0000008818-24-000003 | 10-K | XBRL Viewer

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COMMITMENTS AND LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Assets
Operating	$ 200.2	$ 161.7
Finance	29.6	27.5
Total leased assets	$ 229.8	$ 189.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Current:
Operating lease, current liabilities	$ 45.4	$ 42.4
Finance lease, current liabilities	6.3	5.4
Non-current:
Operating lease, non-current liabilities	152.3	113.6
Finance lease, non-current liabilities	7.0	8.2
Total lease liabilities	$ 211.0	$ 169.6
Operating lease, current liabilities (balance sheet location)	Other current liabilities	Other current liabilities
Finance lease, current liabilities (balance sheet location)	Short-term borrowings and current portion of long-term debt and finance leases	Short-term borrowings and current portion of long-term debt and finance leases
Operating lease, non-current liabilities (balance sheet location)	Long-term retirement benefits and other liabilities	Long-term retirement benefits and other liabilities
Finance lease, non-current liabilities (balance sheet location)	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
Accumulated amortization, finance lease assets	$ 14.6	$ 12.4

TAXES BASED ON INCOME - Schedule of Components of the Temporary Differences (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Accrued expenses not currently deductible	$ 44.5	$ 32.3
Net operating loss carryforwards	138.9	137.2
Tax credit carryforwards	9.0	9.7
Capitalized research expenses	59.9	38.6
Stock-based compensation	10.9	15.4
Pension and other postretirement benefits	34.2	31.5
Inventory reserve	16.4	15.6
Lease liabilities	43.3	33.2
Other assets	27.9	21.3
Valuation allowance	(62.0)	(59.4)
Total deferred tax assets	323.0	275.4
Depreciation and amortization	(317.2)	(296.6)
Repatriation accrual	(24.5)	(12.0)
Foreign operating loss recapture	(3.4)	(3.2)
Lease assets	(43.4)	(33.8)
Total deferred tax liabilities	(388.5)	(345.6)
Total net deferred tax assets (liabilities)	$ (65.5)	$ (70.2)

DEBT - Long-Term Borrowings (Details) - USD ($)	1 Months Ended
DEBT - Long-Term Borrowings (Details) - USD ($)	Mar. 31, 2023	Aug. 31, 2021	Dec. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted-average interest rate			7.50%	7.50%
Senior notes due 2033 at 5.750%
Debt Instrument [Line Items]
Face amount	$ 400,000,000
Stated interest rate (in percent)	5.75%
Proceeds from issuance of senior notes	$ 394,900,000
Senior notes due 2023 at 3.4%
Debt Instrument [Line Items]
Stated interest rate (in percent)			3.40%
Repayments of debt	$ 250,000,000
Senior notes due 2032 at 2.25%
Debt Instrument [Line Items]
Face amount		$ 500,000,000
Stated interest rate (in percent)		2.25%	2.25%
Proceeds, net of underwriting discounts and estimated offering expenses		$ 493,700,000
Senior notes due 2024 at 0.85%
Debt Instrument [Line Items]
Face amount		$ 300,000,000
Stated interest rate (in percent)		0.85%	0.85%
Proceeds, net of underwriting discounts and estimated offering expenses		$ 298,000,000

BUSINESS ACQUISITIONS	12 Months Ended
BUSINESS ACQUISITIONS	Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS ACQUISITIONS	BUSINESS ACQUISITIONS 2023 Business Acquisitions On November 23, 2023, we completed our business acquisition of Silver Crystal Group ("Silver Crystal"), a Canada-based provider of sports apparel customization and application solutions across in-venue, direct-to-business and e-commerce platforms. On May 22, 2023, we completed our business acquisition of LG Group, Inc. ("Lion Brothers"), a Maryland-based designer and manufacturer of apparel brand embellishments. On March 6, 2023, we completed our business acquisition of Thermopatch, Inc. ("Thermopatch"), a New York-based manufacturer specializing in labeling, embellishments and transfers for the sports, industrial laundry, workwear and hospitality industries. These acquisitions expanded the product portfolio in our Solutions Group reportable segment. The acquisitions of Silver Crystal, Lion Brothers and Thermopatch are referred to collectively as the "2023 Acquisitions." The aggregate purchase consideration, including purchase consideration payable, for the 2023 Acquisitions was approximately $231 million. We funded the 2023 Acquisitions using cash and commercial paper borrowings. In addition to the cash paid at closing, the sellers in one of these acquisitions are eligible for earn-out payments of up to $5 million, subject to the acquired company achieving certain post-acquisition performance targets. As of the acquisition date, we included an estimate of the fair value of these earn-out payments in the aggregate purchase consideration. The final allocations of purchase consideration for the 2023 Acquisitions to assets and liabilities are ongoing as we continue to evaluate certain balances, estimates and assumptions during the measurement period (up to one year from their respective acquisition date). Consistent with the allowable time to complete our assessment, the valuation of certain acquired assets and liabilities, including environmental liabilities and income taxes, is currently pending finalization. The 2023 Acquisitions were not material, individually or in the aggregate, to the Consolidated Financial Statements. 2022 Business Acquisitions In January 2022, we completed our business acquisitions of TexTrace AG ("TexTrace"), a Switzerland-based technology developer specializing in custom-made woven and knitted RFID products that can be sewn onto or inserted into garments, and Rietveld Serigrafie B.V. and Rietveld Screenprinting Serigrafi Baski Matbaa Tekstil Ithalat Ihracat Sanayi ve Ticaret Limited Sirketi (collectively, "Rietveld"), a Netherlands-based provider of external embellishment solutions and application and printing methods for performance brands and team sports in Europe. These acquisitions expanded the product portfolio in our Solutions Group reportable segment. The acquisitions of TexTrace and Rietveld are referred to collectively as the "2022 Acquisitions." The aggregate purchase consideration for the 2022 Acquisitions was approximately $35 million. We funded the 2022 Acquisitions using cash and commercial paper borrowings. In addition to the cash paid at closing, the sellers in one of these acquisitions are eligible for earn-out payments of up to $30 million, subject to the acquired company achieving certain post-acquisition performance targets. As of the acquisition date, we included an estimate of the fair value of these earn-out payments in the aggregate purchase consideration. The 2022 Acquisitions were not material, individually or in the aggregate, to the Consolidated Financial Statements. Vestcom Acquisition On August 31, 2021, we completed our business acquisition of CB Velocity Holdings, LLC (“Vestcom”), an Arkansas-based provider of shelf-edge pricing, productivity and consumer engagement solutions for retailers and consumer packaged goods companies, for purchase consideration of $1.47 billion. We funded this acquisition using cash and proceeds from both commercial paper borrowings and issuances of senior notes. Refer to Note 4, “Debt,” to the Consolidated Financial Statements for more information. Vestcom’s solutions expanded our position in high-value categories and added channel access and data management capabilities to our Solutions Group reportable segment. The impact of the Vestcom acquisition was not material to the pro forma net sales or net income of our combined operations for the periods presented. Post-acquisition net sales and net income related to Vestcom were not material to the Consolidated Statements of Income for 2021. Other 2021 Business Acquisitions On March 18, 2021, we completed our business acquisition of the net assets of ZippyYum, LLC (“ZippyYum”), a California-based developer of software products used in the food service and food preparation industries. This acquisition expanded the product portfolio in our Solutions Group reportable segment. On March 1, 2021, we completed our business acquisition of the issued and outstanding stock of JDC Solutions, Inc. (“JDC”), a Tennessee-based manufacturer of pressure-sensitive specialty tapes. This acquisition expanded the product portfolio in our Materials Group reportable segment. The acquisitions of ZippyYum and JDC are referred to collectively as the “Other 2021 Acquisitions.” The aggregate purchase consideration for the Other 2021 Acquisitions was approximately $43 million. We funded the Other 2021 Acquisitions using cash and commercial paper borrowings. In addition to the cash paid at closing, the sellers in one of these acquisitions are eligible for earn-out payments of up to approximately $13 million subject to the acquired company’s achievement of certain post-acquisition performance targets. As of the acquisition date, we estimated the fair value of these earn-out payments to be approximately $12 million, which was included in the $43 million of aggregate purchase consideration. The Other 2021 Acquisitions were not material, individually or in the aggregate, to the Consolidated Financial Statements.

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,221.4	$ 1,131.7
Accumulated Amortization	527.6	446.1
Net Carrying Amount	693.8	685.6
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	922.5	852.2
Accumulated Amortization	383.7	330.1
Net Carrying Amount	538.8	522.1
Patented and other developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	278.3	261.9
Accumulated Amortization	130.2	104.3
Net Carrying Amount	148.1	157.6
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17.4	14.4
Accumulated Amortization	11.7	10.3
Net Carrying Amount	5.7	4.1
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3.2	3.2
Accumulated Amortization	2.0	1.4
Net Carrying Amount	$ 1.2	$ 1.8

TAXES BASED ON INCOME - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 88.0	$ 69.5	$ 74.0
Unrecognized tax benefits, if recognized, would reduce annual effective income tax rate	75.0	65.0
Accrued interest and penalties for uncertain tax positions, net of tax benefit	16.0	$ 16.0
Reasonably possible decrease in uncertain tax positions, including interest and penalties	$ 6.0

COST REDUCTION ACTIONS - Narrative (Details) $ in Millions	12 Months Ended
COST REDUCTION ACTIONS - Narrative (Details) $ in Millions	Dec. 30, 2023 USD ($) position	Dec. 31, 2022 USD ($) position	Jan. 01, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 79.4	$ 7.7	$ 13.6
2023 Actions
Restructuring Cost and Reserve [Line Items]
Net number of position reduced as a result of cost reduction actions \| position	210
Restructuring charges	$ 30.4
Other 2023 Actions
Restructuring Cost and Reserve [Line Items]
Net number of position reduced as a result of cost reduction actions \| position	1,450
Restructuring charges	$ 49.0
2019/2020 Actions
Restructuring Cost and Reserve [Line Items]
Net number of position reduced as a result of cost reduction actions \| position		830
Restructuring charges		$ 7.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

DEBT - Short-Term Borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Short-term borrowings from Commercial paper
Short-term debt [Line Items]
U.S. Commercial paper	$ 112.0	$ 128.0
Weighted average interest rate (as a percent)	5.54%	4.84%
Short-term borrowings from Euro-Commercial paper
Short-term debt [Line Items]
Weighted average interest rate (as a percent)	4.13%	2.06%
Maximum borrowing capacity	$ 500.0
Maturities of the notes	364 days
Euro-Commercial paper	$ 199.2	$ 213.0

SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Income Tax (Benefit) Expense Allocated to Each Component of Other Comprehensive loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Foreign currency translation:
Translation gain (loss)	$ 1.2	$ (7.0)	$ (23.2)
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit	(8.2)	0.5	8.5
Reclassifications to net income	(0.3)	1.1	1.6
Cash flow hedges:
Gain (loss) recognized on cash flow hedges	(2.2)	1.6	1.7
Reclassifications to net income	1.2	0.4	(0.5)
Income tax (benefit) expense allocated to components of other comprehensive income (loss)	$ (8.3)	$ (3.4)	$ (11.9)

TAXES BASED ON INCOME - Increase (Decrease) in Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Line Items]
Tax provision computed at the U.S. federal statutory rate	$ 145.9	$ 209.9	$ 208.5
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit	2.6	11.8	4.5
Foreign earnings taxed at different rates	50.4	51.7	72.7
GILTI high-tax exclusion election, net and other	(10.0)	(11.9)	(22.8)
Valuation allowance	2.6	(5.0)	(4.8)
U.S. federal research and development tax credits	(8.3)	(6.5)	(6.2)
Tax contingencies and audit settlements	11.9	(4.3)	3.9
Other items, net	(3.4)	(3.5)	(7.2)
Provision for income taxes	191.7	242.2	248.6
GILTI high-tax exclusion election, net and other	10.0	11.9	22.8
Tax Year 2023
Increase (decrease) in taxes resulting from:
GILTI high-tax exclusion election, net and other	(4.4)
GILTI high-tax exclusion election, net and other	4.4
Tax Year 2022
Increase (decrease) in taxes resulting from:
GILTI high-tax exclusion election, net and other	(5.6)
GILTI high-tax exclusion election, net and other	$ 5.6
Tax Year 2021
Increase (decrease) in taxes resulting from:
GILTI high-tax exclusion election, net and other		(11.9)
GILTI high-tax exclusion election, net and other		$ 11.9
Tax Year 2018
Increase (decrease) in taxes resulting from:
GILTI high-tax exclusion election, net and other			(14.1)
GILTI high-tax exclusion election, net and other			14.1
Tax Year 2020
Increase (decrease) in taxes resulting from:
GILTI high-tax exclusion election, net and other			(8.7)
GILTI high-tax exclusion election, net and other			$ 8.7

PENSION AND OTHER POSTRETIREMENT BENEFITS - Future Benefit Payments (Details) $ in Millions	Dec. 30, 2023 USD ($)
U.S.
Future Benefit Payments [Line Items]
2024	$ 6.3
2025	6.1
2026	5.9
2027	5.4
2028	4.9
2029-2033	18.4
Non-U.S.
Future Benefit Payments [Line Items]
2024	25.7
2025	24.8
2026	28.7
2027	29.0
2028	27.7
2029-2033	$ 157.4

SEGMENT AND DISAGGREGATED REVENUE INFORMATION

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

SEGMENT AND DISAGGREGATED REVENUE INFORMATION

Segment Reporting

We have the following reportable segments:

•Materials Group – manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions.

•Solutions Group – designs, manufactures and sells a wide variety of branding and information solutions, including brand and price tickets, tags and labels (including RFID inlays), and related services, supplies and equipment.

Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated sales. We evaluate our performance based on income from operations before interest expense and taxes. Corporate expense is excluded from the computation of income from operations for the segments.

We do not disclose total assets by reportable segment since we neither generate nor review that information internally. As our reporting structure is neither organized nor reviewed internally by country, results by individual country are not provided.

Disaggregated Revenue Information

Disaggregated revenue information is shown below in the manner that best reflects how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue from our Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our Solutions Group reportable segment is shown by product group.


(In millions)	2023		2022		2021
Net sales to unaffiliated customers
Materials Group:
U.S.	$	1,687.8	$	1,892.1	$	1,736.4
Europe, the Middle East and North Africa	2,007.1		2,396.2		2,261.1
Asia	1,315.2		1,390.3		1,471.1
Latin America	474.2		470.1		408.6
Other	327.0		346.4		329.3
Total Materials Group	5,811.3		6,495.1		6,206.5
Solutions Group:
Apparel	1,661.4		1,851.2		1,839.1
Identification Solutions and Vestcom	891.6		693.0		362.7
Total Solutions Group	2,553.0		2,544.2		2,201.8
Net sales to unaffiliated customers	$	8,364.3	$	9,039.3	$	8,408.3

Revenue from our Materials Group reportable segment by product group is shown below.


(In millions)	2023		2022		2021
Net sales to unaffiliated customers
Materials Group:
Labels, graphics and reflectives	$	5,076.8	$	5,725.7	$	5,430.4
Tapes and adhesives	665.3		696.3		703.4
Other	69.2		73.1		72.7
Total Materials Group	$	5,811.3	$	6,495.1	$	6,206.5

Our total company revenue by geographic area is shown below. Revenue is attributed to geographic areas based on the location from which products are shipped.


(In millions)	2023		2022		2021
Net sales to unaffiliated customers
U.S.	$	2,578.3	$	2,565.9	$	2,065.2
Europe, the Middle East and North Africa	2,306.7		2,683.6		2,541.4
Asia	2,545.2		2,817.2		2,914.5
Latin America	582.3		605.7		537.6
Other	351.8		366.9		349.6
Net sales to unaffiliated customers	$	8,364.3	$	9,039.3	$	8,408.3

Net sales to unaffiliated customers in Asia included sales in China (including Hong Kong) of $1.30 billion in 2023, $1.50 billion in 2022 and $1.68 billion in 2021.

No single customer represented 10% or more of our net sales in year-end 2023, 2022 or 2021. Our ten largest customers by net sales in the aggregate represented approximately 16% of our net sales during 2023, 2022 and 2021.

Additional Segment Information

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


(In millions)	2023		2022		2021
Intersegment sales
Materials Group	$	157.1	$	137.1	$	105.8
Solutions Group	35.5		37.4		37.3

Intersegment sales	$	192.6	$	174.5	$	143.1
Income before taxes
Materials Group	$	700.9	$	859.3	$	883.3
Solutions Group	165.7		302.3		257.2

Corporate expense	(83.7)		(87.6)		(81.8)
Interest expense	(119.0)		(84.1)		(70.2)
Other non-operating expense (income), net	30.8		9.4		4.1
Income before taxes	$	694.7	$	999.3	$	992.6
Capital expenditures(1)(2)
Materials Group	$	117.8	$	153.5	$	170.3
Solutions Group	148.7		144.0		96.3

Capital expenditures	$	266.5	$	297.5	$	266.6
Depreciation and amortization expense(1)
Materials Group	$	127.8	$	135.8	$	141.9
Solutions Group	170.6		154.9		102.2

Depreciation and amortization expense	$	298.4	$	290.7	$	244.1
Other expense (income), net by reportable segment
Materials Group	$	88.3	$	(13.4)	$	(25.7)
Solutions Group	86.3		7.8		36.6

Corporate	6.3		5.0		(5.3)
Other expense (income), net	$	180.9	$	(.6)	$	5.6


(1)			Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their percentage of consolidated net sales.
(2)			Capital expenditures for property, plant and equipment included accruals.

Other expense (income), net by type were as follows:


(In millions)	2023		2022		2021
Other expense (income), net by type
Restructuring charges:
Severance and related costs	$	70.8	$	7.6	$	10.5
Asset impairment charges and lease cancellation costs	8.6		.1		3.1
Other items:
Outcomes of legal proceedings, net(1)	64.3		6.3		(.4)
Argentine peso remeasurement loss(2)	29.9		—		—
Transaction and related costs	5.3		.3		20.9
(Gain) loss on venture investments	1.5		(13.5)		(23.0)
(Gain) loss on sales of assets	.5		(1.4)		.2
Gain on sale of product line	—		—		(5.7)
Other expense (income), net	$	180.9	$	(.6)	$	5.6


(1)			Amount for 2023 included an additional contingent liability related to the Adasa litigation in the amount of $56.3 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation. Amount for 2021 included an indirect tax credit based on a Brazilian Federal Supreme Court ruling in the amount of $29.1 million, partially offset by a contingent liability related to the Adasa litigation in the amount of $26.6 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation.
(2)			The impact of the Argentine peso remeasurement loss prior to the third quarter of 2023 was not material.

Property, plant and equipment, net, in our U.S. and non-U.S. operations were as follows:


(In millions)	2023		2022		2021
Property, plant and equipment, net
U.S.	$	621.2	$	589.0	$	524.0
Non-U.S.	1,004.6		951.2		953.7
Property, plant and equipment, net	$	1,625.8	$	1,540.2	$	1,477.7

Property, plant and equipment, net, located in China (including Hong Kong) was approximately $247 million in 2023, $259 million in 2022 and $290 million in 2021.

