0001104659-20-118512 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 26, 2020	Oct. 24, 2020
Document Type	10-Q
Document Period End Date	Sep. 26, 2020
Document Transition Report	false
Entity File Number	1-7685
Entity Registrant Name	AVERY DENNISON CORPORATION
Entity Central Index Key	0000008818
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-1492269
Entity Address, City or Town	Glendale
Entity Address, State or Province	CA
Entity Address, Address Line One	207 Goode Avenue
City Area Code	626
Local Phone Number	304-2000
Entity Address, Postal Zip Code	91203
Current Fiscal Year End Date	--01-02
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		83,417,722
Document Quarterly Report	true
Common stock, $1 par value
Security Exchange Name	NYSE
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	AVY
Senior notes due 2025 at 1.25%
Security Exchange Name	NYSE
Title of 12(b) Security	1.25% Senior Notes due 2025
Trading Symbol	AVY25

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 284.7	$ 253.7
Trade accounts receivable, less allowances of $45.8 and $27.1 at September 26, 2020 and December 28, 2019, respectively	1,212.7	1,212.2
Inventories, net	662.6	663.0
Other current assets	214.5	211.7
Total current assets	2,374.5	2,340.6
Property, plant and equipment, net	1,233.9	1,210.7
Goodwill	1,059.3	930.8
Other intangibles resulting from business acquisitions, net	194.1	126.5
Deferred tax assets	203.3	225.4
Other assets	655.7	654.8
Total assets	5,720.8	5,488.8
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	124.1	440.2
Accounts payable	932.8	1,066.1
Accrued payroll and employee benefits	218.7	220.4
Other current liabilities	540.4	527.1
Total current liabilities	1,816.0	2,253.8
Long-term debt and finance leases	2,020.0	1,499.3
Long-term retirement benefits and other liabilities	438.8	421.4
Deferred tax liabilities and income taxes payable	111.4	110.3
Commitments and contingencies (see Note 12)
Shareholders' equity:
Common stock, $1 par value per share, authorized - 400,000,000 shares at September 26, 2020 and December 28, 2019; issued - 124,126,624 shares at September 26, 2020 and December 28, 2019; outstanding - 83,451,316 shares and 83,366,840 shares at September 26, 2020 and December 28, 2019, respectively	124.1	124.1
Capital in excess of par value	850.3	874.0
Retained earnings	3,205.5	2,979.1
Treasury stock at cost, 40,675,308 shares and 40,759,784 shares at September 26, 2020 and December 28, 2019, respectively	(2,451.4)	(2,425.1)
Accumulated other comprehensive loss	(393.9)	(348.1)
Total shareholders' equity	1,334.6	1,204.0
Total liabilities and shareholders' equity	$ 5,720.8	$ 5,488.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade accounts receivable, allowances (in dollars)	$ 45.8	$ 27.1
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	83,451,316	83,366,840
Treasury stock, shares	40,675,308	40,759,784

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 1,729.1	$ 1,761.4	$ 4,980.6	$ 5,297.2
Cost of products sold	1,244.9	1,289.7	3,628.4	3,877.8
Gross profit	484.2	471.7	1,352.2	1,419.4
Marketing, general and administrative expense	258.3	265.3	758.7	807.3
Other expense (income), net	12.4	6.7	57.3	21.7
Interest expense	15.6	19.0	54.4	58.0
Other non-operating expense (income), net	0.1	0.8	(0.2)	448.2
Income before taxes	197.8	179.9	482.0	84.2
Provision for (benefit from) income taxes	46.3	34.6	114.8	(58.9)
Equity method investment (losses) gains	(1.0)	(0.7)	(2.8)	(2.0)
Net income	$ 150.5	$ 144.6	$ 364.4	$ 141.1
Per share amounts:
Net income per common share (in dollars per share)	$ 1.80	$ 1.72	$ 4.37	$ 1.68
Net income per common share, assuming dilution (in dollars per share)	$ 1.79	$ 1.71	$ 4.34	$ 1.66
Weighted average number of shares outstanding:
Common shares (in shares)	83.5	84.0	83.4	84.2
Common shares, assuming dilution (in shares)	84.0	84.8	84.0	85.1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 150.5	$ 144.6	$ 364.4	$ 141.1
Other comprehensive income (loss), net of tax:
Foreign currency translation	9.5	(28.7)	(45.5)	(17.1)
Pension and other postretirement benefits	0.6	0.5	1.9	301.4
Cash flow hedges	(0.8)	(1.3)	(2.2)	(1.6)
Other comprehensive income (loss), net of tax	9.3	(29.5)	(45.8)	282.7
Total comprehensive income, net of tax	$ 159.8	$ 115.1	$ 318.6	$ 423.8

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Operating Activities
Net income	$ 364.4	$ 141.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	113.7	105.3
Amortization	36.1	28.1
Provision for credit losses and sales returns	50.4	42.4
Stock-based compensation	12.1	25.5
Pension plan settlements and related charges		446.9
Deferred income taxes and other non-cash taxes	17.1	(176.4)
Other non-cash expense and loss (income and gain), net	35.3	17.5
Changes in assets and liabilities and other adjustments	(187.3)	(163.4)
Net cash provided by operating activities	441.8	467.0
Investing Activities
Purchases of property, plant and equipment	(91.7)	(132.9)
Purchases of software and other deferred charges	(13.8)	(27.4)
Proceeds from sales of property, plant and equipment	0.2	7.7
Proceeds from insurance and sales (purchases) of investments, net	5.2	3.5
Payments for acquisition, net of cash acquired, and investments in businesses	(262.8)	(6.5)
Net cash used in investing activities	(362.9)	(155.6)
Financing Activities
Net increase (decrease) in borrowings (maturities of three months or less)	(57.1)	68.9
Additional borrowings under revolving credit facility	500.0
Repayments of revolving credit facility	(500.0)
Additional long-term borrowings	493.7
Repayments of long-term debt and finance leases	(268.9)	(17.7)
Dividends paid	(145.2)	(141.3)
Share repurchases	(52.2)	(204.3)
Net (tax withholding) proceeds related to stock-based compensation	(20.0)	(17.4)
Payments of contingent consideration		(1.6)
Net cash used in financing activities	(49.7)	(313.4)
Effect of foreign currency translation on cash balances	1.8	(5.8)
Increase (decrease) in cash and cash equivalents	31.0	(7.8)
Cash and cash equivalents, beginning of year	253.7	232.0
Cash and cash equivalents, end of period	$ 284.7	$ 224.2

General

9 Months Ended

Sep. 26, 2020

General

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 2019 Annual Report on Form 10-K, which should be read in conjunction with this Quarterly Report on Form 10-Q. These 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.

We expect the effects of the coronavirus/COVID-19 pandemic (collectively referred to herein as "COVID-19") to negatively impact our financial position, results of operations, and cash flows in fiscal year 2020, most significantly in our Retail Branding and Information Solutions ("RBIS") and Industrial and Healthcare Materials reportable segments.

The unaudited Condensed Consolidated Financial Statements presented herein reflect our current estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods presented.

Fiscal Periods

The three and nine months ended September 26, 2020 and September 28, 2019 consisted of thirteen-week and thirty-nine week periods, respectively.

Accounting Guidance Update

Credit Losses

In the first quarter of 2020, using the modified retrospective approach, we adopted amended accounting guidance that requires credit losses on financial instruments, including trade receivables, to be measured based on the expected credit loss model instead of the incurred loss model. The expected credit loss model requires us to consider forward-looking information to estimate our allowance for credit losses. Our adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows.

