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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 29, 2019	Jul. 27, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 29, 2019
Entity File Number	1-7685
Entity Registrant Name	AVERY DENNISON CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-1492269
Entity Address, Address Line One	207 Goode Avenue
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91203
City Area Code	626
Local Phone Number	304-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		84,192,913
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000008818
Amendment Flag	false
Common stock, $1 par value
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	AVY
Security Exchange Name	NYSE
Senior notes due 2025 at 1.25%
Title of 12(b) Security	1.25% Senior Notes due 2025
Trading Symbol	AVY25
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 247.3	$ 232.0
Trade accounts receivable, less allowances of $23.4 and $21.1 at June 29, 2019 and December 29, 2018, respectively	1,232.0	1,189.7
Inventories, net	671.0	651.4
Other current assets	226.9	224.9
Total current assets	2,377.2	2,298.0
Property, plant and equipment, net	1,143.8	1,137.4
Goodwill	940.8	941.8
Other intangibles resulting from business acquisitions, net	136.3	144.0
Non-current deferred income taxes	180.2	205.3
Other assets	611.4	451.0
Total assets	5,389.7	5,177.5
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	558.5	194.6
Accounts payable	1,055.4	1,030.5
Accrued payroll and employee benefits	169.4	217.9
Other current liabilities	495.2	551.0
Total current liabilities	2,278.5	1,994.0
Long-term debt and finance leases	1,503.3	1,771.6
Long-term retirement benefits and other liabilities	433.3	334.7
Non-current deferred and payable income taxes	112.1	122.1
Commitments and contingencies (see Note 13)
Shareholders' equity:
Common stock, $1 par value per share, authorized - 400,000,000 shares at June 29, 2019 and December 29, 2018; issued - 124,126,624 shares at June 29, 2019 and December 29, 2018; outstanding - 84,227,395 shares and 84,723,655 shares at June 29, 2019 and December 29, 2018, respectively	124.1	124.1
Capital in excess of par value	857.7	872.0
Retained earnings	2,762.3	2,864.9
Treasury stock at cost, 39,899,229 shares and 39,402,969 shares at June 29, 2019 and December 29, 2018, respectively	(2,311.8)	(2,223.9)
Accumulated other comprehensive loss	(369.8)	(682.0)
Total shareholders' equity	1,062.5	955.1
Total liabilities and shareholders' equity	$ 5,389.7	$ 5,177.5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 29, 2018
Trade accounts receivable, allowances (in dollars)	$ 23.4	$ 21.1
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	84,227,395	84,723,655
Treasury stock, shares	39,899,229	39,402,969

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Net sales	$ 1,795.7	$ 1,854.2	$ 3,535.8	$ 3,630.6
Cost of products sold	1,313.4	1,352.8	2,588.1	2,645.8
Gross profit	482.3	501.4	947.7	984.8
Marketing, general and administrative expense	265.7	287.5	542.0	582.5
Other expense, net	7.5	57.1	15.0	69.9
Interest expense	19.5	14.3	39.0	27.5
Other non-operating expense	0.9	2.6	447.4	5.9
Income (loss) before taxes	188.7	139.9	(95.7)	299.0
Provision for (benefit from) income taxes	44.9	43.9	(93.5)	77.2
Equity method investment losses	(0.4)	(0.4)	(1.3)	(1.0)
Net income (loss)	$ 143.4	$ 95.6	$ (3.5)	$ 220.8
Per share amounts:
Net income (loss) per common share (in dollars per share)	$ 1.70	$ 1.09	$ (0.04)	$ 2.51
Net income (loss) per common share, assuming dilution (in dollars per share)	$ 1.69	$ 1.07	$ (0.04)	$ 2.47
Weighted average number of shares outstanding:
Common shares (in shares)	84.3	87.9	84.3	87.9
Common shares, assuming dilution (in shares)	85.1	89.0	84.3	89.4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Net income (loss)	$ 143.4	$ 95.6	$ (3.5)	$ 220.8
Other comprehensive (loss) income, net of tax:
Foreign currency translation	(10.5)	(85.9)	11.6	(51.6)
Pension and other postretirement benefits	0.2	6.0	300.9	11.7
Cash flow hedges	(0.1)	(0.2)	(0.3)	0.7
Other comprehensive (loss) income, net of tax	(10.4)	(80.1)	312.2	(39.2)
Total comprehensive income, net of tax	$ 133.0	$ 15.5	$ 308.7	$ 181.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Operating Activities
Net (loss) income	$ (3.5)	$ 220.8
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	70.4	69.1
Amortization	19.0	20.2
Provision for doubtful accounts and sales returns	26.8	23.1
Stock-based compensation	16.5	16.4
Pension plan settlements and related charges	446.9	0.7
Deferred income taxes and other non-cash taxes	(166.6)	(7.1)
Other non-cash expense and loss (income and gain), net	10.3	36.5
Changes in assets and liabilities and other adjustments	(181.0)	(170.2)
Net cash provided by operating activities	238.8	209.5
Investing Activities
Purchases of property, plant and equipment	(79.8)	(79.5)
Purchases of software and other deferred charges	(13.0)	(13.9)
Proceeds from sales of property, plant and equipment	7.4	9.3
Proceeds from insurance and (purchases) sales of investments, net	4.3	2.2
Payments for investments in businesses	(6.5)	(0.2)
Net cash used in investing activities	(87.6)	(82.1)
Financing Activities
Net increase in borrowings (maturities of three months or less)	112.9	108.3
Repayments of long-term debt and finance leases	(16.5)	(2.7)
Dividends paid	(92.7)	(85.3)
Share repurchases	(116.6)	(102.9)
Net (tax withholding) proceeds related to stock-based compensation	(20.4)	(32.4)
Payments of contingent consideration	(1.6)	(16.8)
Net cash used in financing activities	(134.9)	(131.8)
Effect of foreign currency translation on cash balances	(1.0)	(4.2)
Increase (decrease) in cash and cash equivalents	15.3	(8.6)
Cash and cash equivalents, beginning of year	232.0	224.4
Cash and cash equivalents, end of period	$ 247.3	$ 215.8

General

6 Months Ended

Jun. 29, 2019

General

Note 1. General

The unaudited Condensed Consolidated Financial Statements and notes thereto 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 2018 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 contain all adjustments of a normal and recurring nature necessary for a fair statement of our interim results. Interim results of operations are not necessarily indicative of future results.

Fiscal Periods

The three and six months ended June 29, 2019 and June 30, 2018 consisted of thirteen-week and twenty-six week periods, respectively.

Reclassifications

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

Accounting Guidance Updates

Leases

In the first quarter of 2019, we adopted accounting guidance that requires lessees to recognize on their balance sheets the rights and obligations created by leases. This guidance also requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows from leases. As allowed by this guidance, we elected to apply it using a modified retrospective approach. This approach applies to all leases that existed at or commenced after the date of our initial application. As such, prior year comparative periods have not been adjusted. We elected the transition practical expedients allowed under this guidance. See Note 2, “Leases,” for more information.

Hedge Accounting

In the first quarter of 2019, we prospectively adopted amended accounting guidance issued 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 and simplifying the application of hedge accounting. As a result of adopting this guidance, our reclassification of gains and losses from cash flow hedges to earnings is included in the same financial statement line item as the hedged item. Our adoption of this guidance did not have a material impact on our financial position, results of operations, cash flows, or disclosures.

Reclassification of certain tax effects from accumulated other comprehensive income

In the first quarter of 2019, we adopted accounting guidance that provides entities with the option to reclassify certain tax effects of the U.S. Tax Cuts and Jobs Act (“TCJA”) in accumulated other comprehensive income (“AOCI”) to retained earnings. We elected not to reclassify the stranded income tax effects lodged in AOCI to retained earnings. Our accounting policy is to release the income tax effects from AOCI to the income statement at the current statutory rate when the related pretax change is recognized. Furthermore, we release the disproportionate tax effects in AOCI through the income statement as a discrete tax adjustment in the period when the circumstances upon which they are premised cease to exist.

Leases

6 Months Ended

Jun. 29, 2019

Leases

Note 2. Leases

Our leases primarily relate to office and warehouse space, machinery, transportation, and equipment for information technology. For lease accounting purposes, we do not separate lease and nonlease components, nor do we record operating or finance lease assets and liabilities for short-term leases.

We determine if an arrangement is a lease or contains a lease at inception. We have options to renew or terminate some of our leases. We evaluate renewal and termination options based on considerations available at the lease commencement date and over the lease term to determine if we are reasonably certain to exercise these options.

As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. We recognize expense for operating leases on a straight-line basis over the lease term, with variable lease payments recognized in the periods in which they are incurred.

Supplemental cost information related to leases is shown below.


	Three Months Ended		Six Months Ended
(In millions)	June 29, 2019		June 29, 2019
Operating lease cost	$	16.0	$	32.5

Lease costs related to finance leases were immaterial for the three and six months ended June 29, 2019.

Supplemental balance sheet information related to leases for the quarter is shown below.


(In millions)	Balance Sheet Location	June 29, 2019
Assets
Operating	Other assets	$	147.1
Finance	Property, plant and equipment, net⁽¹⁾		26.3
Total leased assets		$	173.4
⁽¹⁾Finance lease assets are net of accumulated amortization of $5.8 million as of June 29, 2019.

Liabilities
Current:
Operating	Other current liabilities	$	40.6
Finance	Short-term borrowings and current portion of long-term debt and finance leases		3.6
Non-current:
Operating	Long-term retirement benefits and other liabilities		112.6
Finance	Long-term debt and finance leases		15.9
Total lease liabilities		$	172.7

Supplemental cash flow information related to leases is shown below.


	Six Months Ended
(In millions)	June 29, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	24.6
Lease assets obtained in exchange for lease liabilities — operating leases		14.9

Cash flows related to finance leases were immaterial for the six months ended June 29, 2019.

Weighted average remaining lease term and discount rate information related to leases is shown below.


	June 29, 2019
Weighted average remaining lease term (in years):
Operating	6.1
Finance	5.5
Weighted average discount rate (%):
Operating	4.9	%
Finance	3.4

Operating and finance lease liabilities by maturity date from June 29, 2019 are shown below.


(In millions)	Operating Leases		Finance Leases
2019 (remainder of year)	$	23.5	$	2.3
2020		42.8		4.2
2021		32.2		4.1
2022		20.6		3.7
2023		14.0		3.5
2024 and thereafter		43.5		4.3
Total lease payments		176.6		22.1
Less: imputed interest		(23.4)		(2.6)
Present value of lease liabilities	$	153.2	$	19.5

As of June 29, 2019, we had no additional significant operating or finance leases that had not yet commenced.

As of December 29, 2018, $184.8 million of minimum annual rental commitments on operating leases was payable as follows: $47.7 million in 2019, $38.9 million in 2020, $29.4 million in 2021, $18.8 million in 2022, $12.9 million in 2023, and $37.1 million in 2024 and thereafter.

