$ 4.9
Charges (Reversals), net	12.7
Cash Payments	(6.0)
Non-cash asset impairment	(7.7)
Foreign Currency Translation	0.1
Ending Balance	4.0
Severance and related costs
Cost Reduction Actions
Charges (Reversals), net	4.3	$ 5.7
2018 Plan
Cost Reduction Actions
Non-cash asset impairment	(6.9)
2018 Plan \| Asset impairment charges
Cost Reduction Actions
Charges (Reversals), net	6.9
Non-cash asset impairment	(6.9)
2015/2016 Actions
Cost Reduction Actions
Charges (Reversals), net	5.8
2015/2016 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance	4.3
Charges (Reversals), net	4.3
Cash Payments	(5.4)
Foreign Currency Translation	0.1
Ending Balance	3.3
2015/2016 Actions \| Lease cancellation costs
Cost Reduction Actions
Beginning Balance	0.6
Charges (Reversals), net	0.7
Cash Payments	(0.6)
Ending Balance	0.7
2015/2016 Actions \| Asset impairment charges
Cost Reduction Actions
Charges (Reversals), net	0.8
Non-cash asset impairment	$ (0.8)

Cost Reduction Actions - Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Restructuring charges:
Restructuring charges	$ 12.7
Other expense, net
Restructuring charges:
Restructuring charges	12.7	$ 5.7
Label and Graphic Materials \| Other expense, net
Restructuring charges:
Restructuring charges	7.5	2.0
Retail Branding and Information Solutions \| Other expense, net
Restructuring charges:
Restructuring charges	$ 5.2	3.5
Industrial and Healthcare Materials \| Other expense, net
Restructuring charges:
Restructuring charges		$ 0.2

Financial Instruments (Details) - Cash Flow Hedging $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Financial Instruments
Maximum length of time hedged in cash flow hedge	36 months
Commodity contracts
Financial Instruments
Notional amount	$ 4.5
Foreign exchange contracts
Financial Instruments
Notional amount	$ 974,300.0

Financial Instruments - Cash Flow Hedges and Other Derivatives, Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
Cash Flow Hedging
Cash Flow Hedges, Fair Value
Liability	$ 1.1	$ 0.6
Cash Flow Hedging \| Foreign exchange contracts \| Other current assets
Cash Flow Hedges, Fair Value
Asset	2.0	0.4
Cash Flow Hedging \| Foreign exchange contracts \| Other current liabilities
Cash Flow Hedges, Fair Value
Liability	1.0	0.6
Cash Flow Hedging \| Commodity contracts \| Other current liabilities
Cash Flow Hedges, Fair Value
Liability	0.1
Not designated as hedging instruments \| Foreign exchange contracts \| Other current assets
Cash Flow Hedges, Fair Value
Asset	3.0	3.5
Not designated as hedging instruments \| Foreign exchange contracts \| Other current liabilities
Cash Flow Hedges, Fair Value
Liability	$ 4.0	$ 5.6

Financial Instruments - Gains (Losses) Recognized in AOCI (Details) - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Gains (losses) recognized in current earnings
Gains (losses) recognized in accumulated other comprehensive loss	$ 0.9	$ (3.3)
Cash flow net loss to be reclassified within the next 12 months	(0.9)
Foreign exchange contracts
Gains (losses) recognized in current earnings
Gains (losses) recognized in accumulated other comprehensive loss	$ 0.9	(3.1)
Commodity contracts
Gains (losses) recognized in current earnings
Gains (losses) recognized in accumulated other comprehensive loss		$ (0.2)

Financial Instruments - Net Gains (Losses) Recognized in Income (Details) - Not designated as hedging instruments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Gains (losses) recognized in current earnings
Net Gains (Losses) in Income	$ (10.3)	$ 0.2
Foreign exchange contracts \| Cost of products sold
Gains (losses) recognized in current earnings
Net Gains (Losses) in Income	(0.8)	(1.0)
Foreign exchange contracts \| Marketing, general and administrative expense
Gains (losses) recognized in current earnings
Net Gains (Losses) in Income	$ (9.5)	$ 1.2

Financial Instruments - Net Investment Hedge (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)	Apr. 01, 2017 USD ($)	Jan. 31, 2018 EUR (€)	Dec. 30, 2017 EUR (€)	Mar. 31, 2017 EUR (€)
Gains (losses) recognized in current earnings
Amount of ineffectiveness from net investment hedge in earnings \| $	$ 0.0	$ 0.0
Senior notes due March 2025 at 1.25%
Gains (losses) recognized in current earnings
Senior notes issued \| €					€ 500
Interest rate of senior notes (as a percent)					1.25%
Net Investment Hedge \| Designated
Gains (losses) recognized in current earnings
Foreign currency denominated debt \| $	$ (22.8)	$ (11.4)
Net Investment Hedge \| Designated \| Senior notes due March 2025 at 1.25%
Gains (losses) recognized in current earnings
Senior notes issued \| €			€ 255	€ 500
Interest rate of senior notes (as a percent)				1.25%