Acquisitions

9 Months Ended

Sep. 26, 2020

Acquisitions

Acquisitions

Note 2. Acquisitions

On February 28, 2020, we completed the acquisition of Smartrac’s Transponder (RFID Inlay) division ("Smartrac"), a manufacturer of radio-frequency identification (“RFID”) products, for consideration of approximately $255 million (€238 million). We believe this acquisition enhances our research and development capabilities, expands our product lines, and provides added manufacturing capacity. Consistent with the time allowed to complete our assessment, our valuation of certain acquired assets and liabilities, including environmental liabilities and income taxes, is preliminary. This acquisition was not material to our unaudited Condensed Consolidated Financial Statements.

Goodwill and Other Intangibles Resulting from Business Acquisitions

9 Months Ended

Sep. 26, 2020

Goodwill and Other Intangibles Resulting from Business Acquisitions

Goodwill and Other Intangibles Resulting from Business Acquisitions

Note 3. Goodwill and Other Intangibles Resulting from Business Acquisitions

Changes in the net carrying amount of goodwill for the nine months ended September 26, 2020 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 28, 2019	$	407.8	$	349.3	$	173.7	$	930.8
Acquisition⁽¹⁾		–		109.6		–		109.6
Translation adjustments		9.3		5.4		4.2		18.9
Goodwill as of September 26, 2020	$	417.1	$	464.3	$	177.9	$	1,059.3

⁽¹⁾Goodwill acquired related to the acquisition of Smartrac. The amount of goodwill recognized is not expected to be deductible for income tax purposes.

The duration and severity of COVID-19 could result in future impairment charges to our reportable segments’ goodwill balances. While we have concluded that a triggering event did not occur during the nine months ended September 26, 2020, a prolonged pandemic could significantly impact our results of operations and result in changes to the assumptions we utilize in determining the estimated fair values of goodwill, which could trigger an impairment.

Finite-Lived Intangible Assets

In connection with the Smartrac acquisition, we acquired approximately $78 million of identifiable intangible assets, which consisted of customer relationships, trade names and trademarks, and patents and other acquired technology. We utilized the income approach to estimate the fair values of acquired identifiable intangibles, primarily using Level 3 inputs. The discount rate we used to value these assets was 13.5%.

The table below summarizes the amounts and useful lives of these intangible assets as of the acquisition date.


			Amortization
	Amount		period
	(in millions)		(in years)
Patents and other acquired technology	$	60.0	11
Customer relationships		16.0	6
Trade names and trademarks		2.0	5

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

Debt

9 Months Ended

Sep. 26, 2020

Debt

Debt

Note 4. Debt

In March 2020, we issued $500 million of senior notes, due April 2030. These senior notes bear an interest rate of 2.65% per year, payable semiannually in arrears. Our net proceeds from the offering, after deducting underwriting discounts and offering expenses, were $493.7 million, which we used to repay both existing indebtedness under our commercial paper program used to fund our Smartrac acquisition and our $250 million of senior notes that matured in April 2020.

In the second quarter of 2020, we also repaid $15 million of medium-term notes that matured in June 2020.

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 $2.37 billion at September 26, 2020 and $2.05 billion at December 28, 2019. 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.

In February 2020, we amended and restated our $800 million revolving credit facility (the “Revolver”), eliminating one of the financial covenant requirements and extending the maturity date to February 13, 2025. The maturity date may be extended for a one-year period under certain circumstances. The commitments under the Revolver may be increased by up to $400 million, subject to lender approvals and customary requirements. No balance was outstanding under the Revolver as of September 26, 2020 or December 28, 2019. As of both September 26, 2020 and December 28, 2019, we were in compliance with our financial covenants under the Revolver.

Pension and Other Postretirement Benefits

9 Months Ended

Sep. 26, 2020

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Note 5. Pension and Other Postretirement Benefits

Defined Benefit Plans

We sponsor a number of defined benefit plans, the 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. For the three months and nine months ended September 26, 2020, the net periodic benefit cost related to our U.S. and international plans was not material. For the three months and nine months ended September 28, 2019, the combined net periodic benefit cost related to our U.S. and international plans was $2.1 million and $3.2 million and $451.8 million and $9.7 million, respectively. Included in the net periodic benefit cost for our U.S. plans for the nine months ended September 28, 2019 was a loss on settlement of $446.9 million related to the termination of the Avery Dennison Pension Plan (the “ADPP”), a U.S. defined benefit plan. This loss was partially offset by related tax benefits of approximately $179 million. Refer to Note 8, “Taxes Based on Income,” to the unaudited Condensed Consolidated Financial Statements for more information.

In connection with the ADPP termination in 2019, we settled approximately $753 million of the plan's liabilities by entering into an agreement to purchase annuities primarily from American General Life Insurance Company and through a combination of annuities and direct funding to the Pension Benefit Guaranty Corporation for a small portion of former employees and their beneficiaries.

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 (income), net” in the unaudited Condensed Consolidated Statements of Income, respectively.

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 did not incur significant costs related to these benefits in the nine months ended September 26, 2020 or September 28, 2019.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Cost Reduction Actions

9 Months Ended

Sep. 26, 2020

Cost Reduction Actions

Cost Reduction Actions

Note 6. Cost Reduction Actions

2019/2020 Actions

During the nine months ended September 26, 2020, we recorded $52.7 million in restructuring charges related to our 2019/2020 actions. These charges consisted of severance and related costs for the reduction of approximately 2,050 positions at numerous locations across our company, which primarily included actions in our Label and Graphic Materials (“LGM”) and RBIS reportable segments. The actions in LGM were primarily associated with the consolidation of our graphics business in Europe, in part in response to COVID-19. The actions in RBIS were primarily related to global headcount and footprint reduction, with some actions accelerated and expanded in response to COVID-19.

During the nine months ended September 26, 2020, restructuring charges and payments were as follows:


			Charges,						Foreign
	Accrual at		Net of		Cash		Non-cash		Currency		Accrual at
(In millions)	December 28, 2019		Reversals		Payments		Impairment		Translation		September 26, 2020
2019/2020 Actions
Severance and related costs	$	21.9	$	46.4	$	(32.3)	$	—	$	1.6	$	37.6
Asset impairment		—		6.2		—		(6.2)		—		—

2018/2019 Actions
Severance and related costs		6.5		—		(6.4)		—		.1		.2
Lease cancellation costs		.3		—		—		—		—		.3
Total	$	28.7	$	52.6	$	(38.7)	$	(6.2)	$	1.7	$	38.1

Accruals for severance and related costs, as well as 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 (income), net” in the unaudited Condensed Consolidated Statements of Income.

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


	Three Months Ended				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Restructuring charges, net of reversals, by reportable segment and Corporate
Label and Graphic Materials	$	1.4	$	1.2	$	27.6	$	13.9
Retail Branding and Information Solutions		2.9		1.2		16.6		3.4
Industrial and Healthcare Materials		6.6		.9		8.6		4.2
Corporate		—		—		(.2)		—
Total	$	10.9	$	3.3	$	52.6	$	21.5

Financial Instruments

9 Months Ended

Sep. 26, 2020

Financial Instruments

Financial Instruments

Note 7. 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 also enter into futures contracts to hedge certain price fluctuations for a portion of our anticipated domestic purchases of natural gas. The impact of these foreign exchange and commodities hedge activities on our unaudited Condensed Consolidated Financial Statements was not significant.

Following our Smartrac acquisition and our issuance of senior notes in March 2020, we entered into U.S. dollar to euro cross-currency swap contracts with a total notional amount of $250 million to have the effect of converting the fixed-rate U.S. dollar-denominated debt to euro-denominated debt, including semiannual interest payments and the payment of principal at maturity. During the term of the contract, which ends on April 30, 2030, we pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars. These contracts have been designated as cash flow hedges. The fair value of these contracts as of September 26, 2020 was $(14.8) million and was included in “Long-term retirement benefits and other liabilities” in the unaudited Condensed Consolidated Balance Sheets. Refer to Note 11, “Fair Value Measurements,” to the unaudited Condensed Consolidated Financial Statements for more information.