Goodwill

6 Months Ended

Jun. 29, 2019

Goodwill

Note 3. Goodwill

Changes in the net carrying amount of goodwill for the six months ended June 29, 2019 by reportable segment are shown below.


	Label and		Retail Branding		Industrial and
	Graphic		and Information		Healthcare
(In millions)	Materials		Solutions		Materials		Total
Goodwill as of December 29, 2018	$	415.5	$	349.7	$	176.6	$	941.8
Translation adjustments		(1.1)		.5		(.4)		(1.0)
Goodwill as of June 29, 2019	$	414.4	$	350.2	$	176.2	$	940.8

The carrying amounts of goodwill at June 29, 2019 and December 29, 2018 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

6 Months Ended

Jun. 29, 2019

Debt

Note 4. Debt

In the second quarter of 2019, we reclassified approximately $265 million of notes due in the second quarter of 2020 from long-term debt to current portion of long-term debt.

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 include commercial paper issuances and short-term lines of credit, approximates their carrying value given the short duration of these obligations. The fair value of our total debt was $2.16 billion at June 29, 2019 and $2 billion at December 29, 2018. Fair values 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 us to 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 June 29, 2019 or December 29, 2018. As of both June 29, 2019 and December 29, 2018, we were in compliance with our financial covenants.

Pension and Other Postretirement Benefits

6 Months Ended

Jun. 29, 2019

Pension and Other Postretirement Benefits

Note 5. 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 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, these costs are not included in the disclosures below.

The table below shows the components of net periodic benefit cost (credit), which are recorded in income, for our defined benefit plans.



	Pension Benefits
	Three Months Ended								Six Months Ended
	June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
(In millions)	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l		U.S.		Int’l
Service cost	$	—	$	3.9	$	—	$	4.9	$	—	$	7.9	$	—	$	9.8
Interest cost		.7		3.7		8.7		4.1		1.4		7.4		17.3		8.0
Actuarial (gain) loss		—		—		(.7)		—		—		—		(.7)		—
Expected return on plan assets		—		(5.3)		(10.7)		(6.1)		—		(10.6)		(21.3)		(12.2)
Recognized net actuarial loss		1.3		1.0		5.5		2.1		1.4		2.0		10.7		4.2
Amortization of prior service (credit) cost		—		(.1)		.2		(.2)		—		(.2)		.4		(.3)
Recognized loss on settlements		—		—		.2		—		446.9		—		.7		—
Net periodic benefit cost	$	2.0	$	3.2	$	3.2	$	4.8	$	449.7	$	6.5	$	7.1	$	9.5


	U.S. Postretirement Health Benefits
	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018			June 29, 2019		June 30, 2018
Interest cost	$	—	$	—	$	—	$	—
Recognized net actuarial loss		.3		.3		.6		.7
Amortization of prior service credit		(.8)		(.8)		(1.6)		(1.6)
Net periodic benefit credit	$	(.5)	$	(.5)	$	(1.0)	$	(.9)

Service cost and components of net periodic benefit cost (credit) other than service cost were included in “Marketing, general and administrative expense” and “Other non-operating expense” in the unaudited Condensed Consolidated Statements of Operations, respectively.

In July 2018, our Board of Directors (“Board”) approved the termination of the Avery Dennison Pension Plan (the “ADPP”), a U.S. defined benefit plan, effective as of September 28, 2018. In connection with the termination, we settled approximately $152 million of ADPP liabilities during the fourth quarter of 2018 through lump-sum payments from existing plan assets to eligible participants who elected to receive them and recorded approximately $85 million of non-cash charges associated with these settlements. On March 21, 2019, we effectively settled the remaining ADPP liabilities through the execution of an agreement to purchase annuities from American General Life Insurance Company (“AGL”), a subsidiary of American International Group, Inc. Under the agreement, we settled approximately $750 million of ADPP pension obligations for approximately 8,500 active and former employees and their beneficiaries, with AGL assuming the future annuity payments for these individuals, commencing at April 1, 2019. This settlement resulted in approximately $447 million of pretax charges, partially offset by related tax benefits of $180 million, which we recorded in March 2019. Refer to Note 9, “Taxes Based on Income,” to the unaudited Condensed Consolidated Financial Statements for more information.

We contributed approximately $7 million of cash to the ADPP during the first quarter of 2019 to cover costs associated with the settlement of these liabilities.

Long-Term Incentive Compensation

6 Months Ended

Jun. 29, 2019

Long-Term Incentive Compensation

Note 6. Long-Term Incentive Compensation

Stock-Based Awards

Stock-based compensation expense was $8.9 million and $16.5 million for the three and six months ended June 29, 2019, respectively, and $9 million and $16.4 million for the three and six months ended June 30, 2018, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Operations.

As of June 29, 2019, we had approximately $56 million of unrecognized compensation expense related to unvested stock-based awards, which we expect to recognize over the remaining weighted average requisite service period of approximately two years.

Cash-Based Awards

The compensation expense related to long-term incentive units was $2.8 million and $11.2 million for the three and six months ended June 29, 2019, respectively, and $3.2 million and $8.8 million for the three and six months ended June 30, 2018, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Operations.

Cost Reduction Actions

6 Months Ended

Jun. 29, 2019

Cost Reduction Actions

Note 7. Cost Reduction Actions

2018/2019 Actions

In April 2018, we approved a restructuring plan (the “2018 Plan”) to consolidate the European footprint of our Label and Graphic Materials (“LGM”) reportable segment, which is expected to reduce headcount by approximately 400 positions from 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. The cumulative charges associated with the 2018 Plan through the second quarter of 2019 consisted of severance and related costs for the reduction of approximately 345 positions, as well as asset impairment charges. During the six months ended June 29, 2019, we recorded a net $.9 million in restructuring reversals related to the 2018 Plan. The activities for the 2018 Plan were substantially complete as of the end of the second quarter of 2019.

In addition to the net restructuring reversals recorded under the 2018 Plan, we recorded $19.8 million in restructuring charges during the six months ended June 29, 2019 related to other 2018/2019 Actions. These charges consisted of severance and related costs for the reduction of approximately 330 positions, as well as lease cancellation costs.

During the six months ended June 29, 2019, restructuring charges and payments were as follows:


	Accrual at		Charges,						Foreign		Accrual at
	December 29,		Net of		Cash		Non-cash		Currency		June 29,
(In millions)	2018		Reversals		Payments		Impairment		Translation		2019
2018/2019 Actions
Severance and related costs	$	40.7	$	17.1	$	(31.6)	$	—	$	(.6)	$	25.6
Asset impairment charges		—		1.5		—		(1.5)		—		—
Lease cancellation costs		—		.3		—		—		—		.3
Total	$	40.7	$	18.9	$	(31.6)	$	(1.5)	$	(.6)	$	25.9

2015/2016 Actions

During the six months ended June 29, 2019, we recorded $.7 million in restructuring reversals related to restructuring actions initiated during the third quarter of 2015.

The activities and related charges and payments for the 2015/2016 Actions were substantially completed in 2018.

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 Operations.

The table below shows the total amount of restructuring charges, net of reversals, incurred by reportable segment.


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Restructuring charges, net of reversals, by reportable segment
Label and Graphic Materials	$	4.4	$	57.8	$	12.7	$	65.3
Retail Branding and Information Solutions		1.7		1.4		2.2		6.6
Industrial and Healthcare Materials		1.4		.2		3.3		.2
Total	$	7.5	$	59.4	$	18.2	$	72.1

Financial Instruments

6 Months Ended

Jun. 29, 2019

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 June 29, 2019, the aggregate U.S. dollar equivalent notional value of our outstanding commodity contracts and foreign exchange contracts was $3.6 million and $1.1 billion, respectively.

We recognize derivative instruments as either assets or liabilities at fair value in the unaudited Condensed Consolidated Balance Sheets.

The following table shows the fair values and balance sheet locations of cash flow hedges as of June 29, 2019 and December 29, 2018:


		Asset
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current assets	$	1.2	$	.5
Commodity contracts	Other current assets		—		.1
		$	1.2	$	.6


		Liability
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current liabilities	$	1.3	$	.8

The following table shows the fair values and balance sheet locations of other derivatives as of June 29, 2019 and December 29, 2018:


		Asset
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current assets	$	6.8	$	3.0


			Liability
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current liabilities	$	7.3	$	7.9

Cash Flow Hedges

We designate commodity forward contracts on forecasted purchases of commodities and foreign exchange contracts on forecasted transactions as 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				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign exchange contracts	$	.7	$	(.4)	$	.9	$	.5
Commodity contracts		(.4)		—		(.5)		—
Total	$	.3	$	(.4)	$	.4	$	.5

Neither the amount recognized in income related to the ineffective portion of, nor the amount excluded from effectiveness testing for, cash flow hedges was material for the three and six months ended June 29, 2019 or June 30, 2018.

As of June 29, 2019, we expected a net loss of approximately $.7 million to be reclassified from “Accumulated other comprehensive loss” to earnings within the next 12 months.

Other Derivatives

For other derivative instruments that 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 arising from foreign exchange rate fluctuations.

The following table shows the components of the net gains (losses) recognized in income related to these derivative instruments:


		Three Months Ended				Six Months Ended
(In millions)	Statements of Operations Location	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign exchange contracts	Cost of products sold	$	(.1)	$	2.1	$	(.6)	$	1.3
Foreign exchange contracts	Marketing, general and administrative expense		(.6)		(6.6)		1.7		(16.1)
Total		$	(.7)	$	(4.5)	$	1.1	$	(14.8)

Net Investment Hedge

In March 2017, we designated €500 million of our 1.25% senior notes due 2025 as a net investment hedge of our investment in foreign operations. In January 2018, we reduced the amount we designated as a net investment hedge to €255 million. In May 2019, we de-designated the remaining net investment hedge as a result of changes in our intercompany capital structure. Through the time preceding de-designation, the net assets from the investment in foreign operations were greater than the senior notes, and, as such, the net investment hedge was effective.

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


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign currency denominated debt	$	6.8	$	19.2	$	12.5	$	(3.6)

We recorded no ineffectiveness from our net investment hedge in net (loss) income during the three or six months ended June 29, 2019 and June 30, 2018.