Taxes Based on Income (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Taxes Based on Income (Details) - USD ($) $ in Millions	Mar. 31, 2018	Apr. 01, 2017	Dec. 30, 2017
Taxes Based on Income
Income before taxes	$ 159.1	$ 135.9
Provision for income taxes	$ 33.3	$ 23.7
Effective tax rate (as a percent)	20.90%	17.40%
U.S. federal statutory tax rate	21.00%		35.00%
Net tax charges related to the tax on global intangible low-taxed income of our foreign subsidiaries and the base-erosion anti-abuse tax on certain foreign earnings, partially offset by the benefit from foreign-derived intangible income	$ 7.2
Tax charges resulting from recognizing foreign withholding taxes on current year earnings	2.8
Tax benefit from release of valuation allowances on certain state deferred tax assets primarily related to the impact of state conformity to certain TCJA provisions	4.0
Discrete tax benefit related to excess tax benefits associated with stock-based payments	7.1	$ 12.7
Discrete tax benefit from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years	7.1	$ 1.5
Reasonably possible decrease in uncertain tax positions, including interest and penalties, primarily as a result of audit settlements and closing tax years during the next 12 months	$ 23.0

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Net Income Per Common Share
Net income available to common shareholders	$ 125.2	$ 112.2
Weighted average number of common shares outstanding	88.0	88.4
Dilutive shares (additional common shares issuable under stock-based awards)	1.6	1.6
Weighted average number of common shares outstanding, assuming dilution	89.6	90.0
Net income per common share (in dollars per share)	$ 1.42	$ 1.27
Net income per common share, assuming dilution (in dollars per share)	$ 1.40	$ 1.25
Stock-based compensation awards excluded from the computation of net income per common share, assuming dilution		0.1

Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period	$ (680.5)	$ (751.9)
Other comprehensive income (loss) before reclassifications, net of tax	35.0	32.9
Reclassifications to net income, net of tax	5.9	6.5
Net current-period other comprehensive income (loss), net of tax	40.9	39.4
Balance at end of the period	(639.6)	(712.5)
Foreign Currency Translation
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period	(156.2)	(212.6)
Other comprehensive income (loss) before reclassifications, net of tax	34.3	35.5
Net current-period other comprehensive income (loss), net of tax	34.3	35.5
Balance at end of the period	(121.9)	(177.1)
Pension and Other Postretirement Benefits
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period	(524.0)	(540.3)
Reclassifications to net income, net of tax	5.7	4.7
Net current-period other comprehensive income (loss), net of tax	5.7	4.7
Balance at end of the period	(518.3)	(535.6)
Cash Flow Hedges
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period	(0.3)	1.0
Other comprehensive income (loss) before reclassifications, net of tax	0.7	(2.6)
Reclassifications to net income, net of tax	0.2	1.8
Net current-period other comprehensive income (loss), net of tax	0.9	(0.8)
Balance at end of the period	$ 0.6	$ 0.2

Comprehensive Income - Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	$ (1,293.0)	$ (1,129.7)
Interest expense	(13.2)	(16.7)
Other non-operating expense	(3.3)	(3.5)
Total before tax	159.1	135.9
Provision for income taxes	(33.3)	(23.7)
Net income	125.2	112.2
Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Net income	(5.9)	(6.5)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Total before tax	(0.3)	(2.6)
Provision for income taxes	0.1	0.8
Net income	(0.2)	(1.8)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss \| Foreign exchange contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	(0.3)	(0.9)
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
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss \| Interest Rate Contracts
Amounts reclassified from Accumulated other comprehensive loss
Interest expense		(1.8)
Pension and Other Postretirement Benefits \| Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Other non-operating expense	7.5	6.9
Provision for income taxes	1.8	2.2
Net income	$ (5.7)	$ (4.7)

Comprehensive Income - Income tax expense (benefit) allocated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Income tax benefit allocated to components of other comprehensive income
Foreign currency translation	$ (5.3)	$ (4.0)
Pension and other postretirement benefits	1.8	2.2
Cash flow hedges	0.3
Income tax benefit allocated to components of other comprehensive income	$ (3.2)	$ (1.8)

Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
Assets
Trading securities	$ 22.6	$ 22.7
Derivative assets	5.0	3.9
Bank drafts	19.2	18.4
Liabilities
Derivative liabilities	5.1	6.2
Contingent consideration liabilities	42.5	45.0
Cash and Cash Equivalents
Assets
Trading securities	0.4	0.4
Other current assets
Assets
Trading securities	22.2	22.3
Other current liabilities
Liabilities
Contingent consideration liabilities		18.0
Long-term retirement benefits and other liabilities
Liabilities
Contingent consideration liabilities		27.0
Quoted Prices in Active Markets (Level 1)
Assets
Trading securities	17.7	17.7
Bank drafts	19.2	18.4
Liabilities
Derivative liabilities	0.1	0.1
Significant Other Observable Inputs (Level 2)
Assets
Trading securities	4.9	5.0
Derivative assets	5.0	3.9
Liabilities
Derivative liabilities	5.0	6.1
Significant Other Unobservable Inputs (Level 3)
Liabilities
Contingent consideration liabilities	$ 42.5	$ 45.0