Taxes Based on Income

9 Months Ended

Sep. 26, 2020

Taxes Based on Income

Taxes Based on Income

Note 8. Taxes Based on Income

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


	Three Months Ended						Nine Months Ended
(Dollars in millions)	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
Income before taxes	$	197.8		$	179.9		$	482.0		$	84.2
Provision for (benefit from) income taxes		46.3			34.6			114.8			(58.9)
Effective tax rate		23.4	%		19.2	%		23.8	%		(70.0)	%

Our provision for (benefit from) income taxes for the three and nine months ended September 26, 2020 included $4.5 million and $15 million, respectively, of net tax charge related to the tax on global intangible low-taxed income (“GILTI”) of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from foreign-derived intangible income (“FDII”). Our provision for (benefit from) income taxes for the three and nine months ended September 26, 2020 also reflected a net discrete tax benefit resulting from adjustments for changes in our estimates upon the completion of the 2019 U.S. federal tax return. Our provision for (benefit from) income taxes for the nine months ended September 26, 2020 also reflected the following discrete items: (i) $13.9 million of net tax benefit primarily from decreases in certain tax reserves, including associated interest and penalties, as a result of closing tax years and effective settlements of certain foreign tax audits, partially offset by additional interest and penalty accruals and (ii) tax benefit related to excess tax benefits associated with stock-based payments.

Our provision for (benefit from) income taxes for the three and nine months ended September 26, 2020 was not materially affected by COVID-19. Moreover, our ability to generate sufficient taxable income was not adversely affected in certain jurisdictions where a significant portion of our net deferred tax assets is concentrated. Our provision for (benefit from) income taxes for the three and nine months ended September 26, 2020 was not materially impacted by the stimulus packages and subsequent interpretations enacted in the U.S. and other countries to provide economic relief to businesses in response to COVID-19.

Our provision for (benefit from) income taxes for the three and nine months ended September 28, 2019 included $4.6 million and $15 million, respectively, of net tax charge related to the tax on GILTI of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from FDII. 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 U.S. statutory minimum threshold. As a result, our provision for (benefit from) income taxes for the three and nine months ended September 28, 2019 did not include tax charges related to Base Erosion Anti-Abuse Tax. Our provision for (benefit from) income taxes for the three and nine months ended September 28, 2019 reflected $8.4 million of tax benefit due to the effective settlement of certain German tax audits for tax years 2011-2014. Our provision for (benefit from) income taxes for the nine months ended September 28, 2019 also primarily reflected the following discrete items: (i) $8 million of tax benefit related to excess tax benefits associated with stock-based payments and (ii) approximately $179 million of tax benefit related to the effective settlement of the ADPP, $102 million of which was the related tax effect on the pretax charge of $446.9 million and $77 million of which was related to the release of stranded tax effects in

“Accumulated other comprehensive income” through the unaudited Condensed Consolidated Statements of Income. The tax effects were stranded primarily as a result of the U.S. federal tax rate change under the U.S. Tax Cuts and Jobs Act. Refer to Note 5, “Pension and Other Postretirement Benefits,” to the unaudited Condensed Consolidated Financial Statements for more information on the termination of the ADPP.

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. The final determination of tax audits and any related legal proceedings could materially differ from the amounts currently reflected in our tax provision and the related liabilities. To date, we and our U.S. subsidiaries have completed the IRS’ Compliance Assurance Process Program through 2017. With limited exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2010.

During the third quarter of 2020, we completed an analysis related to a foreign withholding tax regime that could be interpreted to subject us to withholding tax compliance requirements on certain cross-border intellectual property transactions for years remaining open under the applicable statutes of limitations. Our interpretation concluded that the application of the withholding tax regime would not have a material impact on our financial position, results of operations or cash flows.

On July 20, 2020, the U.S. Department of Treasury released final regulations that provide certain U.S. taxpayers with an annual election to exclude foreign income that is subject to a high effective tax rate from their GILTI inclusions. These regulations apply beginning with our 2021 tax year with an option to retroactively apply them to our 2018 through 2020 tax years. During the third quarter of 2020, we did not reflect any impacts of this provision as we have not yet made our determination on whether to make the election for each of the applicable tax years. We continue to evaluate the impact of these regulations and currently anticipate that the benefits from electing these exclusions on our original or amended returns may be significant for certain years. We will reflect the impacts on our provision for (benefit from) income taxes upon the completion of our evaluation within the time allowed under applicable regulations.

Subsequent to the end of the third quarter of 2020, we met with tax authorities in a foreign jurisdiction on an audit for tax years 2016-2019 to discuss the application of incentive tax rates to our activities in the jurisdiction for those years. The response received during the meeting and in subsequent correspondence may lead to a change in our judgment with regard to our uncertain tax positions, which may have a significant adverse effect on our provision for (benefit from) income taxes in 2020.

It is reasonably possible that, during the next 12 months, we may realize a net decrease in our uncertain tax positions, including interest and penalties, of approximately $3 million, primarily as a result of audit settlements, changes in our judgment, including the foreign audit matter described above, and closing tax years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income Per Common Share

9 Months Ended

Sep. 26, 2020

Net Income Per Common Share

Net Income Per Common Share

Note 9. Net Income Per Common Share

Net income per common share was computed as follows:


		Three Months Ended				Nine Months Ended
(In millions, except per share amounts)		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
(A)	Net income available to common shareholders	$	150.5	$	144.6	$	364.4	$	141.1
(B)	Weighted average number of common shares outstanding		83.5		84.0		83.4		84.2
	Dilutive shares (additional common shares issuable under stock-based awards)		.5		.8		.6		.9
(C)	Weighted average number of common shares outstanding, assuming dilution		84.0		84.8		84.0		85.1
Net income per common share: (A) ÷ (B)		$	1.80	$	1.72	$	4.37	$	1.68
Net income per common share, assuming dilution: (A) ÷ (C)		$	1.79	$	1.71	$	4.34	$	1.66

Certain stock-based compensation awards were not included in the computation of net income per common share, assuming dilution, because they would not have had a dilutive effect. Stock-based compensation awards excluded from the computation were not significant for the three and nine months ended September 26, 2020 or September 28, 2019.

Supplemental Equity and Comprehensive Income Information

9 Months Ended

Sep. 26, 2020

Supplemental Equity and Comprehensive Income Information

Supplemental Equity and Comprehensive Income Information

Note 10. Supplemental Equity and Comprehensive Income Information

Consolidated Changes in Shareholders’ Equity


	Three Months Ended				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Common stock issued, $1 par value per share	$	124.1	$	124.1	$	124.1	$	124.1
Capital in excess of par value
Beginning balance	$	840.0	$	857.7	$	874.0	$	872.0
Issuance of shares under stock-based compensation plans⁽¹⁾		10.3		7.1		(23.7)		(7.2)
Ending balance	$	850.3	$	864.8	$	850.3	$	864.8
Retained earnings
Beginning balance	$	3,100.2	$	2,762.3	$	2,979.1	$	2,864.9
Net income		150.5		144.6		364.4		141.1
Issuance of shares under stock-based compensation plans⁽¹⁾		—		—		(3.3)		(13.4)
Contribution of shares to 401(k) Plan⁽¹⁾		3.2		3.4		10.5		10.4
Dividends		(48.4)		(48.6)		(145.2)		(141.3)
Ending balance	$	3,205.5	$	2,861.7	$	3,205.5	$	2,861.7
Treasury stock at cost
Beginning balance	$	(2,447.2)	$	(2,311.8)	$	(2,425.1)	$	(2,223.9)
Repurchase of shares for treasury		(7.0)		(87.7)		(52.2)		(204.3)
Issuance of shares under stock-based compensation plans⁽¹⁾		.9		3.5		19.5		27.6
Contribution of shares to 401(k) Plan⁽¹⁾		1.9		2.1		6.4		6.7
Ending balance	$	(2,451.4)	$	(2,393.9)	$	(2,451.4)	$	(2,393.9)
Accumulated other comprehensive loss
Beginning balance	$	(403.2)	$	(369.8)	$	(348.1)	$	(682.0)
Other comprehensive income (loss), net of tax⁽²⁾		9.3		(29.5)		(45.8)		282.7
Ending balance	$	(393.9)	$	(399.3)	$	(393.9)	$	(399.3)

⁽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 2019, we effectively settled our remaining obligations under the ADPP. Refer to Note 5, “Pension and Other Postretirement Benefits,” to the unaudited Condensed Consolidated Financial Statements for more information.