Taxes Based on Income

6 Months Ended

Jun. 29, 2019

Taxes Based on Income

Note 9. Taxes Based on Income

The following table summarizes our income (loss) before taxes, provision for (benefit from) income taxes, and effective tax rate:


	Three Months Ended						Six Months Ended
(Dollars in millions)	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Income (loss) before taxes	$	188.7		$	139.9		$	(95.7)		$	299.0
Provision for (benefit from) income taxes		44.9			43.9			(93.5)			77.2
Effective tax rate		23.8	%		31.4	%		97.7	%		25.8	%

Our effective tax rate for the three and six months ended June 29, 2019 included the following: (i) a 2%-3% rate impact from the loss of benefits associated with a concessionary tax rate in a foreign jurisdiction and (ii) $4.9 million and $10.3 million, respectively, of net tax charges related to the tax on global intangible low-taxed income (“GILTI”) of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from foreign-derived intangible income (“FDII”). Effective in 2019, we implemented certain structural changes to better align with our operational strategies, one benefit of which was to reduce our base erosion payments below the statutory minimum threshold. As a result, our effective tax rate for the three and six months ended June 29, 2019 did not include tax charges related to Base Erosion Antiabuse Tax (“BEAT”). Additionally, our effective tax rate for the six months ended June 29, 2019 reflected certain discrete items, including the following: (i) $6.8 million of tax benefits related to excess tax benefits associated with stock-based payments; (ii) $11.5 million of tax benefits from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years; and (iii) $179.8 million of tax benefits related to the effective settlement of the ADPP, $102.9 million of which was the related tax effect on the pretax charge of $446.9 million and $76.9 million of which was related to the release of stranded tax effects in AOCI through the income statement. The tax effects were stranded primarily as a result of the U.S. federal tax rate change under the TCJA. Refer to Note 1, “General,” and Note 5, “Pension and Other Postretirement Benefits,” to the unaudited Condensed Consolidated Financial Statements for more information.

Our effective tax rate for the three and six months ended June 30, 2018 included $10.7 million and $20.7 million, respectively, of net tax charges related to the tax on GILTI of our foreign subsidiaries, the recognition of foreign withholding taxes on current year earnings, and the BEAT on certain foreign earnings, partially offset by the benefit from FDII. Our effective tax rate for the six months ended June 30, 2018 also included $8 million of discrete tax benefits from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years and $7.3 million of discrete tax benefits related to excess tax benefits associated with stock-based payments.

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. In 2019, we anticipate completing the U.S. Internal Revenue Service’s Compliance Assurance Process Program through 2017 and effectively settling certain German tax audits for tax years 2011-2014. With limited exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2009.

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 $22 million, primarily as a result of audit settlements and closing tax years.

Net Income (Loss) Per Common Share

6 Months Ended

Jun. 29, 2019

Net Income (Loss) Per Common Share

Note 10. Net Income (Loss) Per Common Share

Net income (loss) per common share was computed as follows:


	Three Months Ended				Six Months Ended
(In millions, except per share amounts)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
(A) Net income (loss) available to common shareholders	$	143.4	$	95.6	$	(3.5)	$	220.8
(B) Weighted average number of common shares outstanding		84.3		87.9		84.3		87.9
Dilutive shares (additional common shares issuable under stock-based awards)		.8		1.1		—		1.5
(C) Weighted average number of common shares outstanding, assuming dilution		85.1		89.0		84.3		89.4
Net income (loss) per common share: (A) ÷ (B)	$	1.70	$	1.09	$	(.04)	$	2.51
Net income (loss) per common share, assuming dilution: (A) ÷ (C)	$	1.69	$	1.07	$	(.04)	$	2.47

Stock-based compensation awards excluded from the computation of net income (loss) per common share, assuming dilution, because they would not have had a dilutive effect were as follows:


	Three Months Ended		Six Months Ended
(In millions)	June 29, 2019	June 30, 2018	June 29, 2019		June 30, 2018
Antidilutive shares excluded from computation of net income (loss) per common share, assuming dilution	—	.1	1.0	⁽¹⁾	—

⁽¹⁾ For the six months ended June 29, 2019, the effect of dilutive shares (additional common shares issuable under stock-based awards) was not included in the computation of net income (loss) per common share, assuming dilution, because we had a net loss.

Supplemental Equity and Comprehensive Income Information

6 Months Ended

Jun. 29, 2019

Supplemental Equity and Comprehensive Income Information

Note 11. Supplemental Equity and Comprehensive Income Information

Consolidated Changes in Shareholders’ Equity


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Common stock issued, $1 par value per share	$	124.1	$	124.1	$	124.1	$	124.1
Capital in excess of par value
Beginning balance	$	851.5	$	848.4	$	872.0	$	862.6
Issuance of shares under stock-based compensation plans⁽¹⁾		6.2		6.1		(14.3)		(8.1)
Ending balance	$	857.7	$	854.5	$	857.7	$	854.5
Retained earnings
Beginning balance	$	2,663.5	$	2,647.8	$	2,864.9	$	2,596.7
Tax accounting for intra-entity asset transfers⁽²⁾		—		—		—		(13.8)
Net income (loss)		143.4		95.6		(3.5)		220.8
Issuance of shares under stock-based compensation plans⁽¹⁾		.9		1.2		(13.4)		(23.8)
Contribution of shares to 401(k) Plan⁽¹⁾		3.3		3.2		7.0		7.5
Dividends		(48.8)		(45.7)		(92.7)		(85.3)
Ending balance	$	2,762.3	$	2,702.1	$	2,762.3	$	2,702.1
Treasury stock at cost
Beginning balance	$	(2,287.8)	$	(1,891.0)	$	(2,223.9)	$	(1,856.7)
Repurchase of shares for treasury		(27.9)		(51.3)		(116.6)		(102.9)
Issuance of shares under stock-based compensation plans		1.8		1.3		24.1		16.5
Contribution of shares to 401(k) Plan⁽¹⁾		2.1		1.9		4.6		4.0
Ending balance	$	(2,311.8)	$	(1,939.1)	$	(2,311.8)	$	(1,939.1)
Accumulated other comprehensive loss
Beginning balance	$	(359.4)	$	(639.6)	$	(682.0)	$	(680.5)
Other comprehensive (loss) income, net of tax⁽³⁾		(10.4)		(80.1)		312.2		(39.2)
Ending balance	$	(369.8)	$	(719.7)	$	(369.8)	$	(719.7)

(1)	We fund a portion of our employee-related expenses using shares of our common stock held in treasury. We reduce capital in excess of par value based on the grant date fair value of the awards vested and record net gains or losses associated with our use of treasury shares to retained earnings.

(2)	In the first quarter of 2018, we adopted an accounting guidance update that requires recognition of the income tax effects of intra-entity sales and transfers of assets other than inventory in the period in which they occur.

(3)	In the first quarter of 2019, we effectively settled the ADPP’s remaining obligations. Refer to Note 5, “Pension and Other Postretirement Benefits,” for more information.

Dividends per common share were as follows:


	Three Months Ended				Six Months Ended
	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Dividends per common share	$	.58	$	.52	$	1.10	$	.97

In April 2019, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $650 million, exclusive of any fees, commissions or other expenses related to such purchases and in addition to the amount outstanding under our previous Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased.

Changes in Accumulated Other Comprehensive Loss

The changes in “Accumulated other comprehensive loss” (net of tax) for the six-month period ended June 29, 2019 were as follows:


			Pension and
	Foreign		Other
	Currency		Postretirement		Cash Flow
(In millions)	Translation		Benefits		Hedges		Total
Balance as of December 29, 2018	$	(247.4)	$	(434.3)	$	(.3)	$	(682.0)
Other comprehensive income before reclassifications, net of tax⁽¹⁾		11.6		36.0		.3		47.9
Reclassifications to net loss, net of tax⁽²⁾		—		264.9		(.6)		264.3
Net current-period other comprehensive income (loss), net of tax		11.6		300.9		(.3)		312.2
Balance as of June 29, 2019	$	(235.8)	$	(133.4)	$	(.6)	$	(369.8)

(1)	Other comprehensive income before reclassifications, net of tax, for pension and other postretirement benefits related to the remeasurement of the ADPP’s net pension obligations.

(2)	In the first quarter of 2019, we effectively settled the ADPP’s remaining obligations. Refer to Note 5, “Pension and Other Postretirement Benefits,” for more information.

The changes in “Accumulated other comprehensive loss” (net of tax) for the six-month period ended June 30, 2018 were as follows:


			Pension and
	Foreign		Other
	Currency		Postretirement		Cash Flow
(In millions)	Translation		Benefits		Hedges		Total
Balance as of December 30, 2017	$	(156.2)	$	(524.0)	$	(.3)	$	(680.5)
Other comprehensive (loss) income before reclassifications, net of tax		(51.6)		—		.4		(51.2)
Reclassifications to net income, net of tax		—		11.7		.3		12.0
Net current-period other comprehensive (loss) income, net of tax		(51.6)		11.7		.7		(39.2)
Balance as of June 30, 2018	$	(207.8)	$	(512.3)	$	.4	$	(719.7)

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


	Amounts Reclassified from Accumulated
	Other Comprehensive Loss
	Three Months Ended				Six Months Ended				Statements of
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018		Operations Location
Cash flow hedges:
Foreign exchange contracts	$	.4	$	—	$	.8	$	(.3)	Cost of products sold
Commodity contracts		—		(.1)		—		(.1)	Cost of products sold
Total before tax		.4		(.1)		.8		(.4)
Tax		(.1)		—		(.2)		.1	Provision for income taxes
Net of tax		.3		(.1)		.6		(.3)
Pension and other postretirement benefits		(.4)		(7.3)		(444.2)		(14.8)	Other non-operating expense
Tax		.2		1.3		179.3		3.1	Provision for income taxes
Net of tax		(.2)		(6.0)		(264.9)		(11.7)
Total reclassifications for the period	$	.1	$	(6.1)	$	(264.3)	$	(12.0)

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


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign currency translation	$	4.7	$	4.5	$	.3	$	(.8)
Pension and other postretirement benefits		.2		1.3		190.0		3.1
Cash flow hedges		—		(.1)		(.1)		.2
Income tax expense allocated to components of other comprehensive income	$	4.9	$	5.7	$	190.2	$	2.5

Fair Value Measurements

6 Months Ended

Jun. 29, 2019

Fair Value Measurements

Note 12. 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 June 29, 2019:


			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Trading securities	$	29.6	$	25.5	$	4.1	$	—
Derivative assets		8.0		—		8.0		—
Bank drafts		18.4		18.4		—		—
Liabilities
Derivative liabilities	$	8.6	$	—	$	8.6	$	—

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of December 29, 2018:


			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Trading securities	$	26.3	$	21.5	$	4.8	$	—
Derivative assets		3.6		.1		3.5		—
Bank drafts		23.0		23.0		—		—
Liabilities
Derivative liabilities	$	8.7	$	—	$	8.7	$	—
Contingent consideration liability		1.6		—		—		1.6

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 June 29, 2019, trading securities of $.7 million and $28.9 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of December 29, 2018, trading securities of $.2 million and $26.1 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. Derivatives that are exchange-traded are measured at fair value using quoted market prices and 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 liability in 2018, which was included in “Other accrued liabilities” in the unaudited Condensed Consolidated Balance Sheets, was related to an estimated earn-out payment associated with an acquisition we completed in 2017 and was classified as Level 3. This payment was based on the achievement of the designated performance target in 2018 under the terms of the purchase agreement, and our estimate was based on the expected payment related to this target under the terms of the agreement. This liability was paid in the first quarter of 2019.