Fair Value Measurements - Reconciliation of Level 3 Contingent Consideration Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Fair Value Measurements
Beginning Balance	$ 45.0
Payments	(2.5)
Ending Balance	$ 42.5

Fair Value Measurements - Non-Recurring Fair Value Measurements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Non-Recurring Fair Value Measurements
Carrying amount of long lived-assets	$ 17.2
Fair value of long-lived assets	10.3
Other expense, net
Non-Recurring Fair Value Measurements
Impairment charges for long lived-assets	$ 6.9

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2018 USD ($) item	Dec. 30, 2017 USD ($)
Environmental
Environmental site contingency number of sites \| item	13
Activity related to environmental liabilities
Balance at beginning of the period	$ 21.1
Charges (reversals), net	(0.7)
Payments	(1.5)
Balance at end of the period	18.9
Short term environmental liabilities	$ 4.0	$ 5.0

Segment and Disaggregated Revenue Information - Net Sales to Unaffiliated Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 1,776.4	$ 1,572.1
Retail Branding and Information Solutions
Net sales to unaffiliated customers
Net sales to unaffiliated customers	386.0	366.8
Retail Branding and Information Solutions \| Apparel
Net sales to unaffiliated customers
Net sales to unaffiliated customers	347.2	327.6
Retail Branding and Information Solutions \| Printer Solutions
Net sales to unaffiliated customers
Net sales to unaffiliated customers	38.8	39.2
Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,218.2	1,089.6
Industrial and Healthcare Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	172.2	115.7
U.S. \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	309.8	299.7
Europe \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	484.9	404.7
Asia \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	267.3	237.9
Latin America \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	88.8	86.1
Other international \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 67.4	$ 61.2

Segment and Disaggregated Revenue Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Segment Information
Net sales to unaffiliated customers	$ 1,776.4	$ 1,572.1
Interest expense	(13.2)	(16.7)
Other non-operating expense	(3.3)	(3.5)
Income before taxes	159.1	135.9
Other expense, net	12.8	6.5
Intersegment sales
Segment Information
Net sales to unaffiliated customers	21.2	17.7
Label and Graphic Materials
Segment Information
Net sales to unaffiliated customers	1,218.2	1,089.6
Label and Graphic Materials \| Intersegment sales
Segment Information
Net sales to unaffiliated customers	18.9	15.2
Label and Graphic Materials \| Operating segments
Segment Information
Income before taxes	149.7	137.7
Other expense, net	8.1	2.2
Retail Branding and Information Solutions \| Intersegment sales
Segment Information
Net sales to unaffiliated customers	0.6	0.9
Retail Branding and Information Solutions \| Operating segments
Segment Information
Income before taxes	34.7	27.3
Other expense, net	4.7	3.8
Industrial and Healthcare Materials
Segment Information
Net sales to unaffiliated customers	172.2	115.7
Industrial and Healthcare Materials \| Intersegment sales
Segment Information
Net sales to unaffiliated customers	1.7	1.6
Industrial and Healthcare Materials \| Operating segments
Segment Information
Income before taxes	13.0	13.2
Other expense, net		0.5
Corporate
Segment Information
Income before taxes	$ (21.8)	$ (22.1)

Segment and Disaggregated Revenue Information - Other Expense, Net by Type (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Restructuring charges:
Restructuring charges	$ 12.7
Other items:
Other restructuring related charge	0.5
Net gain on sales of assets	(0.4)
Transaction costs		$ 0.8
Other expense, net	12.8	6.5
Severance and related costs
Restructuring charges:
Restructuring charges	4.3	$ 5.7
Asset impairment charges and lease cancellation costs
Restructuring charges:
Restructuring charges	$ 8.4

SUPPLEMENTAL FINANCIAL INFORMATION (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 30, 2017
Inventories
Raw materials	$ 248.3	$ 214.6
Work-in-progress	194.3	179.8
Finished goods	235.6	215.2
Inventories, net	678.2	609.6
Property, Plant and Equipment
Property, plant and equipment	3,032.0	3,000.9
Accumulated depreciation	(1,914.4)	(1,903.0)
Property, plant and equipment, net	$ 1,117.6	$ 1,097.9

SUPPLEMENTAL FINANCIAL INFORMATION - Software, Equity Method Investment and Research and Development (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017	Dec. 30, 2017
Equity Method Investment
Carrying value of equity method investment	$ 9.0		$ 9.1
Marketing, general and administrative expense
Research and Development
Research and development expense	$ 24.8	$ 22.9