Dividends per common share were as follows:


	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Dividends per common share	$	.58	$	.58	$	1.74	$	1.68

Changes in Accumulated Other Comprehensive Loss

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 26, 2020 were as follows:


			Pension and
	Foreign		Other
	Currency		Postretirement		Cash Flow
(In millions)	Translation		Benefits		Hedges		Total
Balance as of December 28, 2019	$	(245.1)	$	(101.8)	$	(1.2)	$	(348.1)
Other comprehensive income (loss) before reclassifications, net of tax		(45.5)		—		(2.3)		(47.8)
Reclassifications to net income, net of tax		—		1.9		.1		2.0
Net current-period other comprehensive income (loss), net of tax		(45.5)		1.9		(2.2)		(45.8)
Balance as of September 26, 2020	$	(290.6)	$	(99.9)	$	(3.4)	$	(393.9)

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 28, 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 (loss) before reclassifications, net of tax⁽¹⁾		(17.1)		36.0		(.9)		18.0
Reclassifications to net income, net of tax⁽²⁾		—		265.4		(.7)		264.7
Net current-period other comprehensive income (loss), net of tax		(17.1)		301.4		(1.6)		282.7
Balance as of September 28, 2019	$	(264.5)	$	(132.9)	$	(1.9)	$	(399.3)

⁽¹⁾Other comprehensive income (loss) before reclassifications, net of tax, for pension and other postretirement benefits related to the remeasurement of the ADPP’s net pension obligations and included tax of $10.7.

⁽²⁾Reclassifications to net income for pension and other postretirement benefits included losses of $444.7 and related tax of $179.3, which were recorded in “Other non-operating expense (income), net” and “Provision for (benefit from) income taxes,” respectively.

Fair Value Measurements

9 Months Ended

Sep. 26, 2020

Fair Value Measurements

Fair Value Measurements

Note 11. Fair Value Measurements

Recurring Fair Value Measurements

The assets and liabilities carried at fair value, measured on a recurring basis, as of September 26, 2020 were as follows:


			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
Investments	$	33.0	$	27.1	$	5.9	$	—
Derivative assets		8.3		.2		8.1		—
Bank drafts		19.5		19.5		—		—
Liabilities
Derivative liabilities	$	24.1	$	—	$	24.1	$	—

The assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2019 were as follows:


			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
Investments	$	30.6	$	26.0	$	4.6	$	—
Derivative assets		5.2		—		5.2		—
Bank drafts		21.3		21.3		—		—
Liabilities
Derivative liabilities	$	6.0	$	.4	$	5.6	$	—

Investments 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 September 26, 2020, investments of $.9 million and $32.1 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of December 28, 2019, investments of $.4 million and $30.2 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.

- Definition

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

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 26, 2020

Commitments and Contingencies

Commitments and Contingencies

Note 12. 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 September 26, 2020, 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 related to our environmental liabilities for the nine months ended September 26, 2020 was as follows:


(In millions)
Balance at December 28, 2019	$	21.4
Charges, net of reversals		.8
Payments		(2.7)
Balance at September 26, 2020	$	19.5

Approximately $9 million and $10 million, respectively, of the balance was classified as short-term and included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets as of September 26, 2020 and December 28, 2019.

Segment and Disaggregated Revenue Information

9 Months Ended

Sep. 26, 2020

Segment and Disaggregated Revenue Information

Segment and Disaggregated Revenue Information

Note 13. 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				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net sales to unaffiliated customers
Label and Graphic Materials:
U.S.	$	320.7	$	315.8	$	963.9	$	947.6
Europe		404.6		429.5		1,272.2		1,331.6
Asia		264.4		266.8		736.4		790.1
Latin America		84.1		99.0		245.2		284.0
Other international		71.6		74.0		202.7		216.4
Total Label and Graphic Materials		1,145.4		1,185.1		3,420.4		3,569.7
Retail Branding and Information Solutions:
Apparel		371.5		353.8		985.1		1,077.3
Printer Solutions		54.6		53.0		137.8		146.1
Total Retail Branding and Information Solutions		426.1		406.8		1,122.9		1,223.4
Industrial and Healthcare Materials		157.6		169.5		437.3		504.1
Net sales to unaffiliated customers	$	1,729.1	$	1,761.4	$	4,980.6	$	5,297.2

Additional Segment Information

Additional financial information by reportable segment and Corporate is shown below.


	Three Months Ended				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Intersegment sales
Label and Graphic Materials	$	19.8	$	18.2	$	55.1	$	59.5
Retail Branding and Information Solutions		7.3		5.6		19.4		14.8
Industrial and Healthcare Materials		2.0		1.5		4.8		7.0
Intersegment sales	$	29.1	$	25.3	$	79.3	$	81.3
Income before taxes
Label and Graphic Materials	$	173.1	$	159.0	$	483.1	$	460.6
Retail Branding and Information Solutions		47.0		45.7		67.2		147.5
Industrial and Healthcare Materials		12.5		17.7		34.9		47.8
Corporate expense		(19.1)		(22.7)		(49.0)		(65.5)
Interest expense		(15.6)		(19.0)		(54.4)		(58.0)
Other non-operating expense (income), net		(.1)		(.8)		.2		(448.2)
Income before taxes	$	197.8	$	179.9	$	482.0	$	84.2
Other expense (income), net, by reportable segment and Corporate
Label and Graphic Materials	$	1.4	$	1.2	$	28.3	$	13.2
Retail Branding and Information Solutions		4.4		1.2		20.6		.9
Industrial and Healthcare Materials		6.6		.9		8.6		4.2
Corporate		—		3.4		(.2)		3.4
Other expense (income), net	$	12.4	$	6.7	$	57.3	$	21.7
Other expense (income), net, by type
Restructuring charges:
Severance and related costs	$	6.5	$	3.3	$	46.4	$	19.8
Asset impairment charges and lease cancellation costs		4.4		—		6.2		1.7
Other items:
Loss on investment		1.5		—		1.5		—
Transaction and related costs		—		—		3.2		—
Legal settlement		—		3.4		—		3.4
Gain on sales of assets		—		—		—		(3.2)
Other expense (income), net	$	12.4	$	6.7	$	57.3	$	21.7

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
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+ Details

Supplemental Financial Information

9 Months Ended

Sep. 26, 2020

Supplemental Financial Information

Supplemental Financial Information

Note 14. Supplemental Financial Information

Inventories

The table below summarizes the amounts in inventory, net.


(In millions)	September 26, 2020		December 28, 2019
Raw materials	$	249.4	$	231.6
Work-in-progress		190.1		201.0
Finished goods		223.1		230.4
Inventories, net	$	662.6	$	663.0

Property, Plant and Equipment

The table below summarizes the amounts in property, plant and equipment, net.