Non-Recurring Fair Value Measurements

During the six months ended June 30, 2018, long-lived assets with carrying amounts totaling $18 million were written down to their fair value of $10.6 million, resulting in an impairment charge of $7.4 million, which was included in “Other expense, net” in the unaudited Condensed Consolidated Statements of Operations. 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

6 Months Ended

Jun. 29, 2019

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 that extend or improve the economic useful life of existing assets are capitalized and amortized over the shorter of the estimated useful life of the acquired asset or the remaining life of the existing asset. We review our estimates of the costs of complying with environmental laws related to remediation and cleanup of various sites, including sites in which governmental agencies have designated us as a potentially responsible party (“PRP”). 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 June 29, 2019, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a PRP at eleven waste disposal or waste recycling sites that are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination. No settlement of our liability related to any of these sites has been agreed upon. We are participating with other PRPs at these sites and anticipate that our share of remediation costs will be determined pursuant to agreements that we negotiate with the EPA or other governmental authorities.

These estimates could change as a result of changes in planned remedial actions, remediation technologies, site conditions, the estimated time to complete remediation, environmental laws and regulations, and other factors. Because of the uncertainties associated with environmental assessment and remediation activities, our future expenses to remediate these sites could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses. If information were to become available that allowed us to reasonably estimate a range of potential expenses in an amount higher or lower than what we have accrued, we would adjust our environmental liabilities accordingly. In addition, we may be identified as a PRP at additional sites in the future. The range of expenses for remediation of any future-identified sites would be addressed as they arise; until then, a range of expenses for such remediation cannot be determined.

The activity for the six months ended June 29, 2019 related to our environmental liabilities was as follows:


(In millions)
Balance at December 29, 2018	$	20.0
Charges, net of reversals		2.1
Payments		(2.8)
Balance at June 29, 2019	$	19.3

Approximately $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 June 29, 2019 and December 29, 2018.

Segment and Disaggregated Revenue Information

6 Months Ended

Jun. 29, 2019

Segment and Disaggregated Revenue Information

Note 14. Segment and Disaggregated Revenue Information

Disaggregated Revenue Information

Disaggregated revenue information is shown below in the manner that 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				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Net sales to unaffiliated customers
Label and Graphic Materials:
U.S.	$	320.1	$	323.1	$	631.8	$	632.9
Europe		452.2		490.2		902.1		975.1
Asia		267.1		270.8		523.3		538.1
Latin America		94.4		97.5		185.0		186.3
Other international		72.5		75.7		142.4		143.1
Total Label and Graphic Materials		1,206.3		1,257.3		2,384.6		2,475.5
Retail Branding and Information Solutions:
Apparel		370.4		373.3		723.5		720.5
Printer Solutions		47.9		43.4		93.1		82.2
Total Retail Branding and Information Solutions		418.3		416.7		816.6		802.7
Industrial and Healthcare Materials		171.1		180.2		334.6		352.4
Net sales to unaffiliated customers	$	1,795.7	$	1,854.2	$	3,535.8	$	3,630.6

Additional Segment Information

Additional financial information by reportable segment is shown below.


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Intersegment sales
Label and Graphic Materials	$	20.1	$	19.8	$	41.3	$	38.7
Retail Branding and Information Solutions		5.0		1.0		9.2		1.6
Industrial and Healthcare Materials		2.9		2.5		5.5		4.2
Intersegment sales	$	28.0	$	23.3	$	56.0	$	44.5
Income (loss) before taxes
Label and Graphic Materials	$	162.1	$	115.5	$	301.6	$	265.2
Retail Branding and Information Solutions		50.4		45.3		101.8		80.0
Industrial and Healthcare Materials		16.5		16.6		30.1		29.6
Corporate expense		(19.9)		(20.6)		(42.8)		(42.4)
Interest expense		(19.5)		(14.3)		(39.0)		(27.5)
Other non-operating expense		(.9)		(2.6)		(447.4)		(5.9)
Income (loss) before taxes	$	188.7	$	139.9	$	(95.7)	$	299.0
Other expense, net by reportable segment
Label and Graphic Materials	$	4.4	$	57.8	$	12.0	$	65.9
Retail Branding and Information Solutions		1.7		1.4		(.3)		6.1
Industrial and Healthcare Materials		1.4		.2		3.3		.2
Corporate		—		(2.3)		—		(2.3)
Other expense, net	$	7.5	$	57.1	$	15.0	$	69.9
Other expense, net by type
Restructuring charges:
Severance and related costs	$	6.1	$	58.8	$	16.5	$	63.1
Asset impairment charges and lease cancellation costs		1.4		.6		1.7		9.0
Other items:
Other restructuring-related charge		—		—		—		.5
Net gain on sales of assets		—		(2.3)		(3.2)		(2.7)
Other expense, net	$	7.5	$	57.1	$	15.0	$	69.9

Supplemental Financial Information

6 Months Ended

Jun. 29, 2019

Supplemental Financial Information

Note 15. Supplemental Financial Information

Inventories

Net inventories consisted of the following:


(In millions)	June 29, 2019		December 29, 2018
Raw materials	$	235.5	$	236.2
Work-in-progress		202.5		196.7
Finished goods		233.0		218.5
Inventories, net	$	671.0	$	651.4

Property, Plant and Equipment


(In millions)	June 29, 2019		December 29, 2018
Property, plant and equipment	$	3,090.6	$	3,053.7
Accumulated depreciation		(1,946.8)		(1,916.3)
Property, plant and equipment, net	$	1,143.8	$	1,137.4

Deferred Revenue

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

The following table shows the amounts and balance sheet locations of deferred revenue as of June 29, 2019 and December 29, 2018:


(In millions)	June 29, 2019		December 29, 2018
Other current liabilities	$	12.9	$	11.5
Long-term retirement benefits and other liabilities		.3		.3
Total deferred revenue	$	13.2	$	11.8

Revenue recognized from amounts included in deferred revenue as of December 29, 2018 was $1.8 million and $9.5 million for the three and six months ended June 29, 2019, respectively. Revenue recognized from amounts included in deferred revenue as of December 30, 2017 was $1.9 million and $10.3 million for the three and six months ended June 30, 2018, respectively. This revenue was included in "Net sales" in the unaudited Condensed Consolidated Statements of Operations.

Research and Development

Research and development expense was $24.8 million and $49.5 million for the three and six months ended June 29, 2019, respectively, and $25.2 million and $50 million for the three and six months ended June 30, 2018, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Condensed Consolidated Statements of Operations.

Equity Method Investment

The carrying value of our equity method investment in PragmatIC Printing Limited was $9.8 million and $6.7 million as of June 29, 2019 and December 29, 2018, respectively, and was included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets. In January 2019, we made an additional investment of approximately $4 million.

General (Policies)	6 Months Ended
General (Policies)	Jun. 29, 2019
Fiscal Periods	Fiscal Periods The three and six months ended June 29, 2019 and June 30, 2018 consisted of thirteen-week and twenty-six week periods, respectively.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
Accounting Guidance Updates	Accounting Guidance Updates Leases In the first quarter of 2019, we adopted accounting guidance that requires lessees to recognize on their balance sheets the rights and obligations created by leases. This guidance also requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows from leases. As allowed by this guidance, we elected to apply it using a modified retrospective approach. This approach applies to all leases that existed at or commenced after the date of our initial application. As such, prior year comparative periods have not been adjusted. We elected the transition practical expedients allowed under this guidance. See Note 2, “Leases,” for more information. Hedge Accounting In the first quarter of 2019, we prospectively adopted amended accounting guidance issued 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 and simplifying the application of hedge accounting. As a result of adopting this guidance, our reclassification of gains and losses from cash flow hedges to earnings is included in the same financial statement line item as the hedged item. Our adoption of this guidance did not have a material impact on our financial position, results of operations, cash flows, or disclosures. Reclassification of certain tax effects from accumulated other comprehensive income In the first quarter of 2019, we adopted accounting guidance that provides entities with the option to reclassify certain tax effects of the U.S. Tax Cuts and Jobs Act (“TCJA”) in accumulated other comprehensive income (“AOCI”) to retained earnings. We elected not to reclassify the stranded income tax effects lodged in AOCI to retained earnings. Our accounting policy is to release the income tax effects from AOCI to the income statement at the current statutory rate when the related pretax change is recognized. Furthermore, we release the disproportionate tax effects in AOCI through the income statement as a discrete tax adjustment in the period when the circumstances upon which they are premised cease to exist.

Leases (Tables)

6 Months Ended

Jun. 29, 2019

Supplemental cost information related to leases


	Three Months Ended		Six Months Ended
(In millions)	June 29, 2019		June 29, 2019
Operating lease cost	$	16.0	$	32.5

Supplemental balance sheet information related to leases


(In millions)	Balance Sheet Location	June 29, 2019
Assets
Operating	Other assets	$	147.1
Finance	Property, plant and equipment, net⁽¹⁾		26.3
Total leased assets		$	173.4
⁽¹⁾Finance lease assets are net of accumulated amortization of $5.8 million as of June 29, 2019.

Liabilities
Current:
Operating	Other current liabilities	$	40.6
Finance	Short-term borrowings and current portion of long-term debt and finance leases		3.6
Non-current:
Operating	Long-term retirement benefits and other liabilities		112.6
Finance	Long-term debt and finance leases		15.9
Total lease liabilities		$	172.7

Supplemental cash flow information related to leases


	Six Months Ended
(In millions)	June 29, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	24.6
Lease assets obtained in exchange for lease liabilities — operating leases		14.9

Schedule of weighted average remaining lease term and discount rate information


	June 29, 2019
Weighted average remaining lease term (in years):
Operating	6.1
Finance	5.5
Weighted average discount rate (%):
Operating	4.9	%
Finance	3.4

Schedule of operating and finance lease liabilities by maturity date


(In millions)	Operating Leases		Finance Leases
2019 (remainder of year)	$	23.5	$	2.3
2020		42.8		4.2
2021		32.2		4.1
2022		20.6		3.7
2023		14.0		3.5
2024 and thereafter		43.5		4.3
Total lease payments		176.6		22.1
Less: imputed interest		(23.4)		(2.6)
Present value of lease liabilities	$	153.2	$	19.5

Goodwill (Tables)

6 Months Ended

Jun. 29, 2019

Schedule of changes in net carrying amount of goodwill


	Label and		Retail Branding		Industrial and
	Graphic		and Information		Healthcare
(In millions)	Materials		Solutions		Materials		Total
Goodwill as of December 29, 2018	$	415.5	$	349.7	$	176.6	$	941.8
Translation adjustments		(1.1)		.5		(.4)		(1.0)
Goodwill as of June 29, 2019	$	414.4	$	350.2	$	176.2	$	940.8

Pension and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 29, 2019

Defined Benefit Plans

Schedule of components of net periodic benefit cost (credit)

The table below shows the components of net periodic benefit cost (credit), which are recorded in income, for our defined benefit plans.