- 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

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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Defined Benefit Plans (Details) - Non-U.S. - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	$ 663.2	$ 585.3
Cash \| Total
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	1.3	6.4
Insurance contracts \| Total
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	42.6	37.1
Pooled funds – real estate investment trusts \| Total
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	6.4	8.3
Pooled funds - fixed income securities \| Total
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	389.8	335.7
Pooled funds - equity securities \| Total
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	169.4	151.9
Pooled funds - other investments \| Total
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	53.7	45.9
Quoted Prices in Active Markets (Level 1) \| Cash
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	1.3	6.4
Quoted Prices in Active Markets (Level 1) \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	0.0	0.0
Quoted Prices in Active Markets (Level 1) \| Pooled funds – real estate investment trusts
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Cash
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Pooled funds – real estate investment trusts
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	0.0	0.0
Significant Other Unobservable Inputs (Level 3) \| Cash
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	0.0	0.0
Significant Other Unobservable Inputs (Level 3) \| Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	42.6	37.1
Significant Other Unobservable Inputs (Level 3) \| Pooled funds – real estate investment trusts
Defined Benefit Plan Disclosure [Line Items]
Total non-U.S. plan assets at fair value	$ 6.4	$ 8.3

PENSION AND OTHER POSTRETIREMENT BENEFITS - Weighted-Average Assumptions for Determining Net Periodic Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.06%	2.19%	2.20%
Expected return on assets	0.00%	0.00%	0.00%
Compensation rate increase	0.00%	0.00%	0.00%
Company's contributions to the defined benefit plan in the next fiscal year	$ 6.3
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.36%	1.57%	1.26%
Expected return on assets	4.71%	3.00%	2.61%
Compensation rate increase	2.75%	2.33%	2.15%
Company's contributions to the defined benefit plan in the next fiscal year	$ 13.8

TAXES BASED ON INCOME - Schedule of Taxes Based on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Current:
U.S. federal tax	$ 42.5	$ 29.4	$ 7.3
State taxes	9.0	8.8	5.3
Foreign taxes	160.8	177.7	229.9
Total	212.3	215.9	242.5
Deferred:
U.S. federal tax	(29.0)	5.8	(1.1)
State taxes	(3.5)	0.9	(5.3)
Foreign taxes	11.9	19.6	12.5
Total	(20.6)	26.3	6.1
Provision for income taxes	$ 191.7	$ 242.2	$ 248.6

DEBT - Schedule of Maturities of Long-Term Debt (Details) $ in Millions	Dec. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 300.0
2025	583.4
2026	0.0
2027	0.0
2028	500.0
2028 and thereafter	$ 1,550.0

Audit Information	12 Months Ended
Audit Information	Dec. 30, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Los Angeles, California

PENSION AND OTHER POSTRETIREMENT BENEFITS - Change in Projected Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
U.S.
Change in projected benefit obligations [Roll Forward]
Projected benefit obligations at beginning of year	$ 51.8	$ 66.8
Service cost	0.0	0.0
Interest cost	2.4	1.2
Participant contributions	0.0	0.0
Amendments	0.0	0.0
Actuarial (gain) loss	1.4	(9.1)
Acquisition	0.0	0.0
Benefits paid	(6.3)	(7.1)
Settlements	0.0	0.0
Foreign currency translation	0.0	0.0
Projected benefit obligations at end of year	49.3	51.8
Accumulated benefit obligations at end of year	49.3	51.8
Non-U.S.
Change in projected benefit obligations [Roll Forward]
Projected benefit obligations at beginning of year	586.9	882.4
Service cost	10.5	16.5
Interest cost	24.7	10.8
Participant contributions	4.5	4.6
Amendments	(0.1)	0.0
Actuarial (gain) loss	51.3	(244.9)
Acquisition	1.2	0.0
Benefits paid	(25.3)	(21.3)
Settlements	(0.6)	(1.0)
Foreign currency translation	26.8	(60.2)
Projected benefit obligations at end of year	679.9	586.9
Accumulated benefit obligations at end of year	$ 628.7	$ 540.2

TAXES BASED ON INCOME (Tables)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Taxes Based on Income

Taxes based on income were as follows:


(In millions)	2023		2022		2021
Current:
U.S. federal tax	$	42.5	$	29.4	$	7.3
State taxes	9.0		8.8		5.3
Foreign taxes	160.8		177.7		229.9
	212.3		215.9		242.5
Deferred:
U.S. federal tax	(29.0)		5.8		(1.1)
State taxes	(3.5)		.9		(5.3)
Foreign taxes	11.9		19.6		12.5
	(20.6)		26.3		6.1
Provision for income taxes	$	191.7	$	242.2	$	248.6

Schedule of the Principal Items Accounting for the Difference Between Taxes Computed at the U.S. Federal Statutory Rate

The principal items accounting for the difference between taxes computed at U.S. federal statutory rate and taxes recorded were as follows:


(In millions)	2023		2022		2021
Tax provision computed at U.S. federal statutory rate(1)	$	145.9	$	209.9	$	208.5
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit	2.6		11.8		4.5
Foreign earnings taxed at different rates(1)	50.4		51.7		72.7
GILTI high-tax exclusion election, net(2)	(10.0)		(11.9)		(22.8)
Valuation allowance	2.6		(5.0)		(4.8)
U.S. federal research and development tax credits	(8.3)		(6.5)		(6.2)
Tax contingencies and audit settlements	11.9		(4.3)		3.9
Other items, net	(3.4)		(3.5)		(7.2)
Provision for income taxes	$	191.7	$	242.2	$	248.6


(1)			In 2023, we recognized $4.4 million from our current year GILTI exclusion election and $5.6 million related to the election made on our 2022 U.S. federal tax return. In 2022, we recognized $11.9 million of benefit related to a GILTI exclusion election made on our 2021 U.S. federal tax return. In 2021, we recognized $14.1 million and $8.7 million of benefit related to GILTI exclusion elections made on our amended 2018 and originally filed 2020 U.S. federal tax returns, respectively.
(2)

Schedule of Income Before Taxes from the U.S. and International Operations

Income before taxes from our U.S. and foreign operations was as follows:


(In millions)	2023		2022		2021
U.S.	$	187.2	$	232.4	$	88.0
Foreign	507.5		766.9		904.6
Income before taxes	$	694.7	$	999.3	$	992.6

Schedule of Components of the Temporary Differences

The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:


(In millions)	2023		2022
Accrued expenses not currently deductible	$	44.5	$	32.3
Net operating loss carryforwards	138.9		137.2
Tax credit carryforwards	9.0		9.7
Capitalized research expenses	59.9		38.6
Stock-based compensation	10.9		15.4
Pension and other postretirement benefits	34.2		31.5
Inventory reserve	16.4		15.6
Lease liabilities	43.3		33.2
Other assets	27.9		21.3
Valuation allowance	(62.0)		(59.4)
Total deferred tax assets(1)	323.0		275.4
Depreciation and amortization	(317.2)		(296.6)
Repatriation accrual	(24.5)		(12.0)
Foreign operating loss recapture	(3.4)		(3.2)
Lease assets	(43.4)		(33.8)
Total deferred tax liabilities(1)	(388.5)		(345.6)
Total net deferred tax assets (liabilities)	$	(65.5)	$	(70.2)

(1)Reflect gross amounts before jurisdictional netting of deferred tax assets and liabilities.

Schedule of Tax Credit and Net Operating Loss Carryforwards

If unused, foreign net operating losses and tax credit carryforwards will expire as follows:


(In millions)	Net Operating Losses(1)		Tax Credits
Year of Expiry
2024	$	2.7	$	.1
2025	2.8		.2
2026	2.9		.3
2027	3.7		.3
2028	12.6		1.2
2029-2043	16.4		5.2
Indefinite life/no expiry	439.5		1.7
Total	$	480.6	$	9.0

(1)Net operating losses are presented before tax effects and valuation allowance.

Schedule of Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is set forth below.


(In millions)	2023		2022
Balance at beginning of year	$	69.5	$	74.0
Additions for tax positions of current year	15.4		6.6
Additions (reductions) for tax positions of prior years, net	8.0		(2.2)
Settlements with tax authorities	(1.8)		(1.1)
Expirations of statutes of limitations	(3.9)		(4.8)
Changes due to translation of foreign currencies	.8		(3.0)
Balance at end of year	$	88.0	$	69.5

SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022	Apr. 30, 2022
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	5,000,000
Preferred stock, par value (in dollars per share)	$ 1
Preferred stock, outstanding shares (in shares)	0
Common stock, authorized shares (in shares)	400,000,000	400,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Repurchase of common stock, value	$ 137.5	$ 379.5	$ 180.9
Share repurchase authorized amount				$ 750.0
Share repurchase remained authorized amount	$ 592.8
Treasury stock
Class of Stock [Line Items]
Repurchase of shares for treasury (in shares)	780,721	2,173,416	925,425
Repurchase of common stock, value	$ 137.5	$ 379.5	$ 180.9

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Mar. 31, 2020
Commodity contracts
Financial Instruments [Line Items]
Notional amount	$ 5.8
Foreign exchange contracts
Financial Instruments [Line Items]
Notional amount	1,340.0
Cross-Currency Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Financial Instruments [Line Items]
Notional amount			$ 250.0
Foreign currency contract, asset, fair value disclosure	$ 2.3	$ 15.5

NET INCOME PER COMMON SHARE (Tables)

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

Schedule of Net Income Per Common Share

Net income per common share was computed as follows:


(In millions, except per share amounts)	2023		2022		2021
(A) Net income	$	503.0	$	757.1	$	740.1
(B) Weighted average number of common shares outstanding	80.7		81.6		82.9
Dilutive shares (additional common shares issuable under stock-based awards)	.4		.6		.9
(C) Weighted average number of common shares outstanding, assuming dilution	81.1		82.2		83.8
Net income per common share (A) ÷ (B)	$	6.23	$	9.28	$	8.93
Net income per common share, assuming dilution (A) ÷ (C)	$	6.20	$	9.21	$	8.83

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Expected Amortization (Details) $ in Millions	Dec. 30, 2023 USD ($)
Estimated Amortization Expense
2024	$ 89.7
2025	88.9
2026	85.9
2027	85.4
2028	78.0
2029 and thereafter	$ 265.9

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common stock, $1 par value	Capital in excess of par value	Retained earnings	Treasury stock	Accumulated other comprehensive loss
Beginning balance at Jan. 02, 2021	$ 1,484.9	$ 124.1	$ 862.1	$ 3,349.3	$ (2,501.0)	$ (349.6)
Increase (Decrease) in Stockholders' Equity
Net income	740.1			740.1
Other comprehensive income (loss), net of tax	66.7					66.7
Repurchase of shares for treasury	(180.9)				(180.9)
Issuance of shares under stock-based compensation plans	9.6		0.2	(7.2)	16.6
Contribution of shares to 401(k) plan	24.6			19.1	5.5
Dividends	(220.6)			(220.6)
Ending balance at Jan. 01, 2022	1,924.4	124.1	862.3	3,880.7	(2,659.8)	(282.9)
Increase (Decrease) in Stockholders' Equity
Net income	757.1			757.1
Other comprehensive income (loss), net of tax	(81.1)					(81.1)
Repurchase of shares for treasury	(379.5)				(379.5)
Issuance of shares under stock-based compensation plans	23.2		17.0	(4.4)	10.6
Contribution of shares to 401(k) plan	27.0			20.1	6.9
Dividends	(238.9)			(238.9)
Ending balance at Dec. 31, 2022	2,032.2	124.1	879.3	4,414.6	(3,021.8)	(364.0)
Increase (Decrease) in Stockholders' Equity
Net income	503.0			503.0
Other comprehensive income (loss), net of tax	(44.1)					(44.1)
Repurchase of shares for treasury	(137.5)				(137.5)
Issuance of shares under stock-based compensation plans	0.6		(24.8)	8.9	16.5
Contribution of shares to 401(k) plan	30.4			22.0	8.4
Dividends	(256.7)			(256.7)
Ending balance at Dec. 30, 2023	$ 2,127.9	$ 124.1	$ 854.5	$ 4,691.8	$ (3,134.4)	$ (408.1)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Impairment of indefinite-lived intangible assets		$ 0
Indefinite-lived intangible assets, carrying value		155,300,000	$ 154,700,000
Finite-Lived Intangible Assets Acquired
Finite-lived intangible assets acquired	$ 21,000,000	94,000,000
Amortization expense on finite-lived intangible assets from business acquisition		86,300,000	81,800,000	$ 44,600,000
Solutions Group
Indefinite-Lived Intangible Assets [Line Items]
Accumulated impairment losses		$ 820,000,000	$ 820,000,000

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Pay vs Performance Disclosure
Net income	$ 503.0	$ 757.1	$ 740.1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Stock issued under stock-based compensation plans (in shares)	297,885	223,676	257,189
Stock issued under 401(k) Plan (in shares)	168,404	153,803	123,015
Dividends per common share (in dollars per share)	$ 3.18	$ 2.93	$ 2.66
Treasury stock
Repurchase of shares for treasury (in shares)	780,721	2,173,416	925,425

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances	$ 34.4	$ 34.4
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	400,000,000	400,000,000
Common stock, issued shares (in shares)	124,126,624	124,126,624
Common stock, outstanding shares (in shares)	80,495,585	80,810,016
Treasury stock, shares (in shares)	43,631,039	43,316,608

NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Net Income Per Common Share
Net income	$ 503.0	$ 757.1	$ 740.1
Weighted average number of common shares outstanding (in shares)	80.7	81.6	82.9
Dilutive shares (additional common shares issuable under stock-based awards) (in shares)	0.4	0.6	0.9
Weighted average number of common shares outstanding, assuming dilution (in shares)	81.1	82.2	83.8
Net income per common share (in dollars per share)	$ 6.23	$ 9.28	$ 8.93
Net income per common share, assuming dilution (in dollars per share)	$ 6.20	$ 9.21	$ 8.83
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.0	0.0