(In millions)	September 26, 2020		December 28, 2019
Property, plant and equipment	$	3,301.5	$	3,171.6
Accumulated depreciation		(2,067.6)		(1,960.9)
Property, plant and equipment, net	$	1,233.9	$	1,210.7

Allowance for Credit Losses

Given the short-term nature of trade receivables, our allowance for credit losses is based on the financial condition of customers, the aging of receivable balances, our historical collection experience, and current and expected future macroeconomic and market conditions, including as a result of COVID-19. Balances are written off in the period in which they are determined to be uncollectible.

The activity for the nine months ended September 26, 2020 related to our allowance for credit losses was as follows:


(In millions)
Balance at December 28, 2019	$	27.1
Provision for credit losses⁽¹⁾		20.0
Amounts written off		(2.3)
Other, including foreign currency translation		1.0
Balance at September 26, 2020	$	45.8

⁽¹⁾Primarily reflects estimated impacts on customers as a result of COVID-19.

General (Policies)	9 Months Ended
General (Policies)	Sep. 26, 2020
General
Fiscal Periods	Fiscal Periods The three and nine months ended September 26, 2020 and September 28, 2019 consisted of thirteen-week and thirty-nine week periods, respectively.
Accounting Guidance Update	Accounting Guidance Update Credit Losses In the first quarter of 2020, using the modified retrospective approach, we adopted amended accounting guidance that requires credit losses on financial instruments, including trade receivables, to be measured based on the expected credit loss model instead of the incurred loss model. The expected credit loss model requires us to consider forward-looking information to estimate our allowance for credit losses. Our adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows.

Goodwill and Other Intangibles Resulting from Business Acquisitions (Tables)

9 Months Ended

Sep. 26, 2020

Goodwill and Other Intangibles Resulting from Business Acquisitions

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 28, 2019	$	407.8	$	349.3	$	173.7	$	930.8
Acquisition⁽¹⁾		–		109.6		–		109.6
Translation adjustments		9.3		5.4		4.2		18.9
Goodwill as of September 26, 2020	$	417.1	$	464.3	$	177.9	$	1,059.3

⁽¹⁾Goodwill acquired related to the acquisition of Smartrac. The amount of goodwill recognized is not expected to be deductible for income tax purposes.

Summary of the amounts and weighted useful lives of finite-lived intangible assets


			Amortization
	Amount		period
	(in millions)		(in years)
Patents and other acquired technology	$	60.0	11
Customer relationships		16.0	6
Trade names and trademarks		2.0	5

Cost Reduction Actions (Tables)

9 Months Ended

Sep. 26, 2020

Cost Reduction Actions

Restructuring charges and payments


			Charges,						Foreign
	Accrual at		Net of		Cash		Non-cash		Currency		Accrual at
(In millions)	December 28, 2019		Reversals		Payments		Impairment		Translation		September 26, 2020
2019/2020 Actions
Severance and related costs	$	21.9	$	46.4	$	(32.3)	$	—	$	1.6	$	37.6
Asset impairment		—		6.2		—		(6.2)		—		—

2018/2019 Actions
Severance and related costs		6.5		—		(6.4)		—		.1		.2
Lease cancellation costs		.3		—		—		—		—		.3
Total	$	28.7	$	52.6	$	(38.7)	$	(6.2)	$	1.7	$	38.1

Restructuring charges, net of reversals, by reportable segment and corporate


	Three Months Ended				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Restructuring charges, net of reversals, by reportable segment and Corporate
Label and Graphic Materials	$	1.4	$	1.2	$	27.6	$	13.9
Retail Branding and Information Solutions		2.9		1.2		16.6		3.4
Industrial and Healthcare Materials		6.6		.9		8.6		4.2
Corporate		—		—		(.2)		—
Total	$	10.9	$	3.3	$	52.6	$	21.5

Taxes Based on Income (Tables)

9 Months Ended

Sep. 26, 2020

Taxes Based on Income

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


	Three Months Ended						Nine Months Ended
(Dollars in millions)	September 26, 2020			September 28, 2019			September 26, 2020			September 28, 2019
Income before taxes	$	197.8		$	179.9		$	482.0		$	84.2
Provision for (benefit from) income taxes		46.3			34.6			114.8			(58.9)
Effective tax rate		23.4	%		19.2	%		23.8	%		(70.0)	%

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 26, 2020

Net Income Per Common Share

Schedule of net income per common share


		Three Months Ended				Nine Months Ended
(In millions, except per share amounts)		September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
(A)	Net income available to common shareholders	$	150.5	$	144.6	$	364.4	$	141.1
(B)	Weighted average number of common shares outstanding		83.5		84.0		83.4		84.2
	Dilutive shares (additional common shares issuable under stock-based awards)		.5		.8		.6		.9
(C)	Weighted average number of common shares outstanding, assuming dilution		84.0		84.8		84.0		85.1
Net income per common share: (A) ÷ (B)		$	1.80	$	1.72	$	4.37	$	1.68
Net income per common share, assuming dilution: (A) ÷ (C)		$	1.79	$	1.71	$	4.34	$	1.66

Supplemental Equity and Comprehensive Income Information (Tables)

9 Months Ended

Sep. 26, 2020

Supplemental Equity and Comprehensive Income Information

Schedule of Consolidated Statements of Shareholders' Equity


	Three Months Ended				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Common stock issued, $1 par value per share	$	124.1	$	124.1	$	124.1	$	124.1
Capital in excess of par value
Beginning balance	$	840.0	$	857.7	$	874.0	$	872.0
Issuance of shares under stock-based compensation plans⁽¹⁾		10.3		7.1		(23.7)		(7.2)
Ending balance	$	850.3	$	864.8	$	850.3	$	864.8
Retained earnings
Beginning balance	$	3,100.2	$	2,762.3	$	2,979.1	$	2,864.9
Net income		150.5		144.6		364.4		141.1
Issuance of shares under stock-based compensation plans⁽¹⁾		—		—		(3.3)		(13.4)
Contribution of shares to 401(k) Plan⁽¹⁾		3.2		3.4		10.5		10.4
Dividends		(48.4)		(48.6)		(145.2)		(141.3)
Ending balance	$	3,205.5	$	2,861.7	$	3,205.5	$	2,861.7
Treasury stock at cost
Beginning balance	$	(2,447.2)	$	(2,311.8)	$	(2,425.1)	$	(2,223.9)
Repurchase of shares for treasury		(7.0)		(87.7)		(52.2)		(204.3)
Issuance of shares under stock-based compensation plans⁽¹⁾		.9		3.5		19.5		27.6
Contribution of shares to 401(k) Plan⁽¹⁾		1.9		2.1		6.4		6.7
Ending balance	$	(2,451.4)	$	(2,393.9)	$	(2,451.4)	$	(2,393.9)
Accumulated other comprehensive loss
Beginning balance	$	(403.2)	$	(369.8)	$	(348.1)	$	(682.0)
Other comprehensive income (loss), net of tax⁽²⁾		9.3		(29.5)		(45.8)		282.7
Ending balance	$	(393.9)	$	(399.3)	$	(393.9)	$	(399.3)

Schedule of dividends per common share


	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Dividends per common share	$	.58	$	.58	$	1.74	$	1.68

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 28, 2019	$	(245.1)	$	(101.8)	$	(1.2)	$	(348.1)
Other comprehensive income (loss) before reclassifications, net of tax		(45.5)		—		(2.3)		(47.8)
Reclassifications to net income, net of tax		—		1.9		.1		2.0
Net current-period other comprehensive income (loss), net of tax		(45.5)		1.9		(2.2)		(45.8)
Balance as of September 26, 2020	$	(290.6)	$	(99.9)	$	(3.4)	$	(393.9)