	Pension Benefits
	Three Months Ended								Six Months Ended
	June 29, 2019				June 30, 2018				June 29, 2019				June 30, 2018
(In millions)	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l		U.S.		Int’l
Service cost	$	—	$	3.9	$	—	$	4.9	$	—	$	7.9	$	—	$	9.8
Interest cost		.7		3.7		8.7		4.1		1.4		7.4		17.3		8.0
Actuarial (gain) loss		—		—		(.7)		—		—		—		(.7)		—
Expected return on plan assets		—		(5.3)		(10.7)		(6.1)		—		(10.6)		(21.3)		(12.2)
Recognized net actuarial loss		1.3		1.0		5.5		2.1		1.4		2.0		10.7		4.2
Amortization of prior service (credit) cost		—		(.1)		.2		(.2)		—		(.2)		.4		(.3)
Recognized loss on settlements		—		—		.2		—		446.9		—		.7		—
Net periodic benefit cost	$	2.0	$	3.2	$	3.2	$	4.8	$	449.7	$	6.5	$	7.1	$	9.5


	U.S. Postretirement Health Benefits
	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018			June 29, 2019		June 30, 2018
Interest cost	$	—	$	—	$	—	$	—
Recognized net actuarial loss		.3		.3		.6		.7
Amortization of prior service credit		(.8)		(.8)		(1.6)		(1.6)
Net periodic benefit credit	$	(.5)	$	(.5)	$	(1.0)	$	(.9)

Cost Reduction Actions (Tables)

6 Months Ended

Jun. 29, 2019

Restructuring charges and payments


	Accrual at		Charges,						Foreign		Accrual at
	December 29,		Net of		Cash		Non-cash		Currency		June 29,
(In millions)	2018		Reversals		Payments		Impairment		Translation		2019
2018/2019 Actions
Severance and related costs	$	40.7	$	17.1	$	(31.6)	$	—	$	(.6)	$	25.6
Asset impairment charges		—		1.5		—		(1.5)		—		—
Lease cancellation costs		—		.3		—		—		—		.3
Total	$	40.7	$	18.9	$	(31.6)	$	(1.5)	$	(.6)	$	25.9

Restructuring charges, net of reversals, by reportable segment


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Restructuring charges, net of reversals, by reportable segment
Label and Graphic Materials	$	4.4	$	57.8	$	12.7	$	65.3
Retail Branding and Information Solutions		1.7		1.4		2.2		6.6
Industrial and Healthcare Materials		1.4		.2		3.3		.2
Total	$	7.5	$	59.4	$	18.2	$	72.1

Financial Instruments (Tables)

6 Months Ended

Jun. 29, 2019

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


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign exchange contracts	$	.7	$	(.4)	$	.9	$	.5
Commodity contracts		(.4)		—		(.5)		—
Total	$	.3	$	(.4)	$	.4	$	.5

Components of net gains (losses) recognized in income related to the derivatives not designated as hedging instruments


		Three Months Ended				Six Months Ended
(In millions)	Statements of Operations Location	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign exchange contracts	Cost of products sold	$	(.1)	$	2.1	$	(.6)	$	1.3
Foreign exchange contracts	Marketing, general and administrative expense		(.6)		(6.6)		1.7		(16.1)
Total		$	(.7)	$	(4.5)	$	1.1	$	(14.8)

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


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign currency denominated debt	$	6.8	$	19.2	$	12.5	$	(3.6)

Cash Flow Hedging

Fair value and balance sheet locations of derivatives


		Asset
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current assets	$	1.2	$	.5
Commodity contracts	Other current assets		—		.1
		$	1.2	$	.6


		Liability
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current liabilities	$	1.3	$	.8

Other Derivatives

Fair value and balance sheet locations of derivatives


		Asset
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current assets	$	6.8	$	3.0


			Liability
(In millions)	Balance Sheet Location	June 29, 2019		December 29, 2018
Foreign exchange contracts	Other current liabilities	$	7.3	$	7.9

Taxes Based on Income (Tables)

6 Months Ended

Jun. 29, 2019

Summary of income (loss) before taxes, Provision for (benefit from) income taxes, and effective tax rate from continuing operations


	Three Months Ended						Six Months Ended
(Dollars in millions)	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Income (loss) before taxes	$	188.7		$	139.9		$	(95.7)		$	299.0
Provision for (benefit from) income taxes		44.9			43.9			(93.5)			77.2
Effective tax rate		23.8	%		31.4	%		97.7	%		25.8	%

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 29, 2019

Schedule of net income (loss) per common share


	Three Months Ended				Six Months Ended
(In millions, except per share amounts)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
(A) Net income (loss) available to common shareholders	$	143.4	$	95.6	$	(3.5)	$	220.8
(B) Weighted average number of common shares outstanding		84.3		87.9		84.3		87.9
Dilutive shares (additional common shares issuable under stock-based awards)		.8		1.1		—		1.5
(C) Weighted average number of common shares outstanding, assuming dilution		85.1		89.0		84.3		89.4
Net income (loss) per common share: (A) ÷ (B)	$	1.70	$	1.09	$	(.04)	$	2.51
Net income (loss) per common share, assuming dilution: (A) ÷ (C)	$	1.69	$	1.07	$	(.04)	$	2.47

Schedule of stock-based compensation awards excluded from the computation of net income (loss) per common share, assuming dilution


	Three Months Ended		Six Months Ended
(In millions)	June 29, 2019	June 30, 2018	June 29, 2019		June 30, 2018
Antidilutive shares excluded from computation of net income (loss) per common share, assuming dilution	—	.1	1.0	⁽¹⁾	—

Supplemental Equity and Comprehensive Income Information (Tables)

6 Months Ended

Jun. 29, 2019

Schedule of Consolidated Statements of Shareholders' Equity


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Common stock issued, $1 par value per share	$	124.1	$	124.1	$	124.1	$	124.1
Capital in excess of par value
Beginning balance	$	851.5	$	848.4	$	872.0	$	862.6
Issuance of shares under stock-based compensation plans⁽¹⁾		6.2		6.1		(14.3)		(8.1)
Ending balance	$	857.7	$	854.5	$	857.7	$	854.5
Retained earnings
Beginning balance	$	2,663.5	$	2,647.8	$	2,864.9	$	2,596.7
Tax accounting for intra-entity asset transfers⁽²⁾		—		—		—		(13.8)
Net income (loss)		143.4		95.6		(3.5)		220.8
Issuance of shares under stock-based compensation plans⁽¹⁾		.9		1.2		(13.4)		(23.8)
Contribution of shares to 401(k) Plan⁽¹⁾		3.3		3.2		7.0		7.5
Dividends		(48.8)		(45.7)		(92.7)		(85.3)
Ending balance	$	2,762.3	$	2,702.1	$	2,762.3	$	2,702.1
Treasury stock at cost
Beginning balance	$	(2,287.8)	$	(1,891.0)	$	(2,223.9)	$	(1,856.7)
Repurchase of shares for treasury		(27.9)		(51.3)		(116.6)		(102.9)
Issuance of shares under stock-based compensation plans		1.8		1.3		24.1		16.5
Contribution of shares to 401(k) Plan⁽¹⁾		2.1		1.9		4.6		4.0
Ending balance	$	(2,311.8)	$	(1,939.1)	$	(2,311.8)	$	(1,939.1)
Accumulated other comprehensive loss
Beginning balance	$	(359.4)	$	(639.6)	$	(682.0)	$	(680.5)
Other comprehensive (loss) income, net of tax⁽³⁾		(10.4)		(80.1)		312.2		(39.2)
Ending balance	$	(369.8)	$	(719.7)	$	(369.8)	$	(719.7)

(1)	We fund a portion of our employee-related expenses using shares of our common stock held in treasury. We reduce capital in excess of par value based on the grant date fair value of the awards vested and record net gains or losses associated with our use of treasury shares to retained earnings.

(2)	In the first quarter of 2018, we adopted an accounting guidance update that requires recognition of the income tax effects of intra-entity sales and transfers of assets other than inventory in the period in which they occur.

(3)	In the first quarter of 2019, we effectively settled the ADPP’s remaining obligations. Refer to Note 5, “Pension and Other Postretirement Benefits,” for more information.

Schedule of dividends per common share


	Three Months Ended				Six Months Ended
	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Dividends per common share	$	.58	$	.52	$	1.10	$	.97

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


			Pension and
	Foreign		Other
	Currency		Postretirement		Cash Flow
(In millions)	Translation		Benefits		Hedges		Total
Balance as of December 29, 2018	$	(247.4)	$	(434.3)	$	(.3)	$	(682.0)
Other comprehensive income before reclassifications, net of tax⁽¹⁾		11.6		36.0		.3		47.9
Reclassifications to net loss, net of tax⁽²⁾		—		264.9		(.6)		264.3
Net current-period other comprehensive income (loss), net of tax		11.6		300.9		(.3)		312.2
Balance as of June 29, 2019	$	(235.8)	$	(133.4)	$	(.6)	$	(369.8)

(1)	Other comprehensive income before reclassifications, net of tax, for pension and other postretirement benefits related to the remeasurement of the ADPP’s net pension obligations.

(2)	In the first quarter of 2019, we effectively settled the ADPP’s remaining obligations. Refer to Note 5, “Pension and Other Postretirement Benefits,” for more information.