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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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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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SUPPLEMENTAL FINANCIAL INFORMATION - Allowance of credit losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Change in Allowance for Credit Losses
Balance at beginning of year	$ 34.4	$ 33.0
Provision for credit losses	4.4	6.9	$ (4.7)
Amounts written off	(6.3)	(4.3)
Other, including foreign currency translation	1.9	(1.2)
Balance at end of year	34.4	34.4	33.0
Reversal of credit losses	$ (4.4)	$ (6.9)	$ 4.7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 30, 2023
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations We are a global materials science and digital identification solutions company that provides a wide range of branding and information solutions that optimize labor and supply chain efficiency, reduce waste, advance sustainability, circularity and transparency, and better connect brands and consumers. Our products and solutions include labeling and functional materials, radio-frequency identification ("RFID") inlays and tags, software applications that connect the physical and digital, and a variety of products and solutions that enhance branded packaging and carry or display information that improves the customer experience. We serve an array of industries worldwide, including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive.
Principles of Consolidation	Principles of Consolidation Our Consolidated Financial Statements include the accounts of majority-owned and controlled subsidiaries. Intercompany accounts, transactions and profits are eliminated in consolidation.
Fiscal Year	Fiscal Year Our fiscal years generally consist of 52 weeks, but every fifth or sixth fiscal year consists of 53 weeks; our 2023, 2022, and 2021 fiscal years consisted of 52-week periods ending December 30, 2023, December 31, 2022 and January 1, 2022, respectively.
Accounting Guidance Updates and Recent Accounting Requirements	Accounting Guidance Updates Supplier Finance Programs In the first quarter of 2023, we adopted guidance that requires disclosures of key supplier finance program terms, information about obligations under these programs and a rollforward of these obligations. This guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Recent Accounting Requirements In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to expand annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of adopting this guidance on our financial statement disclosures. In December 2023, the FASB issued guidance on improvements to income tax disclosures in the rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of adopting this guidance on our financial statement disclosures.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions for the reporting period and as of the date of our financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expense. As the effects of future events cannot be determined, actual results could differ significantly from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents generally consist of cash on hand, deposits in banks, cash-in-transit, and bank drafts and short-term investments with maturities of three months or less when purchased or received. The carrying value of these assets approximates fair value due to the short maturity of these instruments.
Inventories	Inventories We state inventories at the lower of cost or net realizable value and categorize them as raw materials, work-in-progress, or finished goods. Cost is determined using the first-in, first-out method. We record inventory that is damaged, obsolete, excess and slow-moving to cost of products sold and we establish a lower cost basis for the inventory. Slow-moving inventory is reviewed by category and may be recognized partially or fully to cost of products sold depending on the type of product, level of usage and length of time the product has been included in inventory.
Trade Accounts Receivable	Trade Accounts Receivable We record trade accounts receivable at the invoiced amount. Our allowance for credit losses reflects customer trade accounts receivable that are estimated to be partially or entirely uncollectible. These allowances are used to reduce gross trade receivables to their net realizable values. We record these allowances based on estimates related to the following: •The financial condition of customers; •The aging of receivable balances; •Our historical collection experience; and •Current and expected future macroeconomic and market conditions.
Property, Plant and Equipment	Property, Plant and Equipment We generally compute depreciation using the straight-line method over the estimated useful lives of the respective assets, ranging from ten to 45 years for buildings and improvements and three to 15 years for machinery and equipment. Leasehold improvements are depreciated over the shorter of the useful life of the asset or the term of the associated leases. We expense maintenance and repair costs as incurred; we capitalize renewals and improvements. Upon the sale or retirement of assets, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting gain or loss included in net income.
Leases	Leases Our leases primarily relate to office and warehouse space, machinery, transportation, and equipment for information technology. We determine if an arrangement is a lease or contains a lease at inception. 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 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 lease 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.
Software	Software We capitalize software costs incurred during the application development stage of software development, including costs incurred for design, coding, installation to hardware, testing, and upgrades and enhancements that provide the software or hardware with additional functionalities and capabilities. We expense software costs, including internal and external training costs and maintenance costs, incurred during the preliminary project stage and the post-implementation and/or operation stage. In addition, we capitalize implementation costs incurred under a hosting arrangement that is a service contract. Capitalized software, which is included in “Other assets” in the Consolidated Balance Sheets, is amortized on a straight-line basis over the estimated useful life of the software, which is generally between five and ten years.
Venture Investments	Venture Investments We invest in privately held companies and utilize the measurement alternative for equity investments that do not have readily determinable fair values, measuring them at cost less impairment plus or minus observable price changes in orderly transactions. The carrying value of our venture investments is included in “Other assets” in the Consolidated Balance Sheets.
Impairment of Long-lived Assets	Impairment of Long-lived Assets We record impairment charges when the carrying amounts of long-lived assets are determined not to be recoverable. We measure recoverability by comparing the undiscounted cash flows expected from the applicable asset or asset group’s use and eventual disposition to its carrying value. We calculate the amount of impairment loss as the excess of the carrying value over the fair value. Historically, changes in market conditions and management strategy have caused us to reassess the carrying amount of our long-lived assets.
Goodwill and Other Intangibles Resulting from Business Acquisitions	Goodwill and Other Intangibles Resulting from Business Acquisitions We account for business combinations using the acquisition method, with the excess of the acquisition cost over the fair value of net tangible assets and identified intangible assets acquired considered goodwill. As a result, we disclose goodwill separately from other intangible assets. Other identifiable intangibles include customer relationships, patented and other developed technology, and trade names and trademarks. We perform an annual impairment test of goodwill during the fourth quarter and, as necessary, if changes in facts and circumstances that indicate the fair value of a reporting unit may be less than its carrying value. Factors that may cause us to perform an impairment test outside of our annual assessment include significant underperformance of a business relative to expected operating results, significant adverse economic and industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, or our decision to divest a portion of a reporting unit. In performing impairment tests, we have the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for goodwill impairment. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. A quantitative assessment primarily uses the present value (discounted cash flow) method to determine the fair value of reporting units with goodwill. We compare the fair value of each reporting unit to its carrying amount, and, to the extent the carrying amount exceeds the unit’s fair value, we recognize an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit. In consultation with outside specialists, we estimate the fair value of our reporting units using various valuation techniques, with the primary technique being a discounted cash flow analysis. A discounted cash flow analysis requires us to make various assumptions about our reporting units, including their respective forecasted sales, operating margins and growth rates, as well as discount rates. Our assumptions about discount rates are based on the weighted average cost of capital for comparable companies. Our assumptions about sales, operating margins and growth rates are based on our forecasts, business plans, economic projections, anticipated future cash flows, and marketplace data. We also make assumptions for varying perpetual growth rates for periods beyond our long-term business plan period. We base our fair value estimates on projected financial information and assumptions that we believe are reasonable. However, actual future results may differ materially from these estimates and projections. The valuation methodology we use to estimate the fair value of reporting units requires inputs and assumptions that reflect current market conditions, as well as the impact of planned business and operational strategies that require management judgment. The estimated fair value could increase or decrease depending on changes in the inputs and assumptions. We test indefinite-lived intangible assets, consisting of trade names and trademarks, for impairment in the fourth quarter or whenever events or circumstances indicate that it is more-likely-than-not that their carrying amounts exceed their fair values. In performing the impairment tests, we have the option first to assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for indefinite-lived intangible asset impairment. If we decide not to perform a qualitative assessment, or if the qualitative assessment indicates that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we perform a quantitative assessment. Fair value is estimated as the discounted value of future revenues using a royalty rate that a third party would pay to use the asset. Variation in the royalty rates could impact our estimate of fair value. If the carrying amount of an asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. We amortize finite-lived intangible assets, consisting of customer relationships, patented and other developed technology, trade names and trademarks, and other intangibles, on a straight-line basis over their estimated useful lives. See Note 3, “Goodwill and Other Intangibles Resulting from Business Acquisitions,” for more information.
Foreign Currency	Foreign Currency We translate asset and liability accounts of international operations into U.S. dollars at current rates. Revenues and expenses are translated at the weighted average currency rate for the fiscal year. We record gains and losses resulting from hedging the value of investments in certain international operations and from the translation of balance sheet accounts directly as a component of other comprehensive income. We account for our operations in Argentina as highly inflationary, because the country’s three-year cumulative inflation rate exceeds 100%. As a result, the functional currency of our Argentine subsidiary is the U.S. dollar.
Financial Instruments	Financial Instruments We enter into foreign exchange derivative contracts to reduce our risk from exchange rate fluctuations associated with receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. From time to time, 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 is 36 months for forecasted foreign exchange and commodity transactions and 10 years for cross-currency swap transactions. On the date we enter into a derivative contract, we determine whether the derivative will be designated as a hedge. Derivatives designated as hedges are classified as either (1) hedges of the fair value of a recognized asset or liability or an unrecognized firm commitment (“fair value” hedges) or (2) hedges of a forecasted transaction or the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (“cash flow” hedges). Other derivatives not designated as hedges are recorded on the balance sheets at fair value, with changes in fair value recognized in earnings. Our policy is not to purchase or hold any foreign currency, interest rate or commodity contracts for trading purposes. We assess, both at the inception of any hedge and on an ongoing basis, whether our hedges are highly effective. If we determine that a hedge is not highly effective, we prospectively discontinue hedge accounting. For cash flow hedges, we record gains and losses as components of other comprehensive income and reclassify them into earnings in the same period during which the hedged transaction affects earnings. In the event that the anticipated transaction is no longer likely to occur, we recognize the change in fair value of the instrument in current period earnings. We recognize changes in fair value hedges in current period earnings. We also recognize changes in the fair value of underlying hedged items (such as recognized assets or liabilities) in current period earnings and offset the changes in the fair value of the derivative. In the Consolidated Statements of Cash Flows, hedges are classified in the same category as the item hedged, primarily in operating activities.
Fair Value Measurements	Fair Value Measurements We define fair value as the price that would be received from selling an asset or paid for transferring a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. We determine fair value based on a three-tier fair value hierarchy, which we use to prioritize the inputs used in measuring fair value. These tiers consist of Level 1, which are observable inputs such as quoted prices in active markets; Level 2, which are inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which are unobservable inputs in which little or no market data exists, requiring us to develop our own assumptions to determine the best estimate of fair value.
Revenue from Contract with Customer	Revenue Recognition Substantially all of our revenue is derived from the sale of products. Our Materials Group reportable segment sells pressure-sensitive label materials, films, performance tapes and fasteners. Our Solutions Group reportable segment sells a wide variety of branding and information solutions-oriented products, such as tickets, tags, labels (including RFID inlays), as well as related equipment, services, and supplies, that provide our customers with solutions for them to optimize branding and engagement with their consumers and enable item visibility and traceability. We recognize revenue for an amount that reflects the consideration which we expect from the sale of our products when we satisfy a performance obligation by transferring control of our products to a customer. We consider a number of factors in determining when we have transferred control to a customer, including the following: (i) our present right to payment; (ii) the customer’s legal title to the asset; (iii) physical possession of the asset; (iv) the customer’s significant risks and rewards of ownership of the asset; and (v) the customer’s acceptance of the asset. Generally, there are no substantive differences in revenue recognition considerations among our various products. Control generally transfers to a customer at a point in time upon shipment or delivery, depending on the specific terms of sale with the customer. Our payment terms with customers are generally consistent with those used in the industries and the regions in which we operate. We accept sales returns in certain limited circumstances. We record a liability for estimated returns and a corresponding reduction to sales in the amount we expect to repay or credit customers, which we base on historical returns and outstanding customer claims. We update our estimates each reporting period. Sales rebates, discounts and other customer concessions represent variable consideration and are common in the industries and regions in which we operate, which we account for as a reduction to sales based on estimates at the time at which products are sold. We base these estimates on our historical experience, as well as current information such as sales forecasts. We regularly review our estimates and adjust the revenue recognized from sales as necessary as additional information becomes available. We exclude sales tax, value-added tax and other taxes we collect from customers from sales. We account for shipping and handling activities after control of a product is transferred to a customer as fulfillment costs and not as separate performance obligations. As a practical expedient, we have elected not to disclose the value of unsatisfied performance obligations for contracts with an expected length of less than one year. We generally expense sales commissions when incurred because the expected amortization period is one year or less. We record these costs in “Marketing, general and administrative expense” in the Consolidated Statements of Income.
Research and Development	Research and Development Research and development costs are related to research, design and testing of new products and applications, which we expense as incurred.
Long-Term Incentive Compensation	Long-Term Incentive Compensation No long-term incentive compensation expense was capitalized in 2023, 2022 or 2021. Valuation of Stock-Based Awards We base our stock-based compensation expense on the fair value of awards, adjusted for estimated forfeitures, amortized on a straight-line basis over the requisite service period for stock options and restricted stock units (“RSUs”). We base compensation expense for performance units (“PUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a straight-line basis as these awards cliff-vest at the end of the requisite service period. We base compensation expense related to market-leveraged stock units (“MSUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a graded-vesting basis over their respective performance periods. Compensation expense for awards with a market condition as a performance objective, which includes PUs and MSUs, is not adjusted if the condition is not met, as long as the requisite service period is met. We estimate the fair value of stock options as of the date of grant using the Black-Scholes option-pricing model. This model requires input assumptions for our expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. We determine the fair value of RSUs and the component of PUs that is subject to the achievement of a performance objective using a financial performance condition based on the fair market value of our common stock as of the date of grant, adjusted for foregone dividends. Over the performance period of the PUs, the estimated number of shares of our common stock issuable upon vesting is adjusted upward or downward from the target shares at the time of grant based on the probability of the financial performance objectives established for the award being achieved. We determine the fair value of stock-based awards that are subject to the achievement of performance objectives based on a market condition, which includes MSUs and the other component of PUs, using the Monte-Carlo simulation method, which utilizes multiple input variables, including expected stock price volatility and other assumptions appropriate for determining fair value, to estimate the probability of satisfying the target performance objectives established for the award. Certain of these assumptions are based on management’s estimates, in consultation with outside specialists. Significant changes in assumptions for future awards and actual forfeiture rates could materially impact stock-based compensation expense and our results of operations. Valuation of Cash-Based Awards Cash-based awards consist of long-term incentive units (“LTI Units”) granted to eligible employees. We classify LTI Units as liability awards and remeasure them at each quarter-end over the applicable vesting or performance period. In addition to LTI Units with terms and conditions that mirror those of RSUs, we also grant certain employees LTI Units with terms and conditions that mirror those of PUs and MSUs. Forfeitures We estimate expected forfeitures in determining the compensation cost to be recognized each period, rather than accounting for forfeitures as they occur. We record changes in estimated forfeiture rates as cumulative adjustments in the period estimates are revised.
Taxes Based on Income	Taxes Based on Income Because we are subject to income tax in the U.S. and multiple foreign jurisdictions, judgment is required in evaluating and estimating our worldwide provision, accruals for taxes, deferred taxes and tax positions. Our provision for income taxes is determined using the asset and liability approach in accordance with GAAP. Under this approach, deferred taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets when uncertainty regarding their realizability exists. We recognize and measure our uncertain tax positions following the more-likely-than-not threshold for recognition and measurement for tax positions we take or expect to take on a tax return.
Supplier Finance Programs	Supplier Finance Programs We have agreements with third-party financial institutions to facilitate payments to suppliers. These third-party financial institutions offer voluntary supply chain finance programs that enable certain of our suppliers, at the supplier’s sole discretion, to sell our payment obligations to a financial institution on terms directly negotiated with the financial institution. Participating suppliers decide which payment obligations are sold to the financial institution and we have no economic interest in a supplier’s decision to sell these payment obligations. We make payments to the financial institution on the invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under these arrangements. Amounts due under our supply chain finance programs are included in accounts payable on our Consolidated Balance Sheets and activities related to these programs are presented as operating activities in our Consolidated Statements of Cash Flows.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Operating Activities
Net income	$ 503.0	$ 757.1	$ 740.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	187.4	177.4	167.3
Amortization	111.0	113.3	76.8
Provision for credit losses and sales returns	49.9	50.1	35.7
Stock-based compensation	22.3	47.4	37.2
Deferred taxes and other non-cash taxes	(24.4)	18.4	2.6
Other non-cash expense and loss (income and gain), net	37.1	23.5	11.7
Changes in assets and liabilities and other adjustments:
Trade accounts receivable	(16.7)	(22.1)	(113.2)
Inventories	111.7	(140.7)	(182.7)
Accounts payable	(87.6)	68.2	255.2
Taxes on income	(18.7)	18.9	(7.3)
Other assets	37.7	15.3	4.1
Other liabilities	(86.7)	(165.8)	19.3
Net cash provided by operating activities	826.0	961.0	1,046.8
Investing Activities
Purchases of property, plant and equipment	(265.3)	(278.1)	(255.0)
Purchases of software and other deferred charges	(19.8)	(20.4)	(17.1)
Proceeds from company-owned life insurance policies	48.1	0.0	0.0
Proceeds from sales of property, plant and equipment	1.0	2.3	1.1
Proceeds from insurance and sales (purchases) of investments, net	1.9	1.9	3.1
Proceeds from sale of product line and venture investment	0.0	1.1	7.6
Payments for acquisitions, net of cash acquired, and venture investments	(224.9)	(39.5)	(1,477.6)
Net cash used in investing activities	(459.0)	(332.7)	(1,737.9)
Financing Activities
Net increase (decrease) in borrowings with maturities of three months or less	(36.6)	34.6	259.2
Additional long-term borrowings	394.9	0.0	791.7
Repayments of long-term debt and finance leases	(255.9)	(6.3)	(13.4)
Dividends paid	(256.7)	(238.9)	(220.6)
Share repurchases	(137.5)	(379.5)	(180.9)
Net (tax withholding) proceeds related to stock-based compensation	(23.8)	(25.1)	(25.4)
Other	(1.6)	0.0	(6.3)
Net cash (used in) provided by financing activities	(317.2)	(615.2)	604.3
Effect of foreign currency translation on cash balances	(2.0)	(8.6)	(2.8)
Increase (decrease) in cash and cash equivalents	47.8	4.5	(89.6)
Cash and cash equivalents, beginning of year	167.2	162.7	252.3
Cash and cash equivalents, end of year	$ 215.0	$ 167.2	$ 162.7

PENSION AND OTHER POSTRETIREMENT BENEFITS - Change in Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
U.S.
Change in plan assets
Plan assets at beginning of year	$ 0.0	$ 0.0
Actual return on plan assets	0.0	0.0
Acquisition	0.0	0.0
Employer contributions	6.3	7.1
Participant contributions	0.0	0.0
Benefits paid	(6.3)	(7.1)
Settlements	0.0	0.0
Foreign currency translation	0.0	0.0
Plan assets at end of year	0.0	0.0
Non-U.S.
Change in plan assets
Plan assets at beginning of year	585.3	874.6
Actual return on plan assets	54.6	(226.5)
Acquisition	1.1	0.0
Employer contributions	17.2	15.2
Participant contributions	4.5	4.6
Benefits paid	(25.3)	(21.3)
Settlements	(0.6)	(1.0)
Foreign currency translation	26.4	(60.3)
Plan assets at end of year	$ 663.2	$ 585.3

PENSION AND OTHER POSTRETIREMENT BENEFITS

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

Defined Benefit Plans

We sponsor a number of defined benefit plans, the accrual of benefits under some of which has been frozen, covering eligible employees in the U.S. and certain other countries. Benefits payable to an employee are based primarily on years of service and the employee’s compensation during the course of his or her employment with our company.

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

Plan Assets

Assets in our non-U.S. plans are invested in accordance with locally accepted practices and primarily include equity securities, fixed income securities, insurance contracts and cash. Asset allocations and investments vary by country and plan. Our target plan asset investment allocation for our non-U.S. plans in the aggregate is approximately 26% in equity securities, 59% in fixed income securities and cash, and 15% in insurance contracts and other investments, subject to periodic fluctuations among these asset classes.

Fair Value Measurements

The valuation methodologies we use for assets measured at fair value are described below.

Cash is valued at nominal value. Cash equivalents and mutual funds are valued at fair value as determined by quoted market prices, based upon the net asset value (“NAV”) of shares held at year-end. Pooled funds are structured as collective trusts, not publicly traded and valued by calculating NAV per unit based on the NAV of the underlying funds/trusts as a practical expedient for the fair value of the pooled funds. The pooled funds are categorized by the primary investment strategy which is primarily investments in equity and fixed income securities. The pooled funds categorized as other investments are primarily investments in real estate funds. Insurance contracts are valued at book value, which approximates fair value and is calculated using the prior-year balance plus or minus investment returns and changes in cash flows.

These methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While we believe these valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth, by level within the fair value hierarchy (as applicable), non-U.S. plan assets at fair value:


			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
2023
Cash	$	1.3	$	1.3	$	—	$	—
Insurance contracts	42.6		—		—		42.6
Pooled funds – real estate investment trusts	6.4		—		—		6.4
Pooled funds – fixed income securities(1)	389.8
Pooled funds – equity securities(1)	169.4
Pooled funds – other investments(1)	53.7
Total non-U.S. plan assets at fair value	$	663.2
2022
Cash	$	6.4	$	6.4	$	—	$	—
Insurance contracts	37.1		—		—		37.1
Pooled funds – real estate investment trusts	8.3		—		—		8.3
Pooled funds – fixed income securities(1)	335.7
Pooled funds – equity securities(1)	151.9
Pooled funds – other investments(1)	45.9
Total non-U.S. plan assets at fair value	$	585.3

(1)Pooled funds that are measured at fair value using the NAV per unit (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to reconcile to total non-U.S. plan assets.

The following table presents a reconciliation of Level 3 non-U.S. plan asset activity during the year ended December 30, 2023:


	Level 3 Assets
(In millions)	Insurance Contracts		Pooled Funds – Real Estate Investment Trusts		Total
Balance at December 31, 2022	$	37.1	$	8.3	$	45.4
Net realized and unrealized gain (loss)	1.3		(2.3)		(1.0)
Purchases	3.5		—		3.5
Settlements	(2.8)		—		(2.8)

Acquisition	1.1		—		1.1
Impact of changes in foreign currency exchange rates	2.4		.4		2.8
Balance at December 30, 2023	$	42.6	$	6.4	$	49.0

Plan Assumptions

Discount Rate

In consultation with our actuaries, we annually review and determine the discount rates used to value our pension and other postretirement obligations. The assumed discount rate for each pension plan reflects market rates for high quality corporate bonds currently available. Our discount rate is determined by evaluating yield curves consisting of large populations of high quality corporate bonds. The projected pension benefit payment streams are then matched with bond portfolios to determine a rate that reflects the liability duration unique to our plans.

We use the full yield curve approach to estimate the service and interest cost components of net periodic benefit cost for our pension and other postretirement benefit plans. Under this approach, we apply multiple discount rates from a yield curve composed of the rates of return on several hundred high-quality, fixed income corporate bonds available at the measurement date. We believe that this approach provides a more precise measurement of service and interest cost by aligning the timing of a plan’s liability cash flows to its corresponding rates on the yield curve.

Long-term Return on Assets

We determine the long-term rate of return assumption for plan assets by reviewing the historical and expected returns of both the equity and fixed income markets, taking into account our asset allocation, the correlation between returns in our asset classes, and our mix of active and passive investments. Additionally, we evaluate current market conditions, including interest rates, and review market data for reasonableness and appropriateness.

Measurement Date

We measure the actuarial value of our benefit obligations and plan assets using the calendar month-end closest to our fiscal year-end and adjust for any contributions or other significant events between the measurement date and our fiscal year-end.

Plan Balance Sheet Reconciliations

The following table provides a reconciliation of benefit obligations, plan assets, funded status of the plans and accumulated other comprehensive loss for our defined benefit plans:

Plan Benefit Obligations


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in projected benefit obligations
Projected benefit obligations at beginning of year	$	51.8	$	586.9	$	66.8	$	882.4
Service cost	—		10.5		—		16.5
Interest cost	2.4		24.7		1.2		10.8
Participant contributions	—		4.5		—		4.6
Amendments	—		(.1)		—		—
Actuarial (gain) loss	1.4		51.3		(9.1)		(244.9)
Acquisition	—		1.2		—		—
Benefits paid	(6.3)		(25.3)		(7.1)		(21.3)
Settlements	—		(.6)		—		(1.0)
Foreign currency translation	—		26.8		—		(60.2)
Projected benefit obligations at end of year	$	49.3	$	679.9	$	51.8	$	586.9
Accumulated benefit obligations at end of year	$	49.3	$	628.7	$	51.8	$	540.2

Plan Assets


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in plan assets
Plan assets at beginning of year	$	—	$	585.3	$	—	$	874.6
Actual return on plan assets	—		54.6		—		(226.5)
Acquisition	—		1.1		—		—
Employer contributions	6.3		17.2		7.1		15.2
Participant contributions	—		4.5		—		4.6
Benefits paid	(6.3)		(25.3)		(7.1)		(21.3)
Settlements	—		(.6)		—		(1.0)
Foreign currency translation	—		26.4		—		(60.3)
Plan assets at end of year	$	—	$	663.2	$	—	$	585.3

Funded Status


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Funded status of the plans
Other assets	$	—	$	67.8	$	—	$	70.0
Other accrued liabilities	(6.1)		(.2)		(6.2)		(.4)
Long-term retirement benefits and other liabilities(1)	(43.2)		(84.3)		(45.6)		(71.2)
Plan assets less than benefit obligations	$	(49.3)	$	(16.7)	$	(51.8)	$	(1.6)

(1)In accordance with our funding strategy, we have the option to fund certain of our U.S. liabilities with proceeds from our company-owned life insurance policies.


	Pension Benefits
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Weighted average assumptions used to determine year-end benefit obligations
Discount rate	4.86	%	3.78	%	5.06	%	4.36	%
Compensation rate increase	—		2.73		—		2.75

For U.S. and non-U.S. plans combined, the projected benefit obligations and fair values of plan assets for pension plans with projected benefit obligations in excess of plan assets were $210 million and $76 million, respectively, at year-end 2023 and $165 million and $42 million, respectively, at year-end 2022.

For U.S. and non-U.S. plans combined, the accumulated benefit obligations and fair values of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $162 million and $43 million, respectively, at year-end 2023 and $132 million and $23 million, respectively, at year-end 2022.