			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 (loss) before reclassifications, net of tax⁽¹⁾		(17.1)		36.0		(.9)		18.0
Reclassifications to net income, net of tax⁽²⁾		—		265.4		(.7)		264.7
Net current-period other comprehensive income (loss), net of tax		(17.1)		301.4		(1.6)		282.7
Balance as of September 28, 2019	$	(264.5)	$	(132.9)	$	(1.9)	$	(399.3)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 26, 2020

Fair Value Measurements

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

The assets and liabilities carried at fair value, measured on a recurring basis, as of September 26, 2020 were as follows:


			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
Investments	$	33.0	$	27.1	$	5.9	$	—
Derivative assets		8.3		.2		8.1		—
Bank drafts		19.5		19.5		—		—
Liabilities
Derivative liabilities	$	24.1	$	—	$	24.1	$	—

The assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2019 were as follows:


			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
Investments	$	30.6	$	26.0	$	4.6	$	—
Derivative assets		5.2		—		5.2		—
Bank drafts		21.3		21.3		—		—
Liabilities
Derivative liabilities	$	6.0	$	.4	$	5.6	$	—

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 26, 2020

Commitments and Contingencies

Summary of costs of environmental liabilities with remediation


(In millions)
Balance at December 28, 2019	$	21.4
Charges, net of reversals		.8
Payments		(2.7)
Balance at September 26, 2020	$	19.5

Segment and Disaggregated Revenue Information (Tables)

9 Months Ended

Sep. 26, 2020

Segment and Disaggregated Revenue Information

Summary of net sales to unaffiliated customers


	Three Months Ended				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net sales to unaffiliated customers
Label and Graphic Materials:
U.S.	$	320.7	$	315.8	$	963.9	$	947.6
Europe		404.6		429.5		1,272.2		1,331.6
Asia		264.4		266.8		736.4		790.1
Latin America		84.1		99.0		245.2		284.0
Other international		71.6		74.0		202.7		216.4
Total Label and Graphic Materials		1,145.4		1,185.1		3,420.4		3,569.7
Retail Branding and Information Solutions:
Apparel		371.5		353.8		985.1		1,077.3
Printer Solutions		54.6		53.0		137.8		146.1
Total Retail Branding and Information Solutions		426.1		406.8		1,122.9		1,223.4
Industrial and Healthcare Materials		157.6		169.5		437.3		504.1
Net sales to unaffiliated customers	$	1,729.1	$	1,761.4	$	4,980.6	$	5,297.2

Summary of additional financial information by reportable segment and Corporate


	Three Months Ended				Nine Months Ended
(In millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Intersegment sales
Label and Graphic Materials	$	19.8	$	18.2	$	55.1	$	59.5
Retail Branding and Information Solutions		7.3		5.6		19.4		14.8
Industrial and Healthcare Materials		2.0		1.5		4.8		7.0
Intersegment sales	$	29.1	$	25.3	$	79.3	$	81.3
Income before taxes
Label and Graphic Materials	$	173.1	$	159.0	$	483.1	$	460.6
Retail Branding and Information Solutions		47.0		45.7		67.2		147.5
Industrial and Healthcare Materials		12.5		17.7		34.9		47.8
Corporate expense		(19.1)		(22.7)		(49.0)		(65.5)
Interest expense		(15.6)		(19.0)		(54.4)		(58.0)
Other non-operating expense (income), net		(.1)		(.8)		.2		(448.2)
Income before taxes	$	197.8	$	179.9	$	482.0	$	84.2
Other expense (income), net, by reportable segment and Corporate
Label and Graphic Materials	$	1.4	$	1.2	$	28.3	$	13.2
Retail Branding and Information Solutions		4.4		1.2		20.6		.9
Industrial and Healthcare Materials		6.6		.9		8.6		4.2
Corporate		—		3.4		(.2)		3.4
Other expense (income), net	$	12.4	$	6.7	$	57.3	$	21.7
Other expense (income), net, by type
Restructuring charges:
Severance and related costs	$	6.5	$	3.3	$	46.4	$	19.8
Asset impairment charges and lease cancellation costs		4.4		—		6.2		1.7
Other items:
Loss on investment		1.5		—		1.5		—
Transaction and related costs		—		—		3.2		—
Legal settlement		—		3.4		—		3.4
Gain on sales of assets		—		—		—		(3.2)
Other expense (income), net	$	12.4	$	6.7	$	57.3	$	21.7

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 26, 2020

Supplemental Financial Information

Schedule of net inventories


(In millions)	September 26, 2020		December 28, 2019
Raw materials	$	249.4	$	231.6
Work-in-progress		190.1		201.0
Finished goods		223.1		230.4
Inventories, net	$	662.6	$	663.0

Schedule of property, plant and equipment


(In millions)	September 26, 2020		December 28, 2019
Property, plant and equipment	$	3,301.5	$	3,171.6
Accumulated depreciation		(2,067.6)		(1,960.9)
Property, plant and equipment, net	$	1,233.9	$	1,210.7

Schedule of allowance for credit losses


(In millions)
Balance at December 28, 2019	$	27.1
Provision for credit losses⁽¹⁾		20.0
Amounts written off		(2.3)
Other, including foreign currency translation		1.0
Balance at September 26, 2020	$	45.8

⁽¹⁾Primarily reflects estimated impacts on customers as a result of COVID-19.

General (Details)	3 Months Ended		9 Months Ended
General (Details)	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
General
Length of fiscal period	91 days	91 days	273 days	273 days

Acquisitions (Details) - Feb. 28, 2020 € in Millions, $ in Millions	USD ($)	EUR (€)
Smartrac Transponder Division
ACQUISITIONS
Purchase consideration	$ 255	€ 238

Goodwill and Other Intangibles Resulting from Business Acquisitions (Details) $ in Millions	9 Months Ended
	Sep. 26, 2020 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	$ 930.8
Acquisition	109.6
Translation adjustments	(18.9)
Goodwill, Ending Balance	1,059.3
Smartrac Transponder Division
Finite Lived Intangible Assets Acquired
Intangible assets acquired	$ 78.0
Discount rate used to value the intangibles	13.50%
Customer relationships
Finite Lived Intangible Assets Acquired
Intangible assets acquired	$ 16.0
Weighted-average amortization period (in years)	6 years
Patents and other acquired technology
Finite Lived Intangible Assets Acquired
Intangible assets acquired	$ 60.0
Weighted-average amortization period (in years)	11 years
Trade names and trademarks
Finite Lived Intangible Assets Acquired
Intangible assets acquired	$ 2.0
Weighted-average amortization period (in years)	5 years
Label and Graphic Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	$ 407.8
Translation adjustments	(9.3)
Goodwill, Ending Balance	417.1
Retail Branding and Information Solutions
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	349.3
Acquisition	109.6
Translation adjustments	(5.4)
Goodwill, Ending Balance	464.3
Industrial and Healthcare Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning Balance	173.7
Translation adjustments	(4.2)
Goodwill, Ending Balance	$ 177.9

DEBT - (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
DEBT - (Details) - USD ($) $ in Millions	Mar. 28, 2020	Feb. 29, 2020	Jun. 27, 2020	Sep. 26, 2020	Dec. 28, 2019	Apr. 30, 2020
Debt
Senior notes matured						$ 250.0
Repayment of senior notes			$ 15.0
Fair value of debt				$ 2,370.0	$ 2,050.0
Line of Credit Facility, Covenant Compliance				we were in compliance with our financial covenants under the Revolver.	we were in compliance with our financial covenants under the Revolver.
Senior Notes Due April 2030 Member
Debt
Senior notes issued	$ 500.0
Interest rate of senior notes (as a percent)	2.65%
Proceeds from Debt, Net of Issuance Costs	$ 493.7
Revolving credit facility
Debt
Maximum borrowing capacity		$ 800.0
Commitment for increased borrowing		$ 400.0
Amount outstanding				$ 0.0	$ 0.0