			Pension and
	Foreign		Other
	Currency		Postretirement		Cash Flow
(In millions)	Translation		Benefits		Hedges		Total
Balance as of December 30, 2017	$	(156.2)	$	(524.0)	$	(.3)	$	(680.5)
Other comprehensive (loss) income before reclassifications, net of tax		(51.6)		—		.4		(51.2)
Reclassifications to net income, net of tax		—		11.7		.3		12.0
Net current-period other comprehensive (loss) income, net of tax		(51.6)		11.7		.7		(39.2)
Balance as of June 30, 2018	$	(207.8)	$	(512.3)	$	.4	$	(719.7)

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


	Amounts Reclassified from Accumulated
	Other Comprehensive Loss
	Three Months Ended				Six Months Ended				Statements of
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018		Operations Location
Cash flow hedges:
Foreign exchange contracts	$	.4	$	—	$	.8	$	(.3)	Cost of products sold
Commodity contracts		—		(.1)		—		(.1)	Cost of products sold
Total before tax		.4		(.1)		.8		(.4)
Tax		(.1)		—		(.2)		.1	Provision for income taxes
Net of tax		.3		(.1)		.6		(.3)
Pension and other postretirement benefits		(.4)		(7.3)		(444.2)		(14.8)	Other non-operating expense
Tax		.2		1.3		179.3		3.1	Provision for income taxes
Net of tax		(.2)		(6.0)		(264.9)		(11.7)
Total reclassifications for the period	$	.1	$	(6.1)	$	(264.3)	$	(12.0)

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


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Foreign currency translation	$	4.7	$	4.5	$	.3	$	(.8)
Pension and other postretirement benefits		.2		1.3		190.0		3.1
Cash flow hedges		—		(.1)		(.1)		.2
Income tax expense allocated to components of other comprehensive income	$	4.9	$	5.7	$	190.2	$	2.5

Fair Value Measurements (Tables)

6 Months Ended

Jun. 29, 2019

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 June 29, 2019:


			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Trading securities	$	29.6	$	25.5	$	4.1	$	—
Derivative assets		8.0		—		8.0		—
Bank drafts		18.4		18.4		—		—
Liabilities
Derivative liabilities	$	8.6	$	—	$	8.6	$	—

The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of December 29, 2018:


			Fair Value Measurements Using
					Significant		Significant
			Quoted Prices		Other		Other
			in Active		Observable		Unobservable
			Markets		Inputs		Inputs
(In millions)	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Trading securities	$	26.3	$	21.5	$	4.8	$	—
Derivative assets		3.6		.1		3.5		—
Bank drafts		23.0		23.0		—		—
Liabilities
Derivative liabilities	$	8.7	$	—	$	8.7	$	—
Contingent consideration liability		1.6		—		—		1.6

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 29, 2019

Summary of costs of environmental liabilities with remediation


(In millions)
Balance at December 29, 2018	$	20.0
Charges, net of reversals		2.1
Payments		(2.8)
Balance at June 29, 2019	$	19.3

Segment and Disaggregated Revenue Information (Tables)

6 Months Ended

Jun. 29, 2019

Summary of net sales to unaffiliated customers


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Net sales to unaffiliated customers
Label and Graphic Materials:
U.S.	$	320.1	$	323.1	$	631.8	$	632.9
Europe		452.2		490.2		902.1		975.1
Asia		267.1		270.8		523.3		538.1
Latin America		94.4		97.5		185.0		186.3
Other international		72.5		75.7		142.4		143.1
Total Label and Graphic Materials		1,206.3		1,257.3		2,384.6		2,475.5
Retail Branding and Information Solutions:
Apparel		370.4		373.3		723.5		720.5
Printer Solutions		47.9		43.4		93.1		82.2
Total Retail Branding and Information Solutions		418.3		416.7		816.6		802.7
Industrial and Healthcare Materials		171.1		180.2		334.6		352.4
Net sales to unaffiliated customers	$	1,795.7	$	1,854.2	$	3,535.8	$	3,630.6

Summary of additional financial information by reportable segment


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2019		June 30, 2018		June 29, 2019		June 30, 2018
Intersegment sales
Label and Graphic Materials	$	20.1	$	19.8	$	41.3	$	38.7
Retail Branding and Information Solutions		5.0		1.0		9.2		1.6
Industrial and Healthcare Materials		2.9		2.5		5.5		4.2
Intersegment sales	$	28.0	$	23.3	$	56.0	$	44.5
Income (loss) before taxes
Label and Graphic Materials	$	162.1	$	115.5	$	301.6	$	265.2
Retail Branding and Information Solutions		50.4		45.3		101.8		80.0
Industrial and Healthcare Materials		16.5		16.6		30.1		29.6
Corporate expense		(19.9)		(20.6)		(42.8)		(42.4)
Interest expense		(19.5)		(14.3)		(39.0)		(27.5)
Other non-operating expense		(.9)		(2.6)		(447.4)		(5.9)
Income (loss) before taxes	$	188.7	$	139.9	$	(95.7)	$	299.0
Other expense, net by reportable segment
Label and Graphic Materials	$	4.4	$	57.8	$	12.0	$	65.9
Retail Branding and Information Solutions		1.7		1.4		(.3)		6.1
Industrial and Healthcare Materials		1.4		.2		3.3		.2
Corporate		—		(2.3)		—		(2.3)
Other expense, net	$	7.5	$	57.1	$	15.0	$	69.9
Other expense, net by type
Restructuring charges:
Severance and related costs	$	6.1	$	58.8	$	16.5	$	63.1
Asset impairment charges and lease cancellation costs		1.4		.6		1.7		9.0
Other items:
Other restructuring-related charge		—		—		—		.5
Net gain on sales of assets		—		(2.3)		(3.2)		(2.7)
Other expense, net	$	7.5	$	57.1	$	15.0	$	69.9

Supplemental Financial Information (Tables)

6 Months Ended

Jun. 29, 2019

Schedule of net inventories


(In millions)	June 29, 2019		December 29, 2018
Raw materials	$	235.5	$	236.2
Work-in-progress		202.5		196.7
Finished goods		233.0		218.5
Inventories, net	$	671.0	$	651.4

Schedule of property, plant and equipment


(In millions)	June 29, 2019		December 29, 2018
Property, plant and equipment	$	3,090.6	$	3,053.7
Accumulated depreciation		(1,946.8)		(1,916.3)
Property, plant and equipment, net	$	1,143.8	$	1,137.4

Contract with Customer, Asset and Liability


(In millions)	June 29, 2019		December 29, 2018
Other current liabilities	$	12.9	$	11.5
Long-term retirement benefits and other liabilities		.3		.3
Total deferred revenue	$	13.2	$	11.8

General (Details)	3 Months Ended			6 Months Ended
General (Details)	Jun. 29, 2019	Mar. 30, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Length of fiscal period	91 days		91 days	182 days	182 days
Leases
Lease transition practical expedients		true

Leases - Supplemental Cost Information Related to Leases (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2019	Jun. 29, 2019
Expense information related to leases
Operating lease cost	$ 16.0	$ 32.5

Leases - Supplemental Balance Sheet Information Related to Leases (Details) $ in Millions	Jun. 29, 2019 USD ($)
Balance sheet information related to leases
Operating Lease, Assets	$ 147.1
Operating Lease, Assets (Balance Sheet Location)	us-gaap:OtherAssetsNoncurrent
Finance Lease, Assets	$ 26.3
Finance Lease, Assets (Balance Sheet Location)	us-gaap:PropertyPlantAndEquipmentNet
Total leased assets	$ 173.4
Operating Lease, Current Liabilities	$ 40.6
Operating Lease, Current Liabilities (Balance Sheet Location)	us-gaap:OtherAccruedLiabilitiesCurrent
Finance Lease, Current Liabilities	$ 3.6
Finance Lease, Current Liabilities (Balance Sheet Location)	us-gaap:DebtCurrent
Operating Lease, Non-current Liabilities	$ 112.6
Operating Lease, Non-current Liabilities (Balance Sheet Location)	avy:LongTermRetirementBenefitsAndOtherLiabilities
Finance Lease, Non-current Liabilities	$ 15.9
Finance Lease, Non-current Liabilities (Balance Sheet Location)	us-gaap:LongTermDebtAndCapitalLeaseObligations
Total lease liabilities	$ 172.7
Finance lease assets, Accumulated amortization net	$ 5.8

Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Millions	6 Months Ended
	Jun. 29, 2019 USD ($)
Leases
Cash paid for amounts included in the measurement of operating lease liabilities	$ 24.6
Lease assets obtained in exchange for lease liabilities - operating leases	$ 14.9

Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate Information (Details)	Jun. 29, 2019
Leases
Operating Lease, Weighted average remaining lease term (in years)	6 years 1 month 6 days
Finance Lease, Weighted average remaining lease term (in years)	5 years 6 months
Operating Lease, Weighted average discount rate (as a percent)	4.90%
Finance Lease, Weighted average discount rate (as a percent)	3.40%

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 29, 2018
Operating Leases, Future Minimum Payments Due
2019		$ 47.7
2020		38.9
2021		29.4
2022		18.8
2023		12.9
2024 and thereafter		37.1
Total lease payments		$ 184.8
Operating Leases
2019 (remainder of year)	$ 23.5
2020	42.8
2021	32.2
2022	20.6
2023	14.0
2024 and thereafter	43.5
Total lease payments	176.6
Less: imputed interest	(23.4)
Present value of lease liabilities	153.2
Finance Leases
2019 (remainder of year)	2.3
2020	4.2
2021	4.1
2022	3.7
2023	3.5
2024 and thereafter	4.3
Total lease payments	22.1
Less: imputed interest	(2.6)
Present value of lease liabilities	$ 19.5

Goodwill (Details) $ in Millions	6 Months Ended
Goodwill (Details) $ in Millions	Jun. 29, 2019 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	$ 941.8
Translation adjustments	(1.0)
Goodwill, Ending Balance	940.8
Label and Graphic Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	415.5
Translation adjustments	(1.1)
Goodwill, Ending Balance	414.4
Retail Branding and Information Solutions
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	349.7
Translation adjustments	0.5
Goodwill, Ending Balance	350.2
Accumulated impairment losses	820.0
Industrial and Healthcare Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	176.6
Translation adjustments	(0.4)
Goodwill, Ending Balance	$ 176.2

Debt (Details) - USD ($) $ in Millions		6 Months Ended
Debt (Details) - USD ($) $ in Millions	Dec. 29, 2018	Jun. 29, 2019
Debt
Fair value of debt	$ 2,000	$ 2,160
Revolving credit facility
Debt
Maximum borrowing capacity		800
Amount outstanding	$ 0	$ 0
Covenants compliance	we were in compliance with our financial covenants	we were in compliance with our financial covenants
Notes due in second quarter of 2020
Debt
Long-term debt, current		$ 265