Accumulated Other Comprehensive Loss

The following table shows the pre-tax amounts recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets:


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Net actuarial loss	$	9.6	$	73.2	$	9.1	$	38.2
Prior service (credit) cost	—		(3.4)		—		(3.5)
Net amount recognized in accumulated other comprehensive loss	$	9.6	$	69.8	$	9.1	$	34.7

The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:


	Pension Benefits
	2023				2022				2021
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Net actuarial (gain) loss	$	.9	$	32.6	$	(5.6)	$	(.8)	$	(.7)	$	(34.8)
Prior service credit	—		(.1)		—		—		—		(.9)
Amortization of unrecognized:
Net actuarial gain	(.4)		2.1		(.8)		(2.5)		(.8)		(6.1)
Prior service credit (cost)	—		.4		—		.4		—		.4
Settlements	—		.1		(.1)		.1		(1.1)		(.5)
Net amount recognized in other comprehensive loss (income)	$	.5	$	35.1	$	(6.5)	$	(2.8)	$	(2.6)	$	(41.9)

Plan Income Statement Reconciliations

The following table shows the components of net periodic benefit cost, which are recorded in net income for our defined benefit plans:


	Pension Benefits
	2023				2022				2021
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	10.5	$	—	$	16.5	$	—	$	19.0
Interest cost	2.4		24.7		1.2		10.8		1.0		8.9
Actuarial (gain) loss	.5		—		(3.5)		—		(1.1)		—
Expected return on plan assets	—		(33.2)		—		(21.9)		—		(19.8)
Amortization of actuarial loss	.4		(2.1)		.8		2.5		.8		6.1
Amortization of prior service (credit) cost	—		(.4)		—		(.4)		—		(.4)
Recognized loss (gain) on settlements	—		(.1)		.1		(.1)		1.1		.5
Net periodic benefit cost (credit)	$	3.3	$	(.6)	$	(1.4)	$	7.4	$	1.8	$	14.3

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

The following table shows the weighted average assumptions used to determine net periodic cost:


	Pension Benefits
	2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.06	%	4.36	%	2.19	%	1.57	%	2.20	%	1.26	%
Expected return on assets	—		4.71		—		3.00		—		2.61
Compensation rate increase	—		2.75		—		2.33		—		2.15

Plan Contributions

We make contributions to our defined benefit plans sufficient to meet the minimum funding requirements of applicable laws and regulations, plus additional amounts, if any, we determine to be appropriate. The following table sets forth our expected contributions in 2024:


(In millions)
U.S. pension plans	$	6.3
Non-U.S. pension plans	13.8

Future Benefit Payments

The future benefit payments shown below reflect the expected service periods for eligible participants.


	Pension Benefits
(In millions)	U.S.		Non-U.S.
2024	$	6.3	$	25.7
2025	6.1		24.8
2026	5.9		28.7
2027	5.4		29.0
2028	4.9		27.7
2029-2033	18.4		157.4

Postretirement Health Benefits

We provide postretirement health benefits to certain of our retired U.S. employees up to the age of 65 under a cost-sharing arrangement and provide supplemental Medicare benefits to certain of our U.S. retirees over the age of 65. Our postretirement health benefit plan was closed to new participants retiring after December 31, 2021. Our policy is to fund the cost of these postretirement benefits from operating cash flows. While we do not intend to terminate these postretirement health benefits, we may do so at any time, subject to applicable laws and regulations. At year-end 2023, our postretirement health benefits obligation and related loss recorded in “Accumulated other comprehensive loss” were approximately $2 million and $10 million, respectively. At year-end 2022, our postretirement health benefits obligation and related loss recorded in “Accumulated other comprehensive loss” were approximately $2 million and $11 million, respectively. Net periodic benefit cost was not material in 2023, 2022 or 2021.

Defined Contribution Plans

We sponsor various defined contribution plans worldwide, the largest of which is the Avery Dennison Corporation Employee Savings Plan (“Savings Plan”), a 401(k) plan for our U.S. employees.

We recognized expense of $30.3 million, $27.3 million and $24.6 million in 2023, 2022 and 2021, respectively, related to our employer contributions and employer match of participant contributions to the Savings Plan.

Other Retirement Plans

We have deferred compensation plans and programs that permit eligible employees to defer a portion of their compensation. The compensation voluntarily deferred by the participant, together with certain employer contributions, earns specified and variable rates of return. As of year-end 2023 and 2022, we had accrued $88.2 million and $87.3 million, respectively, for our obligations under these plans. A portion of the interest on certain of our contributions may be forfeited by participants if their employment terminates before age 55 other than by reason of death or disability.

Our Directors Deferred Equity Compensation Program allows our non-employee directors to elect to receive their cash compensation in deferred stock units (“DSUs”) issued under our equity plan. Additionally, two legacy deferred compensation plans had DSUs that were issued under our then-active equity plans. Dividend equivalents, representing the value of dividends per share paid on shares of our common stock and calculated with reference to the number of DSUs held as of a quarterly dividend record date, are credited in the form of additional DSUs on the applicable dividend payable date. DSUs are converted into shares of our common stock, less fractional shares, and issued to the director upon his or her separation from our Board. Approximately 0.1 million DSUs were outstanding for both year-end 2023 and 2022, with an aggregate value of $19 million and $20 million, respectively.

We hold company-owned life insurance policies, the proceeds from which are payable to us upon the death of covered participants. The cash surrender values of these policies, net of outstanding loans, which are included in “Other assets” in the Consolidated Balance Sheets, were $228.4 million and $265.0 million at year-end 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

TAXES BASED ON INCOME - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Tax Disclosure [Line Items]
Effective tax rate (as a percent)	27.60%	24.20%	25.00%
Effective income tax rate reconciliation, GILTI, FDII, net, amount	$ 16.4	$ 18.8	$ 28.5
Net tax charge primarily from the recognition of uncertain tax positions	9.5
GILTI high-tax exclusion election, net and other	10.0	11.9	22.8
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount, Benefit	14.7	17.3	11.3
Effective income Tax rate reconciliation, nondeductible expense	10.5
Effective income tax rate reconciliation, prior year income taxes, amount		4.3
Net operating losses	481.0	463.0
Tax credit carryforwards	9.0	9.7
State
Income Tax Disclosure [Line Items]
Net operating losses	429.0
Operating loss carryforwards, valuation allowance	$ 402.0
Tax Year 2021
Income Tax Disclosure [Line Items]
GILTI high-tax exclusion election, net and other		$ 11.9
Tax Year 2018
Income Tax Disclosure [Line Items]
GILTI high-tax exclusion election, net and other			14.1
Tax Year 2020
Income Tax Disclosure [Line Items]
GILTI high-tax exclusion election, net and other			$ 8.7

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Net Carrying Amount of Goodwill

Changes in the net carrying amount of goodwill for 2023 and 2022 by reportable segment are shown below:


(In millions)	Materials Group		Solutions Group		Total
Goodwill as of January 1, 2022	$	645.5	$	1,236.0	$	1,881.5
Acquisitions(1)	—		16.3		16.3
Acquisition adjustment(2)	—		(.5)		(.5)
Translation adjustments	(26.8)		(8.1)		(34.9)
Goodwill as of December 31, 2022	618.7		1,243.7		1,862.4
Acquisitions(3)	—		135.0		135.0

Translation adjustments	12.0		4.2		16.2

Goodwill as of December 30, 2023	$	630.7	$	1,382.9	$	2,013.6

(1)Goodwill acquired related to the 2022 Acquisitions. We expect the recognized goodwill related to the 2022 Acquisitions not to be deductible for income tax purposes.

(2)Measurement period adjustment related to the finalization of the purchase price allocation for the Vestcom acquisition.

(3)Goodwill acquired related to the 2023 Acquisitions. We expect substantially all of the recognized goodwill related to the 2023 Acquisitions not to be deductible for income tax purposes.

Schedule of the Amounts and Weighted Average Useful Lives of Finite-Lived Intangible Assets

The table below summarizes the amounts and weighted average useful lives of the intangible assets associated with the 2023 Acquisitions as of the acquisition date.


	Amount (in millions)		Weighted average amortization period (in years)
Customer relationships	$	68.8	11
Patented and other developed technology	22.2		7
Trade names and trademarks	3.0		6

Schedule of Finite-Lived Intangible Assets Resulting from Business Acquisitions

The table below sets forth our finite-lived intangible assets resulting from business acquisitions at December 30, 2023 and December 31, 2022, which continue to be amortized.


	2023						2022
(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	922.5	$	383.7	$	538.8	$	852.2	$	330.1	$	522.1
Patented and other developed technology	278.3		130.2		148.1		261.9		104.3		157.6
Trade names and trademarks	17.4		11.7		5.7		14.4		10.3		4.1
Other intangibles	3.2		2.0		1.2		3.2		1.4		1.8
Total	$	1,221.4	$	527.6	$	693.8	$	1,131.7	$	446.1	$	685.6

Schedule of Estimated Amortization Expense for Finite Lived Intangible Assets Resulting From Business Acquisitions

We expect estimated amortization expense for finite-lived intangible assets resulting from business acquisitions for each of the next five fiscal years and thereafter to be as follows:


(In millions)	Estimated Amortization Expense
2024	$	89.7
2025	88.9
2026	85.9
2027	85.4
2028	78.0
2029 and thereafter	265.9

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

COMMITMENTS AND LEASES - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	Dec. 30, 2023 USD ($)
Operating Leases
2024	$ 50.3
2025	41.0
2026	32.4
2027	23.0
2028	15.1
2029 and thereafter	69.5
Total lease payments	231.3
Less: imputed interest	(33.6)
Present value of lease liabilities	197.7
Finance Leases
2024	6.9
2025	3.5
2026	1.9
2027	1.3
2028	0.6
2029 and thereafter	0.6
Total lease payments	14.8
Less: imputed interest	(1.5)
Present value of lease liabilities	$ 13.3

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value

Assets and liabilities carried at fair value, measured on a recurring basis, as of December 30, 2023, were as follows:


			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Investments	$	37.8	$	19.6	$	18.2	$	—
Derivative assets	6.3		—		6.3		—
Bank drafts	5.3		5.3		—		—
Cross-currency swap	2.3		—		2.3		—
Liabilities
Derivative liabilities	$	7.6	$	1.6	$	6.0	$	—
Contingent consideration liabilities	10.0		—		—		10.0

Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2022 were as follows:


			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Investments	$	31.3	$	22.6	$	8.7	$	—
Derivative assets	4.3		—		4.3		—
Bank drafts	3.2		3.2		—		—
Cross-currency swap	15.5		—		15.5		—
Liabilities
Derivative liabilities	$	12.2	$	.3	$	11.9	$	—
Contingent consideration liabilities	6.0		—		—		6.0

FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities and Equity
Recurring
Assets
Investments	$ 37.8	$ 31.3
Derivative assets	6.3	4.3
Bank drafts	5.3	3.2
Cross-currency swap	2.3	15.5
Liabilities
Derivative liabilities	7.6	12.2
Contingent consideration liabilities	10.0	6.0
Quoted Prices in Active Markets (Level 1) \| Recurring
Assets
Investments	19.6	22.6
Derivative assets	0.0	0.0
Bank drafts	5.3	3.2
Cross-currency swap	0.0	0.0
Liabilities
Derivative liabilities	1.6	0.3
Contingent consideration liabilities	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Recurring
Assets
Investments	18.2	8.7
Derivative assets	6.3	4.3
Bank drafts	0.0	0.0
Cross-currency swap	2.3	15.5
Liabilities
Derivative liabilities	6.0	11.9
Contingent consideration liabilities	0.0	0.0
Significant Other Unobservable Inputs (Level 3) \| Recurring
Assets
Investments	0.0	0.0
Derivative assets	0.0	0.0
Bank drafts	0.0	0.0
Cross-currency swap	0.0	0.0
Liabilities
Derivative liabilities	0.0	0.0
Contingent consideration liabilities	$ 10.0	$ 6.0

SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Additional Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Segment and disaggregated revenue information [Line Items]
Net sales to unaffiliated customers	$ 8,364.3	$ 9,039.3	$ 8,408.3
Income before taxes	694.7	999.3	992.6
Interest expense	(119.0)	(84.1)	(70.2)
Other non-operating expense (income), net	30.8	9.4	4.1
Capital expenditures	266.5	297.5	266.6
Depreciation and amortization expense	298.4	290.7	244.1
Other expense (income), net	180.9	(0.6)	5.6
Intersegment sales
Segment and disaggregated revenue information [Line Items]
Net sales to unaffiliated customers	192.6	174.5	143.1
Corporate expense
Segment and disaggregated revenue information [Line Items]
Income before taxes	(83.7)	(87.6)	(81.8)
Other expense (income), net	6.3	5.0	(5.3)
Materials Group
Segment and disaggregated revenue information [Line Items]
Capital expenditures	117.8	153.5	170.3
Depreciation and amortization expense	127.8	135.8	141.9
Materials Group \| Intersegment sales
Segment and disaggregated revenue information [Line Items]
Net sales to unaffiliated customers	157.1	137.1	105.8
Materials Group \| Operating Segments
Segment and disaggregated revenue information [Line Items]
Net sales to unaffiliated customers	5,811.3	6,495.1	6,206.5
Income before taxes	700.9	859.3	883.3
Other expense (income), net	88.3	(13.4)	(25.7)
Solutions Group
Segment and disaggregated revenue information [Line Items]
Capital expenditures	148.7	144.0	96.3
Depreciation and amortization expense	170.6	154.9	102.2
Solutions Group \| Intersegment sales
Segment and disaggregated revenue information [Line Items]
Net sales to unaffiliated customers	35.5	37.4	37.3
Solutions Group \| Operating Segments
Segment and disaggregated revenue information [Line Items]
Net sales to unaffiliated customers	2,553.0	2,544.2	2,201.8
Income before taxes	165.7	302.3	257.2
Other expense (income), net	$ 86.3	$ 7.8	$ 36.6

SUPPLEMENTAL FINANCIAL INFORMATION - Inventories (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Inventories
Raw materials	$ 415.4	$ 457.6
Work-in-progress	238.2	255.1
Finished goods	267.1	297.2
Inventories	$ 920.7	$ 1,009.9

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

Assets and liabilities carried at fair value, measured on a recurring basis, as of December 30, 2023, were as follows:


			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Investments	$	37.8	$	19.6	$	18.2	$	—
Derivative assets	6.3		—		6.3		—
Bank drafts	5.3		5.3		—		—
Cross-currency swap	2.3		—		2.3		—
Liabilities
Derivative liabilities	$	7.6	$	1.6	$	6.0	$	—
Contingent consideration liabilities	10.0		—		—		10.0

Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2022 were as follows:


			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Investments	$	31.3	$	22.6	$	8.7	$	—
Derivative assets	4.3		—		4.3		—
Bank drafts	3.2		3.2		—		—
Cross-currency swap	15.5		—		15.5		—
Liabilities
Derivative liabilities	$	12.2	$	.3	$	11.9	$	—
Contingent consideration liabilities	6.0		—		—		6.0

Investments included 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 NAV. As of December 30, 2023, investments of $2.7 million and $35.1 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the Consolidated Balance Sheets. As of December 31, 2022, investments of $0.7 million and $30.6 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the 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 Consolidated Balance Sheets.

Contingent consideration liabilities relate to estimated earn-out payments associated with certain acquisitions completed in 2023, 2022 and 2021, which are subject to the acquired companies achieving certain post-acquisition performance targets. These liabilities were recorded based on the expected payments and have been classified as Level 3. Activity related to contingent consideration in 2023 and 2022 was immaterial.

In addition to the investments described above, we hold venture investments that had a total carrying value of approximately $71 million and $70 million as of December 30, 2023 and December 31, 2022, respectively, which was included in “Other assets” in the Consolidated Balance Sheets. We recognized no net gains or losses on these investments in 2023 and recognized net gains of $13.5 million and $23.0 million in 2022 and 2021, respectively, in “Other expense (income), net” in the Consolidated Statements of Income.

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUPPLEMENTAL FINANCIAL INFORMATION - Software (Details) - Total software - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Capitalized software costs
Cost	$ 362.4	$ 390.6
Accumulated amortization	(257.9)	(282.3)
Software, net	104.5	108.3
Software amortization expense	$ 23.4	$ 29.5	$ 30.1

LONG-TERM INCENTIVE COMPENSATION - Narrative (Details)	12 Months Ended
LONG-TERM INCENTIVE COMPENSATION - Narrative (Details)	Dec. 30, 2023 USD ($) vestingPeriod item $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Jan. 01, 2022 USD ($) $ / shares
Long-Term Incentive Compensation [Line Items]
Aggregate number of shares available under the plan (in shares) \| shares	5,400,000
Fungible share ratio (in shares) \| shares	1.5
Unrecognized compensation cost related to share based compensation cost	$ 35,000,000
Unrecognized compensation cost weighted average recognition period	2 years
Risk-free interest rate (as a percent)	3.84%
Expected stock price volatility (as a percent)	23.90%
Expected dividend yield (as a percent)	1.84%
Expected option term	6 years 3 months 21 days
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 47.65	$ 0	$ 0
Granted (in usd per share) \| $ / shares	$ 190.54
Granted (in shares) \| shares	63,000.0
Total intrinsic value of stock options exercised	$ 0	$ 0	$ 3,500,000
Proceeds from exercises of stock options			1,000,000
Tax benefit associated with option exercises			$ 900,000
Stock Options
Long-Term Incentive Compensation [Line Items]
Vesting period	4 years
Option expiration period	10 years
Stock Options \| Minimum
Long-Term Incentive Compensation [Line Items]
Purchase price of common stock as a percentage of its fair market value granted to non-employee directors and employees	100.00%
Performance units (PS)
Long-Term Incentive Compensation [Line Items]
Maximum special performance units issued (as a percent)	300.00%
Granted at target (in usd per share) \| $ / shares	$ 180.12	$ 163.97	$ 191.86
Fair value	$ 22,700,000	$ 20,200,000	$ 19,200,000
Performance units (PS) \| Minimum
Long-Term Incentive Compensation [Line Items]
Vesting period	3 years
Shares issued (as a percent)	0.00%
Performance units (PS) \| Maximum
Long-Term Incentive Compensation [Line Items]
Vesting period	4 years
Shares issued (as a percent)	200.00%
Market-leveraged stock units (MSUs)
Long-Term Incentive Compensation [Line Items]
Vesting period	4 years
Granted at target (in usd per share) \| $ / shares	$ 192.53	$ 141.80	$ 216.06
Fair value	$ 16,100,000	$ 19,900,000	$ 17,800,000
Number of vesting periods \| vestingPeriod	4
Number of tranches represented by each vesting period \| item	1
Number of tranches represented by the entire vesting period \| item	4
Market-leveraged stock units (MSUs) \| Minimum
Long-Term Incentive Compensation [Line Items]
Shares issued (as a percent)	0.00%
Market-leveraged stock units (MSUs) \| Maximum
Long-Term Incentive Compensation [Line Items]
Shares issued (as a percent)	200.00%
Restricted stock units (RSUs)
Long-Term Incentive Compensation [Line Items]
Granted at target (in usd per share) \| $ / shares	$ 175.88	$ 168.34	$ 196.26
Fair value	$ 2,700,000	$ 2,800,000	$ 2,700,000
Restricted stock units (RSUs) \| Directors
Long-Term Incentive Compensation [Line Items]
Vesting period	1 year
Restricted stock units (RSUs) \| Minimum \| Employees
Long-Term Incentive Compensation [Line Items]
Vesting period	3 years
Restricted stock units (RSUs) \| Maximum \| Employees
Long-Term Incentive Compensation [Line Items]
Vesting period	4 years
Long-term incentive units
Long-Term Incentive Compensation [Line Items]
Cash-based payment arrangement, expense	$ 16,300,000	11,500,000	21,300,000
Cash-based payment arrangement, tax benefit	$ 3,900,000	$ 2,700,000	$ 5,100,000
Long-term incentive units \| Maximum
Long-Term Incentive Compensation [Line Items]
Cash-based compensation, award vesting period	4 years
Market-leveraged long-term incentive units \| Maximum
Long-Term Incentive Compensation [Line Items]
Cash-based compensation, award vesting period	4 years
Performance long-term incentive units \| Minimum
Long-Term Incentive Compensation [Line Items]
Cash-based compensation, award vesting period	3 years
Cash-based compensation award (as percent)	0.00%
Performance long-term incentive units \| Maximum
Long-Term Incentive Compensation [Line Items]
Cash-based compensation award (as percent)	200.00%

PENSION AND OTHER POSTRETIREMENT BENEFITS - Pre-tax Amount Recognized in Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
U.S.
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ 0.9	$ (5.6)	$ (0.7)
Prior service credit	0.0	0.0	0.0
Net actuarial gain	(0.4)	(0.8)	(0.8)
Prior service credit (cost)	0.0	0.0	0.0
Settlements	0.0	(0.1)	(1.1)
Net amount recognized in other comprehensive loss (income)	0.5	(6.5)	(2.6)
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	32.6	(0.8)	(34.8)
Prior service credit	(0.1)	0.0	(0.9)
Net actuarial gain	2.1	(2.5)	(6.1)
Prior service credit (cost)	0.4	0.4	0.4
Settlements	0.1	0.1	(0.5)
Net amount recognized in other comprehensive loss (income)	$ 35.1	$ (2.8)	$ (41.9)

TAXES BASED ON INCOME

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

TAXES BASED ON INCOME

Taxes based on income were as follows:


(In millions)	2023		2022		2021
Current:
U.S. federal tax	$	42.5	$	29.4	$	7.3
State taxes	9.0		8.8		5.3
Foreign taxes	160.8		177.7		229.9
	212.3		215.9		242.5
Deferred:
U.S. federal tax	(29.0)		5.8		(1.1)
State taxes	(3.5)		.9		(5.3)
Foreign taxes	11.9		19.6		12.5
	(20.6)		26.3		6.1
Provision for income taxes	$	191.7	$	242.2	$	248.6

The principal items accounting for the difference between taxes computed at U.S. federal statutory rate and taxes recorded were as follows:


(In millions)	2023		2022		2021
Tax provision computed at U.S. federal statutory rate(1)	$	145.9	$	209.9	$	208.5
Increase (decrease) in taxes resulting from:
State taxes, net of federal tax benefit	2.6		11.8		4.5
Foreign earnings taxed at different rates(1)	50.4		51.7		72.7
GILTI high-tax exclusion election, net(2)	(10.0)		(11.9)		(22.8)
Valuation allowance	2.6		(5.0)		(4.8)
U.S. federal research and development tax credits	(8.3)		(6.5)		(6.2)
Tax contingencies and audit settlements	11.9		(4.3)		3.9
Other items, net	(3.4)		(3.5)		(7.2)
Provision for income taxes	$	191.7	$	242.2	$	248.6


(1)			In 2023, we recognized $4.4 million from our current year GILTI exclusion election and $5.6 million related to the election made on our 2022 U.S. federal tax return. In 2022, we recognized $11.9 million of benefit related to a GILTI exclusion election made on our 2021 U.S. federal tax return. In 2021, we recognized $14.1 million and $8.7 million of benefit related to GILTI exclusion elections made on our amended 2018 and originally filed 2020 U.S. federal tax returns, respectively.
(2)

Income before taxes from our U.S. and foreign operations was as follows:


(In millions)	2023		2022		2021
U.S.	$	187.2	$	232.4	$	88.0
Foreign	507.5		766.9		904.6
Income before taxes	$	694.7	$	999.3	$	992.6

Our effective tax rate was 27.6%, 24.2% and 25.0% for fiscal years 2023, 2022 and 2021, respectively.

Our 2023 provision for income taxes included (i) $16.4 million of net tax charge related to the tax on global intangible low-taxed income ("GILTI") of our foreign subsidiaries after benefiting from our current year exclusion election, as well as the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from foreign-derived intangible income (“FDII”); (ii) $14.7 million of return-to-provision benefit primarily related to our GILTI exclusion election and benefits from additional foreign tax credits recognized under temporary relief granted by the Internal Revenue Service ("IRS") in July 2023, upon completion of our 2022 U.S. federal tax return, (iii) $10.5 million of tax charge related to non-deductible expenses resulting from the impact of the Argentine peso remeasurement loss; and (iv) $9.5 million of net tax charge primarily from the recognition of uncertain tax positions in certain foreign jurisdictions, partially offset by decreases in certain tax reserves as a result of closing tax years.

Our 2022 provision for income taxes included (i) $18.8 million 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; (ii) $17.3 million of return-to-provision benefit, including $11.9 million related to a GILTI exclusion election and a lower net tax charge from other international inclusion items upon completion of our 2021 U.S. federal tax return, and (iii) $4.3 million of net tax benefit primarily from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years and the settlement of certain foreign tax audits.

Our 2021 provision for income taxes included (i) $28.5 million 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; (ii) $14.1 million of return-to-provision benefit related to a GILTI exclusion election made on our amended 2018 U.S. federal tax return; and (iii) $11.3 million of return-to-provision benefit, including $8.7 million related to a GILTI exclusion election and a higher FDII deduction on our 2020 U.S. federal tax return.

Deferred Taxes

Deferred taxes reflect the temporary differences between the amounts at which assets and liabilities are recorded for financial reporting purposes and the amounts utilized for tax purposes. The primary components of the temporary differences that gave rise to our deferred tax assets and liabilities were as follows:


(In millions)	2023		2022
Accrued expenses not currently deductible	$	44.5	$	32.3
Net operating loss carryforwards	138.9		137.2
Tax credit carryforwards	9.0		9.7
Capitalized research expenses	59.9		38.6
Stock-based compensation	10.9		15.4
Pension and other postretirement benefits	34.2		31.5
Inventory reserve	16.4		15.6
Lease liabilities	43.3		33.2
Other assets	27.9		21.3
Valuation allowance	(62.0)		(59.4)
Total deferred tax assets(1)	323.0		275.4
Depreciation and amortization	(317.2)		(296.6)
Repatriation accrual	(24.5)		(12.0)
Foreign operating loss recapture	(3.4)		(3.2)
Lease assets	(43.4)		(33.8)
Total deferred tax liabilities(1)	(388.5)		(345.6)
Total net deferred tax assets (liabilities)	$	(65.5)	$	(70.2)

(1)Reflect gross amounts before jurisdictional netting of deferred tax assets and liabilities.

We assess the available positive and negative evidence to estimate if sufficient future taxable income is expected to be generated to use existing deferred tax assets. On the basis of our assessment, we record valuation allowances only with respect to the portion of the deferred tax asset that is not more-likely-than-not to be realized. Our assessment of the future realizability of our deferred tax assets relies heavily on our forecasted earnings in certain jurisdictions determined by the manner in which we operate our business and the relevant carryforward periods. Any changes to our operations may affect our assessment of deferred tax assets considered realizable if the positive evidence no longer outweighs the negative evidence.

Net operating loss carryforwards of foreign subsidiaries at December 30, 2023 and December 31, 2022 were $481 million and $463 million, respectively. Tax credit carryforwards of both domestic and foreign subsidiaries at December 30, 2023 and December 31, 2022 totaled $9 million and $10 million, respectively. If unused, foreign net operating losses and tax credit carryforwards will expire as follows:


(In millions)	Net Operating Losses(1)		Tax Credits
Year of Expiry
2024	$	2.7	$	.1
2025	2.8		.2
2026	2.9		.3
2027	3.7		.3
2028	12.6		1.2
2029-2043	16.4		5.2
Indefinite life/no expiry	439.5		1.7
Total	$	480.6	$	9.0

(1)Net operating losses are presented before tax effects and valuation allowance.

Certain indefinite-lived foreign net operating losses may require decades to be fully utilized under our current business model.

At December 30, 2023, we had net operating loss carryforwards in certain states of $429 million before tax effects. Based on our estimates of future state taxable income, it is more-likely-than-not that the majority of these carryforwards will not be realized before they expire. Accordingly, a valuation allowance has been recorded on $402 million of these carryforwards.

As of December 30, 2023, our provision for income taxes did not materially benefit from applicable tax holidays in foreign jurisdictions.

Unrecognized Tax Benefits

As of December 30, 2023, our unrecognized tax benefits totaled $88 million, $75 million of which, if recognized, would reduce our annual effective income tax rate. As of December 31, 2022, our unrecognized tax benefits totaled $70 million, $65 million of which, if recognized, would reduce our annual effective income tax rate.

Where applicable, we accrue potential interest and penalties related to unrecognized tax benefits in income tax expense. The interest and penalties we recognized during fiscal years 2023, 2022 and 2021 were not material, individually or in aggregate, to the Consolidated Statements of Income. We have $16 million of accrued interest and penalties, net of tax benefit, in the Consolidated Balance Sheets at December 30, 2023 and December 31, 2022.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is set forth below.


(In millions)	2023		2022
Balance at beginning of year	$	69.5	$	74.0
Additions for tax positions of current year	15.4		6.6
Additions (reductions) for tax positions of prior years, net	8.0		(2.2)
Settlements with tax authorities	(1.8)		(1.1)
Expirations of statutes of limitations	(3.9)		(4.8)
Changes due to translation of foreign currencies	.8		(3.0)
Balance at end of year	$	88.0	$	69.5

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 $6 million, primarily as a result of closing tax years.

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 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 amounts reflected in our tax provision for income taxes and the related liabilities. To date, we and our U.S. subsidiaries have completed the IRS’ Compliance Assurance Process through 2021. With limited exceptions, we are no longer subject to income tax examinations by tax authorities for years prior to 2010.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

COMMITMENTS AND LEASES - Schedule of Weighted Average Remaining Lease Term and Discount Rate Information (Details)	Dec. 30, 2023	Dec. 31, 2022
Weighted average remaining lease term (in years):
Operating	7 years 1 month 6 days	5 years 10 months 24 days
Finance	3 years 1 month 6 days	2 years 8 months 12 days
Weighted average discount rate (percentage):
Operating	4.10%	3.20%
Finance	4.20%	2.80%

COMMITMENTS AND LEASES

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

COMMITMENTS AND LEASES

Supplemental cost information related to leases is shown below.


(In millions)	2023		2022		2021
Operating lease costs	$	73.6	$	70.8	$	68.8

Lease costs related to finance leases were not material in 2023, 2022 or 2021.

Supplemental balance sheet information related to leases is shown below.


(In millions)	Balance Sheet Location	2023		2022
Assets
Operating	Other assets	$	200.2	$	161.7
Finance(1)	Property, plant and equipment, net	29.6		27.5
Total leased assets		$	229.8	$	189.2
Liabilities
Current:
Operating	Other current liabilities	$	45.4	$	42.4
Finance	Short-term borrowings and current portion of long-term debt and finance leases	6.3		5.4
Non-current:
Operating	Long-term retirement benefits and other liabilities	152.3		113.6
Finance	Long-term debt and finance leases	7.0		8.2
Total lease liabilities		$	211.0	$	169.6


(1)			Finance lease assets are net of accumulated amortization of $14.6 million and $12.4 million as of December 30, 2023 and December 31, 2022, respectively.

Supplemental cash flow information related to leases is shown below.


(In millions)	2023		2022		2021
Cash paid for amounts included in measurement of operating lease liabilities	$	55.8	$	60.5	$	54.2
Operating lease assets obtained in exchange for operating lease liabilities	92.4		37.2		58.0

Cash flows related to finance leases were not material in 2023, 2022 or 2021.

Weighted average remaining lease term and discount rate information related to leases as of December 30, 2023 and December 31, 2022 is shown below.


	2023		2022
Weighted average remaining lease term (in years):
Operating	7.1		5.9
Finance	3.1		2.7
Weighted average discount rate (percentage):
Operating	4.1	%	3.2	%
Finance	4.2		2.8

Operating and finance lease liabilities by maturity date from December 30, 2023 are shown below.


(In millions)	Operating Leases		Finance Leases
2024	$	50.3	$	6.9
2025	41.0		3.5
2026	32.4		1.9
2027	23.0		1.3
2028	15.1		.6
2029 and thereafter	69.5		.6
Total lease payments	231.3		14.8
Less: imputed interest	(33.6)		(1.5)
Present value of lease liabilities	$	197.7	$	13.3

As of December 30, 2023, we had no significant operating or finance leases that had not yet commenced.

COMMITMENTS AND LEASES

Supplemental cost information related to leases is shown below.


(In millions)	2023		2022		2021
Operating lease costs	$	73.6	$	70.8	$	68.8

Lease costs related to finance leases were not material in 2023, 2022 or 2021.

Supplemental balance sheet information related to leases is shown below.


(In millions)	Balance Sheet Location	2023		2022
Assets
Operating	Other assets	$	200.2	$	161.7
Finance(1)	Property, plant and equipment, net	29.6		27.5
Total leased assets		$	229.8	$	189.2
Liabilities
Current:
Operating	Other current liabilities	$	45.4	$	42.4
Finance	Short-term borrowings and current portion of long-term debt and finance leases	6.3		5.4
Non-current:
Operating	Long-term retirement benefits and other liabilities	152.3		113.6
Finance	Long-term debt and finance leases	7.0		8.2
Total lease liabilities		$	211.0	$	169.6


(1)			Finance lease assets are net of accumulated amortization of $14.6 million and $12.4 million as of December 30, 2023 and December 31, 2022, respectively.

Supplemental cash flow information related to leases is shown below.


(In millions)	2023		2022		2021
Cash paid for amounts included in measurement of operating lease liabilities	$	55.8	$	60.5	$	54.2
Operating lease assets obtained in exchange for operating lease liabilities	92.4		37.2		58.0

Cash flows related to finance leases were not material in 2023, 2022 or 2021.

Weighted average remaining lease term and discount rate information related to leases as of December 30, 2023 and December 31, 2022 is shown below.


	2023		2022
Weighted average remaining lease term (in years):
Operating	7.1		5.9
Finance	3.1		2.7
Weighted average discount rate (percentage):
Operating	4.1	%	3.2	%
Finance	4.2		2.8

Operating and finance lease liabilities by maturity date from December 30, 2023 are shown below.


(In millions)	Operating Leases		Finance Leases
2024	$	50.3	$	6.9
2025	41.0		3.5
2026	32.4		1.9
2027	23.0		1.3
2028	15.1		.6
2029 and thereafter	69.5		.6
Total lease payments	231.3		14.8
Less: imputed interest	(33.6)		(1.5)
Present value of lease liabilities	$	197.7	$	13.3

As of December 30, 2023, we had no significant operating or finance leases that had not yet commenced.

COST REDUCTION ACTIONS - Restructuring Charges and Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Cost Reduction Actions
Beginning balance	$ 5.1	$ 11.5
Charges, Net of Reversals	79.4	7.3
Cash Payments	(49.2)	(13.4)
Non-cash Impairment	(8.3)	(0.1)
Foreign Currency Translation	0.7	(0.2)
Ending balance	27.7	5.1
2023 Actions \| Severance and related costs
Cost Reduction Actions
Beginning balance	0.0
Charges, Net of Reversals	72.1
Cash Payments	(45.1)
Non-cash Impairment	0.0
Foreign Currency Translation	0.7
Ending balance	27.7	0.0
2023 Actions \| Asset impairment charges
Cost Reduction Actions
Beginning balance	0.0
Charges, Net of Reversals	8.3
Cash Payments	0.0
Non-cash Impairment	(8.3)
Foreign Currency Translation	0.0
Ending balance	0.0	0.0
2019/2020 Actions \| Severance and related costs
Cost Reduction Actions
Beginning balance	5.1	11.5
Charges, Net of Reversals	(1.0)	7.2
Cash Payments	(4.1)	(13.4)
Non-cash Impairment	0.0	0.0
Foreign Currency Translation	0.0	(0.2)
Ending balance	0.0	5.1
2019/2020 Actions \| Asset impairment charges
Cost Reduction Actions
Beginning balance	$ 0.0	0.0
Charges, Net of Reversals		0.1
Cash Payments		0.0
Non-cash Impairment		(0.1)
Foreign Currency Translation		0.0
Ending balance		$ 0.0

SEGMENT AND DISAGGREGATED REVENUE INFORMATION (Tables)

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Revenue from our Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our Solutions Group reportable segment is shown by product group.


(In millions)	2023		2022		2021
Net sales to unaffiliated customers
Materials Group:
U.S.	$	1,687.8	$	1,892.1	$	1,736.4
Europe, the Middle East and North Africa	2,007.1		2,396.2		2,261.1
Asia	1,315.2		1,390.3		1,471.1
Latin America	474.2		470.1		408.6
Other	327.0		346.4		329.3
Total Materials Group	5,811.3		6,495.1		6,206.5
Solutions Group:
Apparel	1,661.4		1,851.2		1,839.1
Identification Solutions and Vestcom	891.6		693.0		362.7
Total Solutions Group	2,553.0		2,544.2		2,201.8
Net sales to unaffiliated customers	$	8,364.3	$	9,039.3	$	8,408.3

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


(In millions)	2023		2022		2021
Intersegment sales
Materials Group	$	157.1	$	137.1	$	105.8
Solutions Group	35.5		37.4		37.3

Intersegment sales	$	192.6	$	174.5	$	143.1
Income before taxes
Materials Group	$	700.9	$	859.3	$	883.3
Solutions Group	165.7		302.3		257.2

Corporate expense	(83.7)		(87.6)		(81.8)
Interest expense	(119.0)		(84.1)		(70.2)
Other non-operating expense (income), net	30.8		9.4		4.1
Income before taxes	$	694.7	$	999.3	$	992.6
Capital expenditures(1)(2)
Materials Group	$	117.8	$	153.5	$	170.3
Solutions Group	148.7		144.0		96.3

Capital expenditures	$	266.5	$	297.5	$	266.6
Depreciation and amortization expense(1)
Materials Group	$	127.8	$	135.8	$	141.9
Solutions Group	170.6		154.9		102.2

Depreciation and amortization expense	$	298.4	$	290.7	$	244.1
Other expense (income), net by reportable segment
Materials Group	$	88.3	$	(13.4)	$	(25.7)
Solutions Group	86.3		7.8		36.6

Corporate	6.3		5.0		(5.3)
Other expense (income), net	$	180.9	$	(.6)	$	5.6


(1)			Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their percentage of consolidated net sales.
(2)			Capital expenditures for property, plant and equipment included accruals.

Other expense (income), net by type were as follows:


(In millions)	2023		2022		2021
Other expense (income), net by type
Restructuring charges:
Severance and related costs	$	70.8	$	7.6	$	10.5
Asset impairment charges and lease cancellation costs	8.6		.1		3.1
Other items:
Outcomes of legal proceedings, net(1)	64.3		6.3		(.4)
Argentine peso remeasurement loss(2)	29.9		—		—
Transaction and related costs	5.3		.3		20.9
(Gain) loss on venture investments	1.5		(13.5)		(23.0)
(Gain) loss on sales of assets	.5		(1.4)		.2
Gain on sale of product line	—		—		(5.7)
Other expense (income), net	$	180.9	$	(.6)	$	5.6


(1)			Amount for 2023 included an additional contingent liability related to the Adasa litigation in the amount of $56.3 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation. Amount for 2021 included an indirect tax credit based on a Brazilian Federal Supreme Court ruling in the amount of $29.1 million, partially offset by a contingent liability related to the Adasa litigation in the amount of $26.6 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation.
(2)			The impact of the Argentine peso remeasurement loss prior to the third quarter of 2023 was not material.

Schedule of Revenue from External Customers by Products

Revenue from our Materials Group reportable segment by product group is shown below.


(In millions)	2023		2022		2021
Net sales to unaffiliated customers
Materials Group:
Labels, graphics and reflectives	$	5,076.8	$	5,725.7	$	5,430.4
Tapes and adhesives	665.3		696.3		703.4
Other	69.2		73.1		72.7
Total Materials Group	$	5,811.3	$	6,495.1	$	6,206.5

Schedule of Disaggregation of Revenue

Our total company revenue by geographic area is shown below. Revenue is attributed to geographic areas based on the location from which products are shipped.


(In millions)	2023		2022		2021
Net sales to unaffiliated customers
U.S.	$	2,578.3	$	2,565.9	$	2,065.2
Europe, the Middle East and North Africa	2,306.7		2,683.6		2,541.4
Asia	2,545.2		2,817.2		2,914.5
Latin America	582.3		605.7		537.6
Other	351.8		366.9		349.6
Net sales to unaffiliated customers	$	8,364.3	$	9,039.3	$	8,408.3

Schedule of Property, Plant and Equipment, Net by Geographical Area

Property, plant and equipment, net, in our U.S. and non-U.S. operations were as follows:


(In millions)	2023		2022		2021
Property, plant and equipment, net
U.S.	$	621.2	$	589.0	$	524.0
Non-U.S.	1,004.6		951.2		953.7
Property, plant and equipment, net	$	1,625.8	$	1,540.2	$	1,477.7

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 503.0	$ 757.1	$ 740.1
Foreign currency translation:
Translation gain (loss)	(14.6)	(96.6)	30.7
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit	(25.2)	6.3	27.9
Reclassifications to net income	(1.0)	2.8	4.4
Cash flow hedges:
Gain (loss) recognized on cash flow hedges	(7.0)	4.9	5.4
Reclassifications to net income	3.7	1.5	(1.7)
Other comprehensive income (loss), net of tax	(44.1)	(81.1)	66.7
Total comprehensive income, net of tax	$ 458.9	$ 676.0	$ 806.8

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income Statement [Abstract]
Net sales	$ 8,364.3	$ 9,039.3	$ 8,408.3
Cost of products sold	6,086.8	6,635.1	6,095.5
Gross profit	2,277.5	2,404.2	2,312.8
Marketing, general and administrative expense	1,313.7	1,330.8	1,248.5
Other expense (income), net	180.9	(0.6)	5.6
Interest expense	119.0	84.1	70.2
Other non-operating expense (income), net	(30.8)	(9.4)	(4.1)
Income before taxes	694.7	999.3	992.6
Provision for income taxes	191.7	242.2	248.6
Equity method investment (losses) gains	0.0	0.0	(3.9)
Net income	$ 503.0	$ 757.1	$ 740.1
Per share amounts:
Net income per common share (in dollars per share)	$ 6.23	$ 9.28	$ 8.93
Net income per common share, assuming dilution (in dollars per share)	$ 6.20	$ 9.21	$ 8.83
Weighted average number of shares outstanding:
Common shares (in shares)	80.7	81.6	82.9
Common shares, assuming dilution (in shares)	81.1	82.2	83.8

DEBT - Schedule of Long-Term Debt, Including its Respective Interest Rates, at Year-End (Details) € in Millions, $ in Millions	Dec. 30, 2023 USD ($)	Dec. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)
Long-term Debt, Unclassified
Series 1995 due 2025	$ 30.0		$ 30.0
Less amount classified as current	(299.6)		(249.7)
Total long-term debt	2,615.0		2,495.4
Unamortized debt issuance cost	11.3		10.5
Unamortized debt discount	7.4		7.1
Senior notes due 2023 at 3.4%
Long-term Debt, Unclassified
Senior notes	$ 0.0		249.7
Interest rate of senior notes	3.40%	3.40%
Senior notes due 2024 at 0.85%
Long-term Debt, Unclassified
Senior notes	$ 299.6		299.0
Interest rate of senior notes	0.85%	0.85%		0.85%
Senior notes issued				$ 300.0
Senior notes due 2025 at 1.25%
Long-term Debt, Unclassified
Senior notes	$ 552.6		531.3
Interest rate of senior notes	1.25%	1.25%
Senior notes issued \| €		€ 500
Senior notes due 2028 at 4.875%
Long-term Debt, Unclassified
Senior notes	$ 496.7		496.0
Interest rate of senior notes	4.875%	4.875%
Senior notes due 2030 at 2.650%
Long-term Debt, Unclassified
Senior notes	$ 496.1		495.5
Interest rate of senior notes	2.65%	2.65%
Senior notes due 2032 at 2.25%
Long-term Debt, Unclassified
Senior notes	$ 495.1		494.5
Interest rate of senior notes	2.25%	2.25%		2.25%
Senior notes issued				$ 500.0
Senior notes due 2033 at 6.0%
Long-term Debt, Unclassified
Senior notes	$ 149.2		149.1
Interest rate of senior notes	6.00%	6.00%
Senior notes due 2033 at 5.75%
Long-term Debt, Unclassified
Senior notes	$ 395.3		$ 0.0
Interest rate of senior notes	5.75%	5.75%

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 215.0	$ 167.2
Trade accounts receivable, less allowances of $34.4 at year-end 2023 and 2022	1,414.9	1,374.4
Inventories	920.7	1,009.9
Other current assets	245.4	230.5
Total current assets	2,796.0	2,782.0
Property, plant and equipment, net	1,625.8	1,540.2
Goodwill	2,013.6	1,862.4
Other intangibles resulting from business acquisitions, net	849.1	840.3
Deferred tax assets	115.7	115.1
Other assets	809.6	810.5
Total assets	8,209.8	7,950.5
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	622.2	598.6
Accounts payable	1,277.1	1,339.3
Accrued payroll and employee benefits	213.4	228.5
Accrued trade rebates	142.4	173.8
Income taxes payable	57.6	76.2
Other current liabilities	386.8	383.4
Total current liabilities	2,699.5	2,799.8
Long-term debt and finance leases	2,622.1	2,503.5
Long-term retirement benefits and other liabilities	500.3	367.1
Deferred tax liabilities and income taxes payable	260.0	247.9
Commitments and contingencies (see Notes 7 and 8)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at year-end 2023 and 2022; issued – 124,126,624 shares at year-end 2023 and 2022; outstanding – 80,495,585 and 80,810,016 shares at year-end 2023 and 2022, respectively	124.1	124.1
Capital in excess of par value	854.5	879.3
Retained earnings	4,691.8	4,414.6
Treasury stock at cost, 43,631,039 and 43,316,608 shares at year-end 2023 and 2022, respectively	(3,134.4)	(3,021.8)
Accumulated other comprehensive loss	(408.1)	(364.0)
Total shareholders’ equity	2,127.9	2,032.2
Total liabilities and shareholders' equity	$ 8,209.8	$ 7,950.5

DEBT

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

DEBT

Short-Term Borrowings

We had $112 million and $128 million of outstanding borrowings from U.S. commercial paper issuances as of December 30, 2023 and December 31, 2022, respectively, with a weighted average interest rate of 5.54% and 4.84%, respectively.

We have a Euro-Commercial Paper Program under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million. Proceeds from issuances under this program may be used for general corporate purposes. The maturities of the notes vary, but may not exceed 364 days from the date of issuance. Our payment obligations with respect to any notes issued under this program are backed by our revolving credit facility (the “Revolver”). There are no financial covenants under this program. We had balances of $199.2 million and $213.0 million outstanding under this program as of December 30, 2023 and December 31, 2022, respectively, with a weighted average interest rate of 4.13% and 2.06%, respectively.

Short-Term Credit Facilities

In January 2023, we extended the maturity date of the Revolver by one year to February 13, 2026, and increased the commitments by $400 million, from $800 million to $1.2 billion. Additionally, we amended the Revolver to replace the LIBOR benchmark interest rate with Term SOFR, Euribor and SONIA benchmark interest rates. We use the Revolver as a back-up facility for our commercial paper program and for other corporate purposes.

No balance was outstanding under the Revolver as of December 30, 2023 or December 31, 2022. Commitment fees associated with the Revolver in 2023, 2022 and 2021 were $1.2 million, $0.9 million and $0.9 million, respectively.

In addition to the Revolver, we have short-term lines of credit available in various countries of approximately $327 million in the aggregate at December 30, 2023. These lines may be cancelled at any time by us or the issuing banks. Short-term borrowings outstanding under these lines of credit were $1.0 million and $2.4 million at December 30, 2023 and December 31, 2022, respectively, with weighted average interest rates of 2.24% and 0.64%, respectively.

From time to time, we provide guarantees on certain arrangements with banks. Our exposure to these guarantees is not material.

Long-Term Borrowings

In March 2023, we issued $400 million of senior notes, due March 15, 2033, which bear an interest rate of 5.750% per year, payable semiannually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were $394.9 million, which we used to repay both existing indebtedness under our commercial paper programs and our $250 million aggregate principal amount of senior notes that matured on April 15, 2023.

In August 2021, we issued $500 million of senior notes, due February 15, 2032, which bear an interest rate of 2.250%, payable semiannually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were $493.7 million. Additionally, in August 2021, we issued $300 million of senior notes, due August 15, 2024, which we can repay without penalty on or after August 15, 2022 and bear an interest rate of 0.850%, payable semiannually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were $298 million. We used the net proceeds from these two debt issuances to finance a portion of the Vestcom acquisition.

Our long-term debt, and related interest rates, at year-end 2023 and 2022 is shown below.


(In millions)	2023		2022
Long-term debt
Medium-term notes:
Series 1995 due 2025	$	30.0	$	30.0
Long-term notes:
Senior notes due 2023 at 3.4%	—		249.7
Senior notes due 2024 at 0.85%	299.6		299.0
Senior notes due 2025 at 1.25%(1)	552.6		531.3
Senior notes due 2028 at 4.875%	496.7		496.0
Senior notes due 2030 at 2.650%	496.1		495.5
Senior notes due 2032 at 2.25%	495.1		494.5
Senior notes due 2033 at 6.0%	149.2		149.1
Senior notes due 2033 at 5.75%	395.3		—
Less amount classified as current	(299.6)		(249.7)
Total long-term debt(2)	$	2,615.0	$	2,495.4


(1)			These senior notes are euro-denominated. The face value is €500 million.
(2)			Included unamortized debt issuance costs and debt discounts of $11.3 million and $7.4 million, respectively, as of year-end 2023 and $10.5 million and $7.1 million, respectively, as of year-end 2022.

At year-end 2023 and 2022, our medium-term notes had accrued interest at a weighted average fixed rate of 7.5%.

We expect maturities of our long-term debt for each of the next five fiscal years and thereafter to be as follows:


Year	(In millions)
2024	$	300.0
2025	583.4
2026	—
2027	—
2028	500.0
2028 and thereafter	1,550.0

Refer to Note 7, “Commitments and Leases,” for information related to finance leases.

Other

The Revolver contains a financial covenant that requires us to maintain a specified ratio of total debt in relation to a certain measure of income. As of December 30, 2023 and December 31, 2022, we were in compliance with our financial covenant.

Our total interest costs in 2023, 2022 and 2021 were $126.5 million, $89.8 million and $75.0 million, respectively, of which $7.5 million, $5.7 million and $4.8 million, respectively, was capitalized as part of the cost of property, plant and equipment and capitalized software.

The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities or euro government bond securities, as applicable, on notes with similar rates, credit ratings and remaining maturities. The fair value of short-term borrowings, which includes commercial paper issuances and short-term lines of credit, approximates their carrying value given their short duration. The fair value of our total debt was $3.11 billion at December 30, 2023 and $2.85 billion at December 31, 2022. Fair value amounts were determined based primarily on Level 2 inputs, which are inputs other than quoted prices in active markets that are either directly or indirectly observable. Refer to Note 1, “Summary of Significant Accounting Policies,” for more information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

LONG-TERM INCENTIVE COMPENSATION

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

LONG-TERM INCENTIVE COMPENSATION

Stock-Based Awards

Stock-Based Compensation

We grant our annual stock-based compensation awards to eligible employees in March and non-employee directors in May. Certain awards granted to retirement-eligible employees one year or more before their retirement date vest upon retirement; these awards are accounted for as fully vested one year from the date of grant.

Our 2017 Incentive Award Plan (the “Equity Plan”), a long-term incentive plan for employees and non-employee directors, allows us to grant stock-based compensation awards – including stock options, RSUs, PUs, MSUs and DSUs – or a combination of these and other awards. Under the Equity Plan, 5.4 million shares are available for issuance, and each full value award is counted as 1.5 shares for purposes of the number of shares authorized for issuance. Full value awards include RSUs, PUs and MSUs.

Stock-based compensation expense and the related recognized tax benefit were as follows:


(In millions)	2023		2022		2021
Stock-based compensation expense	$	22.3	$	47.4	$	37.2
Tax benefit	2.4		6.7		4.6

This expense was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income.

As of December 30, 2023, we had approximately $35 million of unrecognized compensation expense related to unvested stock-based awards, which is expected to be recognized over the remaining weighted average requisite service period of approximately two years.

Stock Options

Stock options may be granted to employees and non-employee directors at no less than 100% of the fair market value of our common stock on the date of the grant and generally vest over a four-year period. Options expire ten years from the date of grant.

The fair value of stock options is estimated as of the date of grant using the Black-Scholes option-pricing model. This model requires input assumptions for our expected dividend yield, expected stock price volatility, risk-free interest rate and the expected option term. The following assumptions are used in estimating the fair value of granted stock options:

Risk-free interest rate is based on the 52-week average of the Treasury-Bond rate that has a term corresponding to the expected option term. For 2023, it was 3.84%.

Expected stock price volatility represents an average of the implied and historical volatility. For 2023, it was 23.90%.

Expected dividend yield is based on the current annual dividend divided by the 12-month average of our monthly stock price prior to grant. For 2023, it was 1.84%.

Expected option term is determined based on historical experience under our stock option and incentive plans. For 2023, it was 6.31 years.

The weighted average grant date fair value per share for stock options granted in 2023 was $47.65. No stock options were granted in fiscal years 2022 or 2021.

The following table summarizes information related to stock options:


	Number of options (in thousands)	Weighted average exercise price		Weighted average remaining contractual life (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2022	141.1	$	73.96	3.42	$	15.1
Granted	63.0	190.54

Outstanding at December 30, 2023	204.1	$	109.92	4.36	$	18.7
Options vested and expected to vest at December 30, 2023	192.6	105.10		4.36	18.7
Options exercisable at December 30, 2023	141.1	$	73.96	2.42	$	18.1

The total intrinsic value of stock options exercised was $3.5 million in 2021. We received approximately $1 million in 2021 from the exercise of stock options, and the tax benefit associated with these exercised options was $0.9 million. The stock option exercises in 2022 were immaterial and there were no stock option exercises in 2023. The intrinsic value of a stock option is based on the amount by which the market value of our stock exceeds the exercise price of the option.

Performance Units (“PUs”)

PUs are performance-based awards granted to eligible employees under the Equity Plan. PUs are payable in shares of our common stock at the end of a three- or four-year cliff vesting period provided that the designated performance objectives are achieved at the end of the period. Over the performance period, the estimated number of shares of our common stock issuable upon vesting is adjusted upward or downward based on the probability of achieving the performance objectives established for the award. The actual number of shares issued generally ranges from 0% to 200% of the target shares at the time of grant; however the shares issued for certain special PU awards can range up to 300% of the target shares at time of grant. The weighted average grant date fair value for PUs was $180.12, $163.97 and $191.86 in 2023, 2022 and 2021, respectively.

The following table summarizes information related to awarded PUs:


	Number of PUs (in thousands)	Weighted average grant-date fair value
Unvested at December 31, 2022	372.7	$	147.45
Granted at target	85.0	180.12
Adjustment for above-target performance(1)	58.2	112.51
Vested	(201.9)	112.51
Forfeited/cancelled	(13.3)	174.50
Unvested at December 30, 2023	300.7	$	174.54

(1)Reflects adjustments for the vesting of PUs based on above-target performance for the 2020-2022 performance period.

The fair value of vested PUs was $22.7 million in 2023, $20.2 million in 2022 and $19.2 million in 2021.

Market-Leveraged Stock Units (“MSUs”)

MSUs are performance-based awards granted to eligible employees under our equity plans. MSUs are payable in shares of our common stock over a four-year period provided that the designated performance objective is achieved as of the end of each vesting period. MSUs accrue dividend equivalents during the vesting period, which are earned and paid only at vesting provided that, at a minimum, threshold-level performance is achieved. The number of shares earned is based upon our absolute total shareholder return at each vesting date and can range from 0% to 200% of the target amount of MSUs subject to vesting. Each of the four vesting periods represents one tranche of MSUs and the fair value of each of these four tranches was determined using the Monte-Carlo simulation model, which utilizes multiple input variables, including expected stock price volatility and other assumptions, to estimate the probability of achieving the performance objective established for the award. The weighted average grant date fair value for MSUs was $192.53, $141.80 and $216.06 in 2023, 2022 and 2021, respectively.

The following table summarizes information related to awarded MSUs:


	Number of MSUs (in thousands)	Weighted average grant- date fair value
Unvested at December 31, 2022	208.5	$	145.86
Granted at target	82.3	192.53
Adjustments for above-target performance(1)	35.9	125.18
Vested	(118.9)	135.77
Forfeited/cancelled	(12.3)	166.45
Unvested at December 30, 2023	195.5	$	167.16

(1)Reflects adjustments for the vesting of MSUs based on above-target performance for each of the tranches of awards vesting in 2023.

The fair value of vested MSUs was $16.1 million in 2023, $19.9 million in 2022 and $17.8 million in 2021.

Restricted Stock Units (“RSUs”)

RSUs are service-based awards granted to eligible employees and non-employee directors under our equity plans. RSUs granted to employees generally vest ratably over a period of three or four years. RSUs granted to non-employee directors generally vest in one year. The vesting of RSUs is subject to continued service through the applicable vesting date. If that condition is not met, unvested RSUs are generally forfeited. The weighted average grant date fair value for RSUs was $175.88, $168.34 and $196.26 in 2023, 2022 and 2021, respectively.

The following table summarizes information related to awarded RSUs:


	Number of RSUs (in thousands)	Weighted average grant-date fair value
Unvested at December 31, 2022	59.8	$	159.23
Granted	38.1	175.88
Vested	(18.1)	148.26
Forfeited/cancelled	(13.3)	159.43
Unvested at December 30, 2023	66.5	$	171.68

The fair value of vested RSUs was $2.7 million, $2.8 million and $2.7 million in 2023, 2022 and 2021, respectively.

Cash-Based Awards

Long-Term Incentive Units (“LTI Units”)

LTI Units are cash-based awards granted to employees under our long-term incentive unit plan. LTI Units are service-based awards that generally vest ratably over a four-year period. The settlement value equals the number of vested LTI Units multiplied by the average of the high and low market prices of our common stock on the vesting date. The compensation expense related to these awards is amortized on a straight-line basis and the fair value is remeasured using the estimated percentage of units expected to be earned multiplied by the average of the high and low market prices of our common stock at each quarter-end.

We also grant cash-based awards in the form of performance and market-leveraged LTI Units to eligible employees. Performance LTI Units are payable in cash at the end of a three-year cliff vesting period provided that certain performance objectives are achieved at the end of the performance period. Market-leveraged LTI Units are payable in cash and vest ratably over a period of four years. The number of performance and market-leveraged LTI Units earned at vesting is adjusted upward or downward based upon the probability of achieving the performance objectives established for the respective award and the actual number of units issued can range from 0% to 200% of the designated target units subject to vesting. Performance and market-leveraged LTI Units are remeasured using the estimated percentage of units expected to be earned multiplied by the average of the high and low market prices of our common stock at each quarter-end over their respective performance periods. The compensation expense related to performance LTI Units is amortized on a straight-line basis over their respective performance periods. The compensation expense related to market-leveraged LTI Units is amortized on a graded-vesting basis over their respective performance periods.

The compensation expense related to LTI Units was $16.3 million in 2023, $11.5 million in 2022 and $21.3 million in 2021. This expense was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income. The total recognized tax benefit related to LTI Units was $3.9 million in 2023, $2.7 million in 2022 and $5.1 million in 2021.

PENSION AND OTHER POSTRETIREMENT BENEFITS - Pre-tax Amount Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
U.S.
Pretax amounts recognized in accumulated other comprehensive loss
Net actuarial loss	$ 9.6	$ 9.1
Prior service (credit) cost	0.0	0.0
Net amount recognized in accumulated other comprehensive loss	9.6	9.1
Non-U.S.
Pretax amounts recognized in accumulated other comprehensive loss
Net actuarial loss	73.2	38.2
Prior service (credit) cost	(3.4)	(3.5)
Net amount recognized in accumulated other comprehensive loss	$ 69.8	$ 34.7

SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Property, plant and equipment
Property, plant and equipment, net	$ 1,625.8	$ 1,540.2	$ 1,477.7
U.S.
Property, plant and equipment
Property, plant and equipment, net	621.2	589.0	524.0
Non-U.S.
Property, plant and equipment
Property, plant and equipment, net	1,004.6	951.2	953.7
China Including HongKong
Property, plant and equipment
Property, plant and equipment, net	$ 247.0	$ 259.0	$ 290.0

Cover Page - USD ($)
$ in Billions

12 Months Ended

Dec. 30, 2023

Jan. 27, 2024

Jul. 01, 2023

Document Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 30, 2023

Current Fiscal Year End Date

--12-30

Document Transition Report

false

Entity File Number

1-7685

Entity Registrant Name

AVERY DENNISON CORPORATION

Entity Incorporation, State or Country Code

Entity Tax Identification Number

95-1492269

Entity Address, Address Line One

8080 Norton Parkway

Entity Address, City or Town

Mentor

Entity Address, State or Province

Entity Address, Postal Zip Code

44060

City Area Code

440

Local Phone Number

534-6000

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

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

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction Flag

false

Entity Shell Company

false

Entity Public Float

$ 13.7

Entity Common Stock, Shares Outstanding

80,508,663

Documents Incorporated by Reference


Document						Incorporated by reference into:

Portions of Definitive Proxy Statement for Annual Meeting of Stockholders to be held on April 25, 2024						Parts III, IV

Entity Central Index Key

0000008818

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

Amendment Flag

false

Common stock, $1 par value

Document Information [Line Items]

Title of 12(b) Security

Common stock, $1 par value

Trading Symbol

AVY

Security Exchange Name

NYSE

1.25% Senior Notes due 2025

Document Information [Line Items]

Title of 12(b) Security

1.25% Senior Notes due 2025

Trading Symbol

AVY25

Security Exchange Name

NASDAQ

TAXES BASED ON INCOME - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 69.5	$ 74.0
Additions for tax positions of current year	15.4	6.6
Additions (reductions) for tax positions of prior years, net	8.0	(2.2)
Settlements with tax authorities	(1.8)	(1.1)
Expirations of statutes of limitations	(3.9)	(4.8)
Changes due to translation of foreign currencies	0.8	(3.0)
Balance at end of year	$ 88.0	$ 69.5

PENSION AND OTHER POSTRETIREMENT BENEFITS - Reconciliation For Assets Measure At Fair Value Using Level 3 (Details) - Significant Other Unobservable Inputs (Level 3) - Non-U.S. $ in Millions	12 Months Ended
	Dec. 30, 2023 USD ($)
Reconciliation of Level 3 assets [Roll Forward]
Balance at the beginning of the year	$ 45.4
Net realized and unrealized gain (loss)	(1.0)
Purchases	3.5
Settlements	(2.8)
Acquisition	1.1
Impact of changes in foreign currency exchange rates	2.8
Balance at the end of the year	49.0
Insurance contracts
Reconciliation of Level 3 assets [Roll Forward]
Balance at the beginning of the year	37.1
Net realized and unrealized gain (loss)	1.3
Purchases	3.5
Settlements	(2.8)
Acquisition	1.1
Impact of changes in foreign currency exchange rates	2.4
Balance at the end of the year	42.6
Pooled Funds – Real Estate Investment Trusts
Reconciliation of Level 3 assets [Roll Forward]
Balance at the beginning of the year	8.3
Net realized and unrealized gain (loss)	(2.3)
Purchases	0.0
Settlements	0.0
Acquisition	0.0
Impact of changes in foreign currency exchange rates	0.4
Balance at the end of the year	$ 6.4

PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
U.S.
Components of net periodic benefit cost (credit)
Service cost	$ 0.0	$ 0.0
Interest cost	2.4	1.2
Actuarial (gain) loss	1.4	(9.1)
U.S. \| Continuing operations
Components of net periodic benefit cost (credit)
Service cost	0.0	0.0	$ 0.0
Interest cost	2.4	1.2	1.0
Actuarial (gain) loss	0.5	(3.5)	(1.1)
Expected return on plan assets	0.0	0.0	0.0
Amortization of actuarial loss	0.4	0.8	0.8
Amortization of prior service (credit) cost	0.0	0.0	0.0
Recognized loss (gain) on settlements	0.0	0.1	1.1
Net periodic benefit cost (credit)	3.3	(1.4)	1.8
Non-U.S.
Components of net periodic benefit cost (credit)
Service cost	10.5	16.5
Interest cost	24.7	10.8
Actuarial (gain) loss	51.3	(244.9)
Non-U.S. \| Continuing operations
Components of net periodic benefit cost (credit)
Service cost	10.5	16.5	19.0
Interest cost	24.7	10.8	8.9
Actuarial (gain) loss	0.0	0.0	0.0
Expected return on plan assets	(33.2)	(21.9)	(19.8)
Amortization of actuarial loss	(2.1)	2.5	6.1
Amortization of prior service (credit) cost	(0.4)	(0.4)	(0.4)
Recognized loss (gain) on settlements	(0.1)	(0.1)	0.5
Net periodic benefit cost (credit)	$ (0.6)	$ 7.4	$ 14.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense capitalized	$ 0	$ 0	$ 0
Currency Swap
Summary Of Significant Accounting Policies [Line Items]
Maximum length of time for which exposure is hedged to the variability in future cash flows	10 years	10 years	10 years
Foreign Exchange And Commodity Transactions
Summary Of Significant Accounting Policies [Line Items]
Maximum length of time for which exposure is hedged to the variability in future cash flows	36 months
Minimum
Summary Of Significant Accounting Policies [Line Items]
Software estimated useful lives (in years)	5 years
Minimum \| Buildings and improvements
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives (in years)	10 years
Minimum \| Machinery and equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives (in years)	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Software estimated useful lives (in years)	10 years
Maximum \| Buildings and improvements
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives (in years)	45 years
Maximum \| Machinery and equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives (in years)	15 years

CONTINGENCIES - Activity (Details) - USD ($) $ in Millions	12 Months Ended
CONTINGENCIES - Activity (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Environmental Liabilities Associated with Remediation [Roll Forward]
Balance at beginning of year	$ 24.3	$ 21.9
Charges, net of reversals	2.5	4.4
Payments	(2.3)	(2.0)
Balance at end of year	$ 24.5	$ 24.3
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Long-term retirement benefits and other liabilities	Long-term retirement benefits and other liabilities

LONG-TERM INCENTIVE COMPENSATION - Stock Option Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Number of options (in thousands)
Outstanding beginning balance (in shares)	141,100
Granted (in shares)	63,000.0
Outstanding ending balance (in shares)	204,100	141,100
Options vested and expected to vest (in shares)	192,600
Options exercisable (in shares)	141,100
Weighted average exercise price
Outstanding beginning balance (in usd per share)	$ 73.96
Granted (in usd per share)	190.54
Outstanding ending balance (in usd per share)	109.92	$ 73.96
Options vested and expected to vest (in usd per share)	105.10
Options exercisable (in usd per share)	$ 73.96
Weighted average remaining contractual life (in years)
Outstanding	4 years 4 months 9 days	3 years 5 months 1 day
Options vested or expected to vest	4 years 4 months 9 days
Options exercisable	2 years 5 months 1 day
Aggregate intrinsic value (in millions)
Outstanding	$ 18.7	$ 15.1
Options vested and expected to vest	18.7
Options exercisable	$ 18.1

DEBT (Tables)

12 Months Ended

Dec. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt, Including its Respective Interest Rates, at Year-End

Our long-term debt, and related interest rates, at year-end 2023 and 2022 is shown below.


(In millions)	2023		2022
Long-term debt
Medium-term notes:
Series 1995 due 2025	$	30.0	$	30.0
Long-term notes:
Senior notes due 2023 at 3.4%	—		249.7
Senior notes due 2024 at 0.85%	299.6		299.0
Senior notes due 2025 at 1.25%(1)	552.6		531.3
Senior notes due 2028 at 4.875%	496.7		496.0
Senior notes due 2030 at 2.650%	496.1		495.5
Senior notes due 2032 at 2.25%	495.1		494.5
Senior notes due 2033 at 6.0%	149.2		149.1
Senior notes due 2033 at 5.75%	395.3		—
Less amount classified as current	(299.6)		(249.7)
Total long-term debt(2)	$	2,615.0	$	2,495.4


(1)			These senior notes are euro-denominated. The face value is €500 million.
(2)			Included unamortized debt issuance costs and debt discounts of $11.3 million and $7.4 million, respectively, as of year-end 2023 and $10.5 million and $7.1 million, respectively, as of year-end 2022.

Schedule of Maturities of Long Term Debt for each of the Next Five Fiscal Years and Thereafter

We expect maturities of our long-term debt for each of the next five fiscal years and thereafter to be as follows:


Year	(In millions)
2024	$	300.0
2025	583.4
2026	—
2027	—
2028	500.0
2028 and thereafter	1,550.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Other Expense (Income), Net by Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Restructuring charges:
Restructuring charges	$ 79.4	$ 7.7	$ 13.6
Other items:
Outcomes of legal proceedings	64.3	6.3	(0.4)
Argentine peso remeasurement loss	29.9	0.0	0.0
Transaction and related costs	5.3	0.3	20.9
(Gain) loss on venture investments	1.5	(13.5)	(23.0)
(Gain) loss on sales of assets	0.5	(1.4)	0.2
Gain on sale of product line	0.0	0.0	(5.7)
Other expense (income), net	180.9	(0.6)	5.6
Reduction in taxes \| Brazil
Other items:
Outcomes of legal proceedings			(29.1)
Infringement of patent
Other items:
Outcomes of legal proceedings	56.3		26.6
Severance and related costs
Restructuring charges:
Restructuring charges	70.8	7.6	10.5
Asset impairment charges and lease cancellation costs
Restructuring charges:
Restructuring charges	$ 8.6	$ 0.1	$ 3.1

COST REDUCTION ACTIONS (Tables)

12 Months Ended

Dec. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges and Payments

During 2023, restructuring charges and payments were as follows:


(In millions)	Accrual at December 31, 2022		Charges, Net of Reversals		Cash Payments		Non-cash Impairment		Foreign Currency Translation		Accrual at December 30, 2023
2023 Actions
Severance and related costs	$	—	$	72.1	$	(45.1)	$	—	$	.7	$	27.7
Asset impairment charges	—		8.3		—		(8.3)		—		—

2019/2020 Actions
Severance and related costs	5.1		(1.0)		(4.1)		—		—		—
Total	$	5.1	$	79.4	$	(49.2)	$	(8.3)	$	.7	$	27.7

During 2022, restructuring charges and payments were as follows:


(In millions)	Accrual at January 1, 2022		Charges, Net of Reversals		Cash Payments		Non-cash Impairment		Foreign Currency Translation		Accrual at December 31, 2022
2019/2020 Actions
Severance and related costs	$	11.5	$	7.2	$	(13.4)	$	—	$	(.2)	$	5.1
Asset impairment charges	—		.1		—		(.1)		—		—



Total	$	11.5	$	7.3	$	(13.4)	$	(.1)	$	(.2)	$	5.1

Schedule of Restructuring Charges Incurred by Reportable Segment and Corporate

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


(In millions)	2023		2022		2021
Restructuring charges by reportable segment and Corporate
Materials Group	$	52.4	$	(1.0)	$	5.0
Solutions Group	23.2		7.9		7.6
Corporate	3.8		.8		1.0
Total	$	79.4	$	7.7	$	13.6

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Goodwill Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022
Changes in the net carrying amount of goodwill
Goodwill, beginning balance	$ 1,862,400,000	$ 1,881,500,000
Acquisitions	135,000,000.0	16,300,000
Acquisition adjustment		(500,000)
Translation adjustments	16,200,000	(34,900,000)
Goodwill, ending balance	2,013,600,000	1,862,400,000
Business acquisition, goodwill, expected tax deductible amount	0	0
Materials Group
Changes in the net carrying amount of goodwill
Goodwill, beginning balance	618,700,000	645,500,000
Acquisitions	0	0
Acquisition adjustment		0
Translation adjustments	12,000,000.0	(26,800,000)
Goodwill, ending balance	630,700,000	618,700,000
Solutions Group
Changes in the net carrying amount of goodwill
Goodwill, beginning balance	1,243,700,000	1,236,000,000
Acquisitions	135,000,000.0	16,300,000
Acquisition adjustment		(500,000)
Translation adjustments	4,200,000	(8,100,000)
Goodwill, ending balance	$ 1,382,900,000	$ 1,243,700,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 8,364.3	$ 9,039.3	$ 8,408.3
Property, plant and equipment, net	$ 1,625.8	$ 1,540.2	$ 1,477.7
Ten Customer \| Net Sales \| Revenue from rights concentration risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	16.00%	16.00%	16.00%
China Including HongKong
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,300.0	$ 1,500.0	$ 1,680.0
Property, plant and equipment, net	$ 247.0	$ 259.0	$ 290.0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONTINGENCIES (Tables)

12 Months Ended

Dec. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity Related to Environmental Liabilities

The activity related to our environmental liabilities in 2023 and 2022 is shown below:


(In millions)	2023		2022
Balance at beginning of year	$	24.3	$	21.9
Charges, net of reversals	2.5		4.4
Payments	(2.3)		(2.0)
Balance at end of year	$	24.5	$	24.3

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS - Schedule of the Amounts and Useful Lives of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amount	$ 21.0	$ 94.0
2023 Business Acquisitions \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amount		$ 68.8
Weighted average amortization period		11 years
2023 Business Acquisitions \| Patented and other developed technology
Finite-Lived Intangible Assets [Line Items]
Amount		$ 22.2
Weighted average amortization period		7 years
2023 Business Acquisitions \| Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Amount		$ 3.0
Weighted average amortization period		6 years

FINANCIAL INSTRUMENTS - Net Losses Recognized in Income (Details) - Other Derivatives - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Gains (losses) recognized in current earnings [Line Items]
Net gains (losses) in income	$ 8.9	$ 1.3	$ 22.4
Foreign exchange contracts \| Cost of products sold
Gains (losses) recognized in current earnings [Line Items]
Net gains (losses) in income	3.4	5.6	1.4
Foreign exchange contracts \| Marketing, general and administrative expense
Gains (losses) recognized in current earnings [Line Items]
Net gains (losses) in income	$ 5.5	$ (4.3)	$ 21.0

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

CONTINGENCIES

12 Months Ended

Dec. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

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 we incur liabilities that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities.

We are currently party to a litigation in which ADASA Inc. (“Adasa”), an unrelated third party, alleged that certain of our RFID products within our Solutions Group reportable segment infringed its patent. The case was filed on October 24, 2017 in the United States District Court in the District of Oregon (Eugene Division) and is captioned ADASA Inc. v. Avery Dennison Corporation. We recorded a contingent liability in the amount of $26.6 million related to this matter in the second quarter of 2021 based on a jury verdict issued on May 14, 2021.

During the fourth quarter of 2021, the first instance judgment associated with the jury verdict was issued. This resulted in additional potential liability for the RFID tags sold during the period from the jury verdict to the issuance of the first instance judgment, a higher royalty imposed by the judge applicable to tags sold after the judgment and a royalty on additional late-disclosed tags, as well as sanctions, prejudgment interest, costs, and attorneys’ fees. In addition, Adasa was awarded an ongoing royalty on in-scope tags sold after October 14, 2021. On October 22, 2021, we appealed the judgment to the United States Court of Appeals for the Federal Circuit ("CAFC").

During the fourth quarter of 2022, the CAFC issued its opinion, reversing the grant of summary judgment of validity as to anticipation and obviousness, vacating the sanctions ruling, and remanding the case for retrial with respect to validity for anticipation and obviousness over the prior art. The CAFC affirmed subject-matter eligibility and damages if liability is determined on retrial. On remand, the trial court was required to reconsider the amount of sanctions consistent with the CAFC's instruction to limit sanctions to the late-disclosed tags. With continued evaluation of the matter and our defenses, as well as consultation with our outside counsel, we believed that Adasa’s patent was invalid and that the sanctions sought by Adasa were unreasonable. In addition, we believed that there were appealable grounds in the CAFC’s decision; as a result, we sought U.S. Supreme Court review on February 27, 2023.

After the U.S. Supreme Court denied our writ of certiorari petition on May 30, 2023, the trial court’s retrial began on July 10, 2023. On July 18, 2023, the jury in the retrial issued a verdict that Adasa’s patent is valid. Although the court had not issued its judgment, including its decision on sanctions, we increased our contingent liability to reflect our best estimate of

the anticipated judgment to $80.4 million as of July 1, 2023, with an expectation to continue adjusting our accrual quarterly, as appropriate. As of December 30, 2023 our contingent liability was $82.9 million. We have grounds to appeal and plan to appeal any judgment based on the jury verdict; therefore, we classified the total contingent liability as non-current due to the time expected for this matter to be fully resolved.

A hearing took place on October 24, 2023 before the district court on the pending sanctions decision and certain post-trial motions. We determined that no additional adjustment to our accrual was required as a result of the hearing.

On January 23, 2024, the district court issued two orders relating to Adasa’s original and supplemental bill of taxable costs, which did not have an impact on the liability we recorded as of December 30, 2023. On January 25, 2024, the district court issued a revised sanction order lowering the sanction against us from approximately $20 million to approximately $5.2 million, based on a royalty of $0.0025/late-reported tag, which was consistent with the amount we had accrued. In February 2024, the district court issued decisions denying our motion for judgment as a matter of law and our motion for a new trial. We plan to appeal these recent decisions.

We have largely completed our migration to alternative encoding methods for our RFID tags.

Because of the uncertainties associated with claims resolution and litigation, future expenses to resolve legal proceedings 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 determined to be probable 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 their resolution cannot be determined. Based upon current information, we believe that the impact of the resolution of legal proceedings 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. 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 matters could affect future results of operations should our exposure be materially different from our estimates or should we incur liabilities that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities. 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”). 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.

As of December 30, 2023, 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 determined to be probable. 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 their remediation cannot be determined.

The activity related to our environmental liabilities in 2023 and 2022 is shown below:


(In millions)	2023		2022
Balance at beginning of year	$	24.3	$	21.9
Charges, net of reversals	2.5		4.4
Payments	(2.3)		(2.0)
Balance at end of year	$	24.5	$	24.3

Approximately $11 million and $9 million, respectively, of this balance was classified as short-term and included in “Other current liabilities” in the Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

FINANCIAL INSTRUMENTS (Tables) - Other Derivatives

12 Months Ended

Dec. 30, 2023

Financial Instruments [Line Items]

Schedule of Fair Value and Balance Sheet Locations of Derivatives

The following table shows the fair value and balance sheet locations of other derivatives as of December 30, 2023 and December 31, 2022:


	Asset					Liability
(In millions)	Balance Sheet Location	2023		2022		Balance Sheet Location	2023		2022
Foreign exchange contracts	Other current assets	$	6.3	$	4.3	Other current liabilities	$	6.0	$	9.6
Commodity contracts	Other current assets	—		—		Other current liabilities	—		.2
		$	6.3	$	4.3		$	6.0	$	9.8

Schedule of Components of the Net Gains (Losses) Recognized in Income Related to Derivative Instruments

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


(In millions)	Statements of Income Location	2023		2022		2021
Foreign exchange contracts	Cost of products sold	$	3.4	$	5.6	$	1.4
Foreign exchange contracts	Marketing, general and administrative expense	5.5		(4.3)		21.0
		$	8.9	$	1.3	$	22.4

DEBT - Other (Details) - USD ($) $ in Millions	12 Months Ended
DEBT - Other (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Debt Disclosure [Abstract]
Interest costs	$ 126.5	$ 89.8	$ 75.0
Interest costs capitalized	7.5	5.7	$ 4.8
Fair value of debt	$ 3,110.0	$ 2,850.0

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Fair value, assets and liabilities measured on a recurring basis [Line Items]
Equity securities without readily determinable fair value, amount	$ 71,000,000	$ 70,000,000
Equity securities without readily determinable fair value, downward price adjustment, amount	0
Gain on private venture companies	0	13,500,000	$ 23,000,000
Recurring
Fair value, assets and liabilities measured on a recurring basis [Line Items]
Investments	37,800,000	31,300,000
Cash and cash equivalents \| Recurring
Fair value, assets and liabilities measured on a recurring basis [Line Items]
Investments	2,700,000	700,000
Other current assets \| Recurring
Fair value, assets and liabilities measured on a recurring basis [Line Items]
Investments	$ 35,100,000	$ 30,600,000

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

As of December 30, 2023, the aggregate U.S. dollar equivalent notional value of our outstanding commodity contracts and foreign exchange contracts was $5.8 million and $1.34 billion, respectively. Our outstanding foreign exchange contracts as of December 30, 2023 were recorded in various currencies, primarily the U.S. dollar, euro, Chinese renminbi, British pound sterling and Hong Kong dollar.

We recognize derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets. We designate commodity forward contracts on forecasted purchases of commodities and foreign exchange contracts on forecasted transactions as cash flow hedges. We also enter into foreign exchange contracts to offset certain of our economic exposures arising from foreign exchange rate fluctuations.

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 these derivatives, representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in current earnings. Except for the cross-currency swap discussed below, cash flow hedges were not material in 2023, 2022 or 2021.

Cross-Currency Swap

In March 2020, we entered into U.S. dollar to euro cross-currency swap contracts with a total notional amount of $250 million to effectively convert our fixed-rate U.S. dollar-denominated debt into 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 was $2.3 million as of December 30, 2023 and $15.5 million as of December 31, 2022, which were included in "Other Assets" in the Consolidated Balance Sheets. Refer to Note 9, “Fair Value Measurements,” to the Consolidated Financial Statements for more information.

We recorded no ineffectiveness from our cross-currency swap to earnings during 2023, 2022 or 2021.

Other Derivatives

The following table shows the fair value and balance sheet locations of other derivatives as of December 30, 2023 and December 31, 2022:


	Asset					Liability
(In millions)	Balance Sheet Location	2023		2022		Balance Sheet Location	2023		2022
Foreign exchange contracts	Other current assets	$	6.3	$	4.3	Other current liabilities	$	6.0	$	9.6
Commodity contracts	Other current assets	—		—		Other current liabilities	—		.2
		$	6.3	$	4.3		$	6.0	$	9.8

For other derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings.

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


(In millions)	Statements of Income Location	2023		2022		2021
Foreign exchange contracts	Cost of products sold	$	3.4	$	5.6	$	1.4
Foreign exchange contracts	Marketing, general and administrative expense	5.5		(4.3)		21.0
		$	8.9	$	1.3	$	22.4

COMMITMENTS AND LEASES - Supplemental Cost Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Operating lease costs	$ 73.6	$ 70.8	$ 68.8

SUPPLEMENTAL FINANCIAL INFORMATION

12 Months Ended

Dec. 30, 2023

Supplemental Financial Information

SUPPLEMENTAL FINANCIAL INFORMATION

Inventories

Inventories at year-end were as follows:


(In millions)	2023		2022
Raw materials	$	415.4	$	457.6
Work-in-progress	238.2		255.1
Finished goods	267.1		297.2
Inventories	$	920.7	$	1,009.9

Property, Plant and Equipment, Net

Major classes of property, plant and equipment, stated at cost, at year-end were as follows:


(In millions)	2023		2022
Land	$	35.9	$	29.3
Buildings and improvements	817.9		781.0
Machinery and equipment	2,799.5		2,667.8
Construction-in-progress	317.1		269.6
Property, plant and equipment	3,970.4		3,747.7
Accumulated depreciation	(2,344.6)		(2,207.5)
Property, plant and equipment, net	$	1,625.8	$	1,540.2

Software

Capitalized software costs at year-end were as follows:


(In millions)	2023		2022
Cost	$	362.4	$	390.6
Accumulated amortization	(257.9)		(282.3)
Software, net	$	104.5	$	108.3

Software amortization expense was $23.4 million in 2023, $29.5 million in 2022 and $30.1 million in 2021.

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 collections experience, and current and expected future macroeconomic and market conditions. Balances are written off in the period in which they are determined to be uncollectible.

The activity related to our allowance for credit losses was as follows:


(In millions)	2023		2022
Balance at beginning of year	$	34.4	$	33.0
Provision for credit losses	4.4		6.9
Amounts written off	(6.3)		(4.3)
Other, including foreign currency translation	1.9		(1.2)
Balance at end of year	$	34.4	$	34.4

The reversal of credit losses was $4.7 million in 2021.

Research and Development

Research and development expense, which was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income, was as follows:


(In millions)	2023		2022		2021
Research and development expense	$	135.8	$	136.1	$	136.6

Supplemental Cash Flow Information

Cash paid for interest and income taxes was as follows:


(In millions)	2023		2022		2021
Interest	$	109.9	$	80.9	$	62.8
Income taxes, net of refunds	234.9		204.8		253.4

Foreign Currency Effects

Gains and losses resulting from foreign currency transactions are included in income in the period incurred. Transactions in foreign currencies (including receivables, payables and loans denominated in currencies other than the functional currency), including hedging impacts, were not material in 2023, 2022 or 2021.

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 perform under a contract.

The following table shows the amounts and balance sheet locations of deferred revenue as of December 30, 2023 and December 31, 2022:


(In millions)	December 30, 2023		December 31, 2022
Other current liabilities	$	18.1	$	22.2
Long-term retirement benefits and other liabilities	1.3		2.1
Total deferred revenue	$	19.4	$	24.3

Revenue recognized from amounts included in deferred revenue as of December 31, 2022 was $21.0 million in 2023. Revenue recognized from amounts included in deferred revenue as of January 1, 2022 was $23.5 million in 2022. Revenue recognized from amounts included in deferred revenue as of January 2, 2021 was $18.4 million in 2021. This revenue was included in “Net sales” in the Consolidated Statements of Income.

Supplier Finance Programs

We have agreements with third-party financial institutions to facilitate payments to suppliers. These third-party financial institutions offer voluntary supply chain finance programs that enable certain of our suppliers, at the supplier’s sole discretion, to sell our payment obligations to a financial institution on terms directly negotiated with the financial institution. Participating suppliers decide which payment obligations are sold to the financial institution and we have no economic interest in a supplier’s decision to sell these payment obligations. We make payments to the financial institution on the invoice due date, regardless of whether an individual invoice is sold by the supplier to the financial institution. Our obligations to our suppliers, including amounts due and scheduled payment dates, are not impacted by suppliers' decisions to sell amounts under these arrangements. Amounts due under our supply chain finance programs are included in accounts payable on our Consolidated Balance Sheets and activities related to these programs are presented as operating activities in our Consolidated Statements of Cash Flows. As of December 30, 2023 and December 31, 2022, the amounts due to financial institutions for suppliers that participate in these programs were $397.4 million and $430.1 million, respectively.

FINANCIAL INSTRUMENTS - Balance Sheet Locations of Other Derivatives, Fair Value (Details) - Other Derivatives - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Other Derivatives, Fair Value [Line Items]
Asset	$ 6.3	$ 4.3
Liability	6.0	9.8
Foreign exchange contracts
Other Derivatives, Fair Value [Line Items]
Asset	6.3	4.3
Liability	6.0	9.6
Commodity contracts
Other Derivatives, Fair Value [Line Items]
Asset	0.0	0.0
Liability	$ 0.0	$ 0.2

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

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- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Material Group Revenue By Product (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Revenue from External Customer [Line Items]
Net sales to unaffiliated customers	$ 8,364.3	$ 9,039.3	$ 8,408.3
Materials Group \| Operating Segments
Revenue from External Customer [Line Items]
Net sales to unaffiliated customers	5,811.3	6,495.1	6,206.5
Materials Group \| Labels, graphics and reflectives \| Operating Segments
Revenue from External Customer [Line Items]
Net sales to unaffiliated customers	5,076.8	5,725.7	5,430.4
Materials Group \| Tapes and adhesives \| Operating Segments
Revenue from External Customer [Line Items]
Net sales to unaffiliated customers	665.3	696.3	703.4
Materials Group \| Other \| Operating Segments
Revenue from External Customer [Line Items]
Net sales to unaffiliated customers	$ 69.2	$ 73.1	$ 72.7

- Definition

+ References

+ Details

SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION (Tables)

12 Months Ended

Dec. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Changes in "Accumulated Other Comprehensive Loss"

The changes in “Accumulated other comprehensive loss” (net of tax) for 2023 and 2022 were as follows:


(In millions)	Foreign Currency Translation		Pension and Other Postretirement Benefits		Cash Flow Hedges		Total
Balance as of January 1, 2022	$	(217.4)	$	(60.4)	$	(5.1)	$	(282.9)
Other comprehensive income (loss) before reclassifications, net of tax	(96.6)		6.3		4.9		(85.4)
Reclassifications to net income, net of tax	—		2.8		1.5		4.3
Net current-period other comprehensive income (loss), net of tax	(96.6)		9.1		6.4		(81.1)
Balance as of December 31, 2022	$	(314.0)	$	(51.3)	$	1.3	$	(364.0)
Other comprehensive income (loss) before reclassifications, net of tax	(14.6)		(25.2)		(7.0)		(46.8)
Reclassifications to net income, net of tax	—		(1.0)		3.7		2.7
Net current-period other comprehensive income (loss), net of tax	(14.6)		(26.2)		(3.3)		(44.1)
Balance as of December 30, 2023	$	(328.6)	$	(77.5)	$	(2.0)	$	(408.1)

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


(In millions)	2023		2022		2021
Foreign currency translation:
Translation gain (loss)	$	1.2	$	(7.0)	$	(23.2)
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit	(8.2)		.5		8.5
Reclassifications to net income	(.3)		1.1		1.6
Cash flow hedges:
Gain (loss) recognized on cash flow hedges	(2.2)		1.6		1.7
Reclassifications to net income	1.2		.4		(.5)
Income tax (benefit) expense allocated to components of other comprehensive income (loss)	$	(8.3)	$	(3.4)	$	(11.9)

TAXES BASED ON INCOME - Income (Loss) from Continuing Operations before Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Income (loss) before taxes
U.S.	$ 187.2	$ 232.4	$ 88.0
Foreign	507.5	766.9	904.6
Income before taxes	$ 694.7	$ 999.3	$ 992.6

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

SUPPLEMENTAL FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Supplemental Financial Information
Revenue recognized during the period	$ 21.0	$ 23.5	$ 18.4
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Supplier finance program, obligation, current	$ 397.4	$ 430.1

BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions		1 Months Ended		9 Months Ended
BUSINESS ACQUISITIONS (Details) - USD ($) $ in Millions	Aug. 31, 2021	Jan. 31, 2022	Mar. 18, 2021	Nov. 23, 2023	Mar. 01, 2021
2023 Business Acquisitions
Acquisitions [Line Items]
Purchase consideration				$ 231
Business combination contingent consideration maximum amount				$ 5
2022 Business Acquisitions
Acquisitions [Line Items]
Purchase consideration		$ 35
Business combination contingent consideration maximum amount		$ 30
Vestcom Acquisition
Acquisitions [Line Items]
Purchase consideration	$ 1,470
Other 2021 Business Acquisitions
Acquisitions [Line Items]
Purchase consideration			$ 43
Business combination contingent consideration maximum amount					$ 13
Contingent consideration liabilities					$ 12

LONG-TERM INCENTIVE COMPENSATION (Tables)

12 Months Ended

Dec. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense and the Related Recognized Tax Benefit

Stock-based compensation expense and the related recognized tax benefit were as follows:


(In millions)	2023		2022		2021
Stock-based compensation expense	$	22.3	$	47.4	$	37.2
Tax benefit	2.4		6.7		4.6

Schedule of Information Related to Stock Options

The following table summarizes information related to stock options:


	Number of options (in thousands)	Weighted average exercise price		Weighted average remaining contractual life (in years)	Aggregate intrinsic value (in millions)
Outstanding at December 31, 2022	141.1	$	73.96	3.42	$	15.1
Granted	63.0	190.54

Outstanding at December 30, 2023	204.1	$	109.92	4.36	$	18.7
Options vested and expected to vest at December 30, 2023	192.6	105.10		4.36	18.7
Options exercisable at December 30, 2023	141.1	$	73.96	2.42	$	18.1

Schedule of Information Related to Awarded PUs

The following table summarizes information related to awarded PUs:


	Number of PUs (in thousands)	Weighted average grant-date fair value
Unvested at December 31, 2022	372.7	$	147.45
Granted at target	85.0	180.12
Adjustment for above-target performance(1)	58.2	112.51
Vested	(201.9)	112.51
Forfeited/cancelled	(13.3)	174.50
Unvested at December 30, 2023	300.7	$	174.54

(1)Reflects adjustments for the vesting of PUs based on above-target performance for the 2020-2022 performance period.

Schedule of Information Related to Awarded MSUs

The following table summarizes information related to awarded MSUs:


	Number of MSUs (in thousands)	Weighted average grant- date fair value
Unvested at December 31, 2022	208.5	$	145.86
Granted at target	82.3	192.53
Adjustments for above-target performance(1)	35.9	125.18
Vested	(118.9)	135.77
Forfeited/cancelled	(12.3)	166.45
Unvested at December 30, 2023	195.5	$	167.16

(1)Reflects adjustments for the vesting of MSUs based on above-target performance for each of the tranches of awards vesting in 2023.

Schedule of Information Related to Awarded RSUs

The following table summarizes information related to awarded RSUs:


	Number of RSUs (in thousands)	Weighted average grant-date fair value
Unvested at December 31, 2022	59.8	$	159.23
Granted	38.1	175.88
Vested	(18.1)	148.26
Forfeited/cancelled	(13.3)	159.43
Unvested at December 30, 2023	66.5	$	171.68

SUPPLEMENTAL FINANCIAL INFORMATION - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Property, plant and equipment
Property, plant and equipment	$ 3,970.4	$ 3,747.7
Accumulated depreciation	(2,344.6)	(2,207.5)
Property, plant and equipment, net	1,625.8	1,540.2	$ 1,477.7
Land
Property, plant and equipment
Property, plant and equipment	35.9	29.3
Buildings and improvements
Property, plant and equipment
Property, plant and equipment	817.9	781.0
Machinery and equipment
Property, plant and equipment
Property, plant and equipment	2,799.5	2,667.8
Construction-in-progress
Property, plant and equipment
Property, plant and equipment	$ 317.1	$ 269.6

COMMITMENTS AND LEASES - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Leases [Abstract]
Cash paid for amounts included in measurement of operating lease liabilities	$ 55.8	$ 60.5	$ 54.2
Operating lease assets obtained in exchange for operating lease liabilities	$ 92.4	$ 37.2	$ 58.0

SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION - Change in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,032.2	$ 1,924.4	$ 1,484.9
Other comprehensive income (loss) before reclassifications, net of tax	(46.8)	(85.4)
Reclassifications to net income, net of tax	2.7	4.3
Net current-period other comprehensive income (loss), net of tax	(44.1)	(81.1)	66.7
Ending balance	2,127.9	2,032.2	1,924.4
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(364.0)	(282.9)	(349.6)
Net current-period other comprehensive income (loss), net of tax	(44.1)	(81.1)	66.7
Ending balance	(408.1)	(364.0)	(282.9)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(314.0)	(217.4)
Other comprehensive income (loss) before reclassifications, net of tax	(14.6)	(96.6)
Reclassifications to net income, net of tax	0.0	0.0
Net current-period other comprehensive income (loss), net of tax	(14.6)	(96.6)
Ending balance	(328.6)	(314.0)	(217.4)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(51.3)	(60.4)
Other comprehensive income (loss) before reclassifications, net of tax	(25.2)	6.3
Reclassifications to net income, net of tax	(1.0)	2.8
Net current-period other comprehensive income (loss), net of tax	(26.2)	9.1
Ending balance	(77.5)	(51.3)	(60.4)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1.3	(5.1)
Other comprehensive income (loss) before reclassifications, net of tax	(7.0)	4.9
Reclassifications to net income, net of tax	3.7	1.5
Net current-period other comprehensive income (loss), net of tax	(3.3)	6.4
Ending balance	$ (2.0)	$ 1.3	$ (5.1)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

SUPPLEMENTAL FINANCIAL INFORMATION - Research and Development, Supplemental Cash Flow Information and Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Research and Development
Research and development expense	$ 135.8	$ 136.1	$ 136.6
Cash paid for interest and income taxes
Interest	109.9	80.9	62.8
Income taxes, net of refunds	234.9	204.8	$ 253.4
Deferred Revenue
Other current liabilities	18.1	22.2
Long-term retirement benefits and other liabilities	1.3	2.1
Total deferred revenue	$ 19.4	$ 24.3

PENSION AND OTHER POSTRETIREMENT BENEFITS - Funded Status of the Plan (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
U.S.
Funded status of the plans
Other assets	$ 0.0	$ 0.0
Other accrued liabilities	(6.1)	(6.2)
Long-term retirement benefits and other liabilities	(43.2)	(45.6)
Plan assets less than benefit obligations	$ (49.3)	$ (51.8)
Weighted average assumptions used to determine year-end benefit obligations
Discount rate	4.86%	5.06%
Compensation rate increase	0.00%	0.00%
Non-U.S.
Funded status of the plans
Other assets	$ 67.8	$ 70.0
Other accrued liabilities	(0.2)	(0.4)
Long-term retirement benefits and other liabilities	(84.3)	(71.2)
Plan assets less than benefit obligations	$ (16.7)	$ (1.6)
Weighted average assumptions used to determine year-end benefit obligations
Discount rate	3.78%	4.36%
Compensation rate increase	2.73%	2.75%

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS

Goodwill

Results from our annual goodwill impairment test in the fourth quarter of 2023 indicated that no impairment occurred during 2023. The assumptions used in our assessment were primarily based on Level 3 inputs.

Changes in the net carrying amount of goodwill for 2023 and 2022 by reportable segment are shown below:


(In millions)	Materials Group		Solutions Group		Total
Goodwill as of January 1, 2022	$	645.5	$	1,236.0	$	1,881.5
Acquisitions(1)	—		16.3		16.3
Acquisition adjustment(2)	—		(.5)		(.5)
Translation adjustments	(26.8)		(8.1)		(34.9)
Goodwill as of December 31, 2022	618.7		1,243.7		1,862.4
Acquisitions(3)	—		135.0		135.0

Translation adjustments	12.0		4.2		16.2

Goodwill as of December 30, 2023	$	630.7	$	1,382.9	$	2,013.6

(1)Goodwill acquired related to the 2022 Acquisitions. We expect the recognized goodwill related to the 2022 Acquisitions not to be deductible for income tax purposes.

(2)Measurement period adjustment related to the finalization of the purchase price allocation for the Vestcom acquisition.

(3)Goodwill acquired related to the 2023 Acquisitions. We expect substantially all of the recognized goodwill related to the 2023 Acquisitions not to be deductible for income tax purposes.

The carrying amounts of goodwill at December 30, 2023 and December 31, 2022 were net of accumulated impairment losses of $820 million recognized in fiscal year 2009 by our Solutions Group reportable segment.

Indefinite-Lived Intangible Assets

Results from our annual indefinite-lived intangible assets impairment test in the fourth quarter indicated that no impairment occurred in 2023. The carrying value of indefinite-lived intangible assets resulting from business acquisitions, consisting of trade names and trademarks, was $155.3 million and $154.7 million at December 30, 2023 and December 31, 2022, respectively.

Finite-Lived Intangible Assets

In connection with the 2023 Acquisitions, we acquired approximately $94 million of identifiable finite-lived intangible assets, which consisted of customer relationships, patented and other developed technology, and trade names and trademarks. We utilized the income approach to estimate the fair value of acquired identifiable intangibles, primarily using Level 3 inputs. We applied significant judgment in determining the fair value of intangible assets, which included our estimates and