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 28, 2019	Sep. 28, 2019	Dec. 28, 2019
Components of net periodic benefit cost (credit)
Recognized loss on settlements		$ 446.9
ADPP
Components of net periodic benefit cost (credit)
Settlements			$ 753.0
Charges associated with termination settlement of the plan, pretax		446.9
Related tax benefits		179.0
U.S.
Components of net periodic benefit cost (credit)
Net periodic benefit cost (credit)	$ 2.1	451.8
Settlements		446.9
International
Components of net periodic benefit cost (credit)
Net periodic benefit cost (credit)	$ 3.2	$ 9.7

Cost Reduction Actions - Restructuring Charges and Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Cost Reduction Actions
Beginning Balance			$ 28.7
Charges, Net of Reversals			52.6
Cash Payments			(38.7)
Non-cash Impairment			(6.2)
Foreign Currency Translation			1.7
Ending Balance	$ 38.1		38.1
Severance and related costs
Cost Reduction Actions
Charges, Net of Reversals	6.5	$ 3.3	46.4	$ 19.8
2018/2019 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			6.5
Cash Payments			(6.4)
Foreign Currency Translation			0.1
Ending Balance	0.2		0.2
2018/2019 Actions \| Lease cancellation costs
Cost Reduction Actions
Beginning Balance			0.3
Ending Balance	0.3		0.3
2019/2020 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			21.9
Charges, Net of Reversals			46.4
Cash Payments			(32.3)
Foreign Currency Translation			1.6
Ending Balance	37.6		37.6
2019/2020 Actions \| Asset impairment charges
Cost Reduction Actions
Beginning Balance			0.0
Charges, Net of Reversals			6.2
Non-cash Impairment			(6.2)
Ending Balance	$ 0.0		$ 0.0

Cost Reduction Actions - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Restructuring charges:
Restructuring charges			$ 52.6
Other expense, net
Restructuring charges:
Restructuring charges	$ 10.9	$ 3.3	52.6	$ 21.5
Label and Graphic Materials \| Other expense, net
Restructuring charges:
Restructuring charges	1.4	1.2	27.6	13.9
Retail Branding and Information Solutions \| Other expense, net
Restructuring charges:
Restructuring charges	2.9	1.2	16.6	3.4
Industrial and Healthcare Materials \| Other expense, net
Restructuring charges:
Restructuring charges	$ 6.6	$ 0.9	8.6	$ 4.2
Corporate Segment \| Other expense, net
Restructuring charges:
Restructuring charges			$ (0.2)

Cost Reduction Actions (Details) $ in Millions	3 Months Ended		9 Months Ended
Cost Reduction Actions (Details) $ in Millions	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Sep. 26, 2020 USD ($) position	Sep. 28, 2019 USD ($)
Restructuring charges:
Restructuring Reserve, Translation Adjustment			$ (1.7)
Payments for Restructuring			38.7
Restructuring Reserve, Settled without Cash			6.2
Charges, Net of Reversals			52.6
Severance and related costs
Restructuring charges:
Charges, Net of Reversals	$ 6.5	$ 3.3	46.4	$ 19.8
2018/2019 Actions \| Severance and related costs
Restructuring charges:
Restructuring Reserve, Translation Adjustment			(0.1)
Payments for Restructuring			6.4
2019/2020 Actions
Restructuring charges:
Restructuring charges			$ 52.7
Number of position reduced as a result of Cost Reduction Actions \| position			2,050
2019/2020 Actions \| Severance and related costs
Restructuring charges:
Restructuring Reserve, Translation Adjustment			$ (1.6)
Payments for Restructuring			32.3
Charges, Net of Reversals			46.4
2019/2020 Actions \| Asset impairment charges
Restructuring charges:
Restructuring Reserve, Settled without Cash			6.2
Charges, Net of Reversals			$ 6.2

Financial Instruments (Details) - USD ($) $ in Millions	Sep. 26, 2020	Mar. 28, 2020
Long-term retirement benefits and other liabilities
Financial Instruments
Foreign Currency Contracts, Liability, Fair Value Disclosure	$ 14.8
Cross Currency Interest Rate Contract [Member]
Financial Instruments
Notional amount		$ 250.0

Taxes Based on Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Taxes Based on Income (Details) - USD ($) $ in Millions	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Net discrete tax benefit from decreases in tax reserves, including interest and penalties, as a result of closure of foreign tax audits			$ 13.9
Income before taxes	$ 197.8	$ 179.9	482.0	$ 84.2
Provision for (benefit from) income taxes	$ 46.3	$ 34.6	$ 114.8	$ (58.9)
Effective tax rate (as a percent)	23.40%	19.20%	23.80%	(70.00%)
Tax cuts and jobs act of 2017, change in tax rate, income tax expense (benefits from) on global intangible low-taxed income of our foreign subsidiaries	$ 4.5	$ 4.6	$ 15.0	$ 15.0
Tax benefit from the effective settlement of certain foreign tax audits		$ 8.4		8.4
Foreign structuring and planning transactions				8.0
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	$ 3.0		$ 3.0
ADPP
Discrete tax benefits related to the effective settlement				179.0
Tax benefits related to the effective settlement of the ADPP on the tax effect of the pretax charge				102.0
Charges associated with termination settlement of the plan, pretax				446.9
Tax benefit related to release of stranded tax effects in AOCI through income statement				$ 77.0

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Net Income Per Common Share
Net income available to common shareholders	$ 150.5	$ 144.6	$ 364.4	$ 141.1
Weighted average number of common shares outstanding	83.5	84.0	83.4	84.2
Dilutive shares (additional common shares issuable under stock-based awards)	0.5	0.8	0.6	0.9
Weighted average number of common shares outstanding, assuming dilution	84.0	84.8	84.0	85.1
Net income per common share (in dollars per share)	$ 1.80	$ 1.72	$ 4.37	$ 1.68
Net income per common share, assuming dilution (in dollars per share)	$ 1.79	$ 1.71	$ 4.34	$ 1.66

- 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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- 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

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Supplemental Equity and Comprehensive Income Information - Consolidated Statements of Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
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
Beginning balance			$ 1,204.0
Net income	$ 150.5	144.6	364.4	141.1
Other comprehensive income (loss), net of tax	9.3	$ (29.5)	(45.8)	$ 282.7
Ending balance	$ 1,334.6		$ 1,334.6
Dividends per common shares
Dividends per common share (in dollars per share)	$ 0.58	$ 0.58	$ 1.74	$ 1.68
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 840.0	$ 857.7	$ 874.0	$ 872.0
Issuance of shares under stock-based compensation plans	10.3	7.1	(23.7)	(7.2)
Ending balance	850.3	864.8	850.3	864.8
Retained earnings
Increase (Decrease) in Stockholders' Equity
Beginning balance	3,100.2	2,762.3	2,979.1	2,864.9
Net income	150.5	144.6	364.4	141.1
Issuance of shares under stock-based compensation plans			(3.3)	(13.4)
Contribution of shares to 401(k) Plan	3.2	3.4	10.5	10.4
Dividends	(48.4)	(48.6)	(145.2)	(141.3)
Ending balance	3,205.5	2,861.7	3,205.5	2,861.7
Treasury stock, at cost
Increase (Decrease) in Stockholders' Equity
Beginning balance	(2,447.2)	(2,311.8)	(2,425.1)	(2,223.9)
Repurchase of shares for treasury	(7.0)	(87.7)	(52.2)	(204.3)
Issuance of shares under stock-based compensation plans	0.9	3.5	19.5	27.6
Contribution of shares to 401(k) Plan	1.9	2.1	6.4	6.7
Ending balance	(2,451.4)	(2,393.9)	(2,451.4)	(2,393.9)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Beginning balance	(403.2)	(369.8)	(348.1)	(682.0)
Other comprehensive income (loss), net of tax	9.3	(29.5)	(45.8)	282.7
Ending balance	$ (393.9)	$ (399.3)	$ (393.9)	$ (399.3)