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Pension and Other Postretirement Benefits (Details) $ in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Mar. 21, 2019 USD ($) employee	Mar. 30, 2019 USD ($)	Jun. 29, 2019 USD ($)	Mar. 30, 2019 USD ($)	Dec. 29, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 29, 2019 USD ($)	Jun. 30, 2018 USD ($)
Components of net periodic benefit cost (credit)
Recognized loss on settlements							$ 446.9	$ 0.7
ADPP
Components of net periodic benefit cost (credit)
Settlements	$ 750.0				$ 152.0
Noncash charges associated with termination settlement of the plan, net of tax					$ 85.0
Number of active and former employees and their beneficiaries \| employee	8,500
Charges associated with termination settlement of the plan, pretax		$ 447.0					446.9
Related tax benefits		$ 180.0
Cash contribution				$ 7.0
U.S.
Components of net periodic benefit cost (credit)
Interest cost			$ 0.7			$ 8.7	1.4	17.3
Actuarial (gain) loss						(0.7)		(0.7)
Expected return on plan assets						(10.7)		(21.3)
Recognized net actuarial loss			1.3			5.5	1.4	10.7
Amortization of prior service (credit) cost						0.2		0.4
Recognized loss on settlements						0.2	446.9	0.7
Net periodic benefit cost			2.0			3.2	449.7	7.1
Int'l
Components of net periodic benefit cost (credit)
Service cost			3.9			4.9	7.9	9.8
Interest cost			3.7			4.1	7.4	8.0
Expected return on plan assets			(5.3)			(6.1)	(10.6)	(12.2)
Recognized net actuarial loss			1.0			2.1	2.0	4.2
Amortization of prior service (credit) cost			(0.1)			(0.2)	(0.2)	(0.3)
Net periodic benefit cost			3.2			4.8	6.5	9.5
U.S. Postretirement Health Benefits
Components of net periodic benefit cost (credit)
Recognized net actuarial loss			0.3			0.3	0.6	0.7
Amortization of prior service (credit) cost			(0.8)			(0.8)	(1.6)	(1.6)
Net periodic benefit cost			$ (0.5)			$ (0.5)	$ (1.0)	$ (0.9)

Long-Term Incentive Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Marketing, general and administrative expense
Long-Term Incentive Compensation
Stock-based compensation expense	$ 8.9	$ 9.0	$ 16.5	$ 16.4
Cash-based awards compensation expense
Cash-based awards compensation expense	2.8	$ 3.2	11.2	$ 8.8
Stock-based awards
Long-Term Incentive Compensation
Unrecognized compensation cost related to share based compensation cost	$ 56.0		$ 56.0
Unrecognized compensation cost weighted average recognition period			2 years

Cost Reduction Actions (Details) $ in Millions	1 Months Ended	6 Months Ended
Cost Reduction Actions (Details) $ in Millions	Apr. 28, 2018 position	Jun. 29, 2019 USD ($) position
2018 Plan
Cost Reduction Actions
Expected number of positions reduced as a result of Cost Reduction Actions	400
Net number of positions reduced as a result of Cost Reduction Actions	150
Number of positions reduced as a result of Cost Reduction Actions	345
Net restructuring reversals \| $		$ 0.9
2018/2019 Actions
Cost Reduction Actions
Restructuring charges \| $		$ 19.8
Number of positions reduced as a result of Cost Reduction Actions		330

Cost Reduction Actions - Restructuring Charges and Payments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Cost Reduction Actions
Beginning Balance			$ 40.7
Charges, Net of Reversals			18.9
Cash Payments			(31.6)
Non-cash Impairment			(1.5)
Foreign Currency Translation			(0.6)
Ending Balance	$ 25.9		25.9
Severance and related costs
Cost Reduction Actions
Charges, Net of Reversals	6.1	$ 58.8	16.5	$ 63.1
2015/2016 Actions
Cost Reduction Actions
Net restructuring reversals			0.7
2018/2019 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			40.7
Charges, Net of Reversals			17.1
Cash Payments			(31.6)
Foreign Currency Translation			(0.6)
Ending Balance	25.6		25.6
2018/2019 Actions \| Asset impairment charges
Cost Reduction Actions
Beginning Balance			0.0
Charges, Net of Reversals			1.5
Non-cash Impairment			(1.5)
2018/2019 Actions \| Lease cancellation
Cost Reduction Actions
Beginning Balance			0.0
Charges, Net of Reversals			0.3
Ending Balance	$ 0.3		$ 0.3

Cost Reduction Actions - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Restructuring charges:
Restructuring charges			$ 18.9
Other expense, net
Restructuring charges:
Restructuring charges	$ 7.5	$ 59.4	18.2	$ 72.1
Label and Graphic Materials \| Other expense, net
Restructuring charges:
Restructuring charges	4.4	57.8	12.7	65.3
Retail Branding and Information Solutions \| Other expense, net
Restructuring charges:
Restructuring charges	1.7	1.4	2.2	6.6
Industrial and Healthcare Materials \| Other expense, net
Restructuring charges:
Restructuring charges	$ 1.4	$ 0.2	$ 3.3	$ 0.2

Financial Instruments (Details) - Cash Flow Hedging $ in Millions	6 Months Ended
	Jun. 29, 2019 USD ($)
Financial Instruments
Maximum length of time hedged in cash flow hedge	36 months
Commodity contracts
Financial Instruments
Notional amount	$ 3.6
Foreign exchange contracts
Financial Instruments
Notional amount	$ 1,100.0

Financial Instruments - Cash Flow Hedges and Other Derivatives, Fair Value (Details) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 29, 2018
Cash Flow Hedging
Cash Flow Hedges, Fair Value
Asset	$ 1.2	$ 0.6
Cash Flow Hedging \| Foreign exchange contracts \| Other current assets
Cash Flow Hedges, Fair Value
Asset	1.2	0.5
Cash Flow Hedging \| Foreign exchange contracts \| Other current liabilities
Cash Flow Hedges, Fair Value
Liability	1.3	0.8
Cash Flow Hedging \| Commodity contracts \| Other current assets
Cash Flow Hedges, Fair Value
Asset		0.1
Other Derivatives \| Foreign exchange contracts \| Other current assets
Cash Flow Hedges, Fair Value
Asset	6.8	3.0
Other Derivatives \| Foreign exchange contracts \| Other current liabilities
Cash Flow Hedges, Fair Value
Liability	$ 7.3	$ 7.9

Financial Instruments - Gains (Losses) Recognized in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Gains (losses) recognized in current earnings
Cash Flow Hedge Loss to be Reclassified within Twelve Months			$ 0.7
Cash Flow Hedging
Gains (losses) recognized in current earnings
Gains (losses) recognized in accumulated other comprehensive loss	$ 0.3	$ (0.4)	0.4	$ 0.5
Cash Flow Hedging \| Foreign exchange contracts
Gains (losses) recognized in current earnings
Gains (losses) recognized in accumulated other comprehensive loss	0.7	$ (0.4)	0.9	$ 0.5
Cash Flow Hedging \| Commodity contracts
Gains (losses) recognized in current earnings
Gains (losses) recognized in accumulated other comprehensive loss	$ (0.4)		$ (0.5)

Financial Instruments - Net Losses Recognized in Income (Details) - Other Derivatives - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Net losses recognized in income
Net Losses in Income	$ (0.7)	$ (4.5)	$ 1.1	$ (14.8)
Foreign exchange contracts \| Cost of products sold
Net losses recognized in income
Net Losses in Income	(0.1)	2.1	(0.6)	1.3
Foreign exchange contracts \| Marketing, general and administrative expense
Net losses recognized in income
Net Losses in Income	$ (0.6)	$ (6.6)	$ 1.7	$ (16.1)

Financial Instruments - Net Investment Hedge (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 29, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jan. 31, 2018 EUR (€)	Mar. 31, 2017 EUR (€)
Gains (losses) recognized in current earnings
Amount of ineffectiveness from net investment hedge in net (loss) income	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Net Investment Hedge \| Designated
Gains (losses) recognized in current earnings
Foreign currency denominated debt	$ 6.8	$ 19.2	$ 12.5	$ (3.6)
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	1 Months Ended	3 Months Ended		6 Months Ended
Taxes Based on Income (Details) - USD ($) $ in Millions	Mar. 30, 2019	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Income (loss) before taxes		$ 188.7	$ 139.9	$ (95.7)	$ 299.0
Provision for (benefit from) income taxes		$ 44.9	$ 43.9	$ (93.5)	$ 77.2
Effective tax rate (as a percent)		23.80%	31.40%	97.70%	25.80%
Discrete tax benefit related to excess tax benefits associated with stock-based payments				$ 6.8	$ 7.3
Discrete tax benefit from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years				11.5	8.0
Net tax charges related to the tax on global intangible low-taxed income of our foreign subsidiaries and the Base Erosion Antiabuse Tax on certain foreign earnings, partially offset by the benefit from foreign-derived intangible income		$ 4.9	$ 10.7	10.3	$ 20.7
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		$ 22.0		$ 22.0
Minimum
Rate impact due to loss of benefits associated with a concessionary tax rate in a foreign jurisdiction		2.00%		2.00%
Maximum
Rate impact due to loss of benefits associated with a concessionary tax rate in a foreign jurisdiction		3.00%		3.00%
ADPP
Discrete tax benefits related to the effective settlement				$ 179.8
Tax benefits related to the effective settlement of the ADPP on the tax effect of the pretax charge				102.9
Charges associated with termination settlement of the plan, pretax	$ 447.0			446.9
Tax benefits related to the effective settlement of the ADPP on the release of stranded tax effects in AOCI through the income statement				$ 76.9

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Net Income (Loss) Per Common Share
Net income (loss) available to common shareholders	$ 143.4	$ 95.6	$ (3.5)	$ 220.8
Weighted average number of common shares outstanding	84.3	87.9	84.3	87.9
Dilutive shares (additional common shares issuable under stock-based awards)	0.8	1.1		1.5
Weighted average number of common shares outstanding, assuming dilution	85.1	89.0	84.3	89.4
Net income (loss) per common share (in dollars per share)	$ 1.70	$ 1.09	$ (0.04)	$ 2.51
Net income (loss) per common share, assuming dilution (in dollars per share)	$ 1.69	$ 1.07	$ (0.04)	$ 2.47
Net income per common share, assuming dilution:
Antidilutive shares excluded from computation of net income (loss) per common share, assuming dilution		0.1	1.0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Supplemental Equity and Comprehensive Income Information - Consolidated Statements of Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018	Apr. 30, 2019	Dec. 29, 2018
Increase (Decrease) in Stockholders' Equity
Common stock issued, $1 par value per share	$ 124.1	$ 124.1	$ 124.1	$ 124.1		$ 124.1
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1	$ 1		$ 1
Beginning balance			$ 955.1
Net income (loss)	$ 143.4	$ 95.6	(3.5)	$ 220.8
Other comprehensive (loss) income, net of tax	(10.4)	$ (80.1)	312.2	$ (39.2)
Ending balance	$ 1,062.5		$ 1,062.5
Share repurchase authorized amount					$ 650.0
Dividends per common shares
Dividends per common share (in dollars per share)	$ 0.58	$ 0.52	$ 1.10	$ 0.97
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 851.5	$ 848.4	$ 872.0	$ 862.6
Issuance of shares under stock-based compensation plans	6.2	6.1	(14.3)	(8.1)
Ending balance	857.7	854.5	857.7	854.5
Retained earnings
Increase (Decrease) in Stockholders' Equity
Beginning balance	2,663.5	2,647.8	2,864.9	2,596.7
Tax accounting for intra-entity asset transfers				(13.8)
Net income (loss)	143.4	95.6	(3.5)	220.8
Issuance of shares under stock-based compensation plans	0.9	1.2	(13.4)	(23.8)
Contribution of shares to 401(k) Plan	3.3	3.2	7.0	7.5
Dividends	(48.8)	(45.7)	(92.7)	(85.3)
Ending balance	2,762.3	2,702.1	2,762.3	2,702.1
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity
Beginning balance	(2,287.8)	(1,891.0)	(2,223.9)	(1,856.7)
Repurchase of shares for treasury	(27.9)	(51.3)	(116.6)	(102.9)
Issuance of shares under stock-based compensation plans	1.8	1.3	24.1	16.5
Contribution of shares to 401(k) Plan	2.1	1.9	4.6	4.0
Ending balance	(2,311.8)	(1,939.1)	(2,311.8)	(1,939.1)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Beginning balance	(359.4)	(639.6)	(682.0)	(680.5)
Other comprehensive (loss) income, net of tax	(10.4)	(80.1)	312.2	(39.2)
Ending balance	$ (369.8)	$ (719.7)	$ (369.8)	$ (719.7)

Supplemental Equity and Comprehensive Income Information - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			$ (682.0)	$ (680.5)
Other comprehensive (loss) income before reclassifications, net of tax			47.9	(51.2)
Reclassifications to net loss income, net of tax			264.3	12.0
Net current-period other comprehensive income (loss), net of tax	$ (10.4)	$ (80.1)	312.2	(39.2)
Balance at end of the period	(369.8)	(719.7)	(369.8)	(719.7)
Foreign Currency Translation
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(247.4)	(156.2)
Other comprehensive (loss) income before reclassifications, net of tax			11.6	(51.6)
Net current-period other comprehensive income (loss), net of tax			11.6	(51.6)
Balance at end of the period	(235.8)	(207.8)	(235.8)	(207.8)
Pension and Other Postretirement Benefits
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(434.3)	(524.0)
Other comprehensive (loss) income before reclassifications, net of tax			36.0
Reclassifications to net loss income, net of tax			264.9	11.7
Net current-period other comprehensive income (loss), net of tax			300.9	11.7
Balance at end of the period	(133.4)	(512.3)	(133.4)	(512.3)
Cash Flow Hedges
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(0.3)	(0.3)
Other comprehensive (loss) income before reclassifications, net of tax			0.3	0.4
Reclassifications to net loss income, net of tax			(0.6)	0.3
Net current-period other comprehensive income (loss), net of tax			(0.3)	0.7
Balance at end of the period	$ (0.6)	$ 0.4	$ (0.6)	$ 0.4

Supplemental Equity and Comprehensive Income Information - Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	$ (1,313.4)	$ (1,352.8)	$ (2,588.1)	$ (2,645.8)
Other non-operating expense	(0.9)	(2.6)	(447.4)	(5.9)
Income (loss) before taxes	188.7	139.9	(95.7)	299.0
Provision for income taxes	(44.9)	(43.9)	93.5	(77.2)
Net income (loss)	143.4	95.6	(3.5)	220.8
Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Net income (loss)	0.1	(6.1)	(264.3)	(12.0)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Income (loss) before taxes	0.4	(0.1)	0.8	(0.4)
Provision for income taxes	(0.1)		(0.2)	0.1
Net income (loss)	0.3	(0.1)	0.6	(0.3)
Cash Flow Hedges \| Amounts Reclassified from Accumulated other comprehensive loss \| Foreign exchange contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	0.4		0.8	(0.3)
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)		(0.1)
Pension and Other Postretirement Benefits \| Amounts Reclassified from Accumulated other comprehensive loss
Amounts reclassified from Accumulated other comprehensive loss
Other non-operating expense	(0.4)	(7.3)	(444.2)	(14.8)
Provision for income taxes	0.2	1.3	179.3	3.1
Net income (loss)	$ (0.2)	$ (6.0)	$ (264.9)	$ (11.7)

Supplemental Equity and Comprehensive Income Information - Income tax expense (benefit) allocated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Income tax expense (benefit) allocated to components of other comprehensive income
Foreign currency translation	$ 4.7	$ 4.5	$ 0.3	$ (0.8)
Pension and other postretirement benefits	0.2	1.3	190.0	3.1
Cash flow hedges		(0.1)	(0.1)	0.2
Income tax expense allocated to components of other comprehensive income	$ 4.9	$ 5.7	$ 190.2	$ 2.5

Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Jun. 29, 2019	Dec. 29, 2018
Assets
Trading securities	$ 29.6	$ 26.3
Derivative assets	8.0	3.6
Bank drafts	18.4	23.0
Liabilities
Derivative liabilities	8.6	8.7
Contingent consideration liability		1.6
Cash and cash equivalents
Assets
Trading securities	0.7	0.2
Other current assets
Assets
Trading securities	28.9	26.1
Quoted Prices in Active Markets (Level 1)
Assets
Trading securities	25.5	21.5
Derivative assets		0.1
Bank drafts	18.4	23.0
Significant Other Observable Inputs (Level 2)
Assets
Trading securities	4.1	4.8
Derivative assets	8.0	3.5
Liabilities
Derivative liabilities	$ 8.6	8.7
Significant Other Observable Inputs (Level 3)
Liabilities
Contingent consideration liability		$ 1.6

Fair Value Measurements - Non-Recurring Fair Value Measurements (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018 USD ($)
Non-Recurring Fair Value Measurements
Carrying amount of long lived-assets	$ 18.0
Fair value of long-lived assets	10.6
Other expense, net
Non-Recurring Fair Value Measurements
Impairment charges for long lived-assets	$ 7.4

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 29, 2019 USD ($) item	Dec. 29, 2018 USD ($)
Environmental Liabilities Associated with Remediation
Environmental site contingency number of sites \| item	11
Balance at beginning of the period	$ 20.0
Charges, net of reversals	2.1
Payments	(2.8)
Balance at end of the period	19.3
Short term environmental liabilities	$ 5.0	$ 5.0

Segment and Disaggregated Revenue Information - Net Sales to Unaffiliated Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 1,795.7	$ 1,854.2	$ 3,535.8	$ 3,630.6
Retail Branding and Information Solutions
Net sales to unaffiliated customers
Net sales to unaffiliated customers	418.3	416.7	816.6	802.7
Retail Branding and Information Solutions \| Apparel
Net sales to unaffiliated customers
Net sales to unaffiliated customers	370.4	373.3	723.5	720.5
Retail Branding and Information Solutions \| Printer Solutions
Net sales to unaffiliated customers
Net sales to unaffiliated customers	47.9	43.4	93.1	82.2
Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,206.3	1,257.3	2,384.6	2,475.5
Industrial and Healthcare Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	171.1	180.2	334.6	352.4
U.S. \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	320.1	323.1	631.8	632.9
Europe \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	452.2	490.2	902.1	975.1
Asia \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	267.1	270.8	523.3	538.1
Latin America \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	94.4	97.5	185.0	186.3
Other international \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 72.5	$ 75.7	$ 142.4	$ 143.1

Segment and Disaggregated Revenue Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Segment Information
Net sales to unaffiliated customers	$ 1,795.7	$ 1,854.2	$ 3,535.8	$ 3,630.6
Interest expense	(19.5)	(14.3)	(39.0)	(27.5)
Other non-operating expense	(0.9)	(2.6)	(447.4)	(5.9)
Income (loss) before taxes	188.7	139.9	(95.7)	299.0
Other expense, net	7.5	57.1	15.0	69.9
Intersegment sales
Segment Information
Net sales to unaffiliated customers	28.0	23.3	56.0	44.5
Label and Graphic Materials
Segment Information
Net sales to unaffiliated customers	1,206.3	1,257.3	2,384.6	2,475.5
Label and Graphic Materials \| Intersegment sales
Segment Information
Net sales to unaffiliated customers	20.1	19.8	41.3	38.7
Label and Graphic Materials \| Operating segments
Segment Information
Income (loss) before taxes	162.1	115.5	301.6	265.2
Other expense, net	4.4	57.8	12.0	65.9
Retail Branding and Information Solutions \| Intersegment sales
Segment Information
Net sales to unaffiliated customers	5.0	1.0	9.2	1.6
Retail Branding and Information Solutions \| Operating segments
Segment Information
Income (loss) before taxes	50.4	45.3	101.8	80.0
Other expense, net	1.7	1.4	(0.3)	6.1
Industrial and Healthcare Materials
Segment Information
Net sales to unaffiliated customers	171.1	180.2	334.6	352.4
Industrial and Healthcare Materials \| Intersegment sales
Segment Information
Net sales to unaffiliated customers	2.9	2.5	5.5	4.2
Industrial and Healthcare Materials \| Operating segments
Segment Information
Income (loss) before taxes	16.5	16.6	30.1	29.6
Other expense, net	1.4	0.2	3.3	0.2
Corporate expense
Segment Information
Income (loss) before taxes	$ (19.9)	(20.6)	$ (42.8)	(42.4)
Other expense, net		$ (2.3)		$ (2.3)

Segment and Disaggregated Revenue Information - Other Expense, Net by Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Restructuring charges:
Restructuring charges			$ 18.9
Other items:
Other restructuring-related charge				$ 0.5
Net gain on sales of assets		$ (2.3)	(3.2)	(2.7)
Other expense, net	$ 7.5	57.1	15.0	69.9
Severance and related costs
Restructuring charges:
Restructuring charges	6.1	58.8	16.5	63.1
Asset impairment charges and lease cancellation costs
Restructuring charges:
Restructuring charges	$ 1.4	$ 0.6	$ 1.7	$ 9.0

Supplemental Financial Information (Details) - USD ($) $ in Millions	Jun. 29, 2019	Dec. 29, 2018
Inventories
Raw materials	$ 235.5	$ 236.2
Work-in-progress	202.5	196.7
Finished goods	233.0	218.5
Inventories, net	671.0	651.4
Property, Plant and Equipment
Property, plant and equipment	3,090.6	3,053.7
Accumulated depreciation	(1,946.8)	(1,916.3)
Property, plant and equipment, net	$ 1,143.8	$ 1,137.4

Supplemental Financial Information - Deferred Revenue, Research and Development and Equity Method Investment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018	Dec. 29, 2018	Dec. 30, 2017	Jan. 31, 2019
Deferred Revenue
Total deferred revenue	$ 13.2		$ 13.2		$ 11.8
Revenue recognized during the period	9.5	$ 10.3	9.5	$ 10.3	1.8	$ 1.9
Equity Method Investment
Carrying value of equity method investment	9.8		9.8		6.7		$ 4.0
Marketing, general and administrative expense
Research and Development
Research and development expense	24.8	$ 25.2	49.5	$ 50.0
Other current liabilities
Deferred Revenue
Total deferred revenue	12.9		12.9		11.5
Long-term retirement benefits and other liabilities
Deferred Revenue
Total deferred revenue	$ 0.3		$ 0.3		$ 0.3