Supplemental Equity and Comprehensive Income Information - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 26, 2020
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			$ (348.1)	$ (682.0)	$ (348.1)
Other comprehensive income (loss) before reclassifications, net of tax			(47.8)	18.0
Reclassifications to net income, net of tax			2.0	264.7
Net current-period other comprehensive income (loss), net of tax	$ 9.3	$ (29.5)	(45.8)	282.7
Balance at end of the period	(393.9)	(399.3)	(393.9)	(399.3)
ADPP
Changes in Accumulated other comprehensive loss (net of tax)
Reclassifications to net income, net of tax					179.3
Foreign Currency Translation
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(245.1)	(247.4)	(245.1)
Other comprehensive income (loss) before reclassifications, net of tax			(45.5)	(17.1)
Net current-period other comprehensive income (loss), net of tax			(45.5)	(17.1)
Balance at end of the period	(290.6)	(264.5)	(290.6)	(264.5)
Pension and Other Postretirement Benefits
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(101.8)	(434.3)	(101.8)
Other comprehensive income (loss) before reclassifications, net of tax				36.0
Reclassifications to net income, net of tax			1.9	265.4
Net current-period other comprehensive income (loss), net of tax			1.9	301.4
Balance at end of the period	(99.9)	(132.9)	(99.9)	(132.9)
Pension and Other Postretirement Benefits \| ADPP
Changes in Accumulated other comprehensive loss (net of tax)
Other comprehensive income (loss) before reclassifications, net of tax					10.7
Reclassifications to net income, net of tax					444.7
Cash Flow Hedges
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period			(1.2)	(0.3)	$ (1.2)
Other comprehensive income (loss) before reclassifications, net of tax			(2.3)	(0.9)
Reclassifications to net income, net of tax			0.1	(0.7)
Net current-period other comprehensive income (loss), net of tax			(2.2)	(1.6)
Balance at end of the period	$ (3.4)	$ (1.9)	$ (3.4)	$ (1.9)

- Definition

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

+ References + Details

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Cash and cash equivalents
Assets
Investments	$ 0.9	$ 0.4
Other current assets
Assets
Investments	32.1	30.2
Recurring
Assets
Investments	33.0	30.6
Derivative assets	8.3	5.2
Bank drafts	19.5	21.3
Liabilities
Derivative liabilities	24.1	6.0
Quoted Prices in Active Markets (Level 1)
Assets
Investments	27.1	26.0
Derivative assets	0.2
Bank drafts	19.5	21.3
Liabilities
Derivative liabilities		0.4
Significant Other Observable Inputs (Level 2)
Assets
Investments	5.9	4.6
Derivative assets	8.1	5.2
Liabilities
Derivative liabilities	$ 24.1	$ 5.6

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 26, 2020 USD ($) site	Dec. 28, 2019 USD ($)
Environmental Liabilities Associated with Remediation
Environmental site contingency number of sites \| site	11
Balance at beginning of the period	$ 21.4
Charges, net of reversals	0.8
Payments	(2.7)
Balance at end of the period	19.5
Short term environmental liabilities	$ 9.0	$ 10.0

Segment and Disaggregated Revenue Information - Net Sales to Unaffiliated Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 1,729.1	$ 1,761.4	$ 4,980.6	$ 5,297.2
Retail Branding and Information Solutions
Net sales to unaffiliated customers
Net sales to unaffiliated customers	426.1	406.8	1,122.9	1,223.4
Retail Branding and Information Solutions \| Apparel
Net sales to unaffiliated customers
Net sales to unaffiliated customers	371.5	353.8	985.1	1,077.3
Retail Branding and Information Solutions \| Printer Solutions
Net sales to unaffiliated customers
Net sales to unaffiliated customers	54.6	53.0	137.8	146.1
Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,145.4	1,185.1	3,420.4	3,569.7
Industrial and Healthcare Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	157.6	169.5	437.3	504.1
U.S. \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	320.7	315.8	963.9	947.6
Europe \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	404.6	429.5	1,272.2	1,331.6
Asia \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	264.4	266.8	736.4	790.1
Latin America \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	84.1	99.0	245.2	284.0
Other international \| Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 71.6	$ 74.0	$ 202.7	$ 216.4

Segment and Disaggregated Revenue Information - Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Segment Information
Net sales to unaffiliated customers	$ 1,729.1	$ 1,761.4	$ 4,980.6	$ 5,297.2
Corporate expense	(19.1)	(22.7)	(49.0)	(65.5)
Interest expense	(15.6)	(19.0)	(54.4)	(58.0)
Other non-operating expense (income), net	(0.1)	(0.8)	0.2	(448.2)
Income before taxes	197.8	179.9	482.0	84.2
Other expense (income), net	12.4	6.7	57.3	21.7
Intersegment sales
Segment Information
Net sales to unaffiliated customers	29.1	25.3	79.3	81.3
Label and Graphic Materials
Segment Information
Net sales to unaffiliated customers	1,145.4	1,185.1	3,420.4	3,569.7
Label and Graphic Materials \| Operating segments
Segment Information
Net sales to unaffiliated customers	19.8	18.2	55.1	59.5
Income before taxes	173.1	159.0	483.1	460.6
Other expense (income), net	1.4	1.2	28.3	13.2
Retail Branding and Information Solutions \| Operating segments
Segment Information
Net sales to unaffiliated customers	7.3	5.6	19.4	14.8
Income before taxes	47.0	45.7	67.2	147.5
Other expense (income), net	4.4	1.2	20.6	0.9
Industrial and Healthcare Materials
Segment Information
Net sales to unaffiliated customers	157.6	169.5	437.3	504.1
Industrial and Healthcare Materials \| Operating segments
Segment Information
Net sales to unaffiliated customers	2.0	1.5	4.8	7.0
Income before taxes	12.5	17.7	34.9	47.8
Other expense (income), net	$ 6.6	0.9	8.6	4.2
Corporate \| Operating segments
Segment Information
Other expense (income), net		$ 3.4	$ (0.2)	$ 3.4

Segment and Disaggregated Revenue Information - Other expense (income), net by type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Restructuring charges:
Restructuring charges			$ 52.6
Other items:
Loss on investment	$ 1.5		1.5
Transaction and related costs			3.2
Legal settlement		$ 3.4		$ 3.4
Gain on sales of assets				(3.2)
Other expense (income), net	12.4	6.7	57.3	21.7
Severance and related costs
Restructuring charges:
Restructuring charges	6.5	$ 3.3	46.4	19.8
Asset impairment charges and lease cancellation costs
Restructuring charges:
Restructuring charges	$ 4.4		$ 6.2	$ 1.7

Supplemental Financial Information - Inventories (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Inventories
Raw materials	$ 249.4	$ 231.6
Work-in-progress	190.1	201.0
Finished goods	223.1	230.4
Inventories, net	$ 662.6	$ 663.0

Supplemental Financial Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 26, 2020	Dec. 28, 2019
Supplemental Financial Information
Property, plant and equipment	$ 3,301.5	$ 3,171.6
Accumulated depreciation	(2,067.6)	(1,960.9)
Property, plant and equipment, net	$ 1,233.9	$ 1,210.7

Supplemental Financial Information - Allowance of credit losses (Details) $ in Millions	9 Months Ended
	Sep. 26, 2020 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 28, 2019	$ 27.1
Provision for credit losses(1)	20.0
Amounts written off	2.3
Other, including foreign currency translation	1.0
Balance at September 26, 2020	$ 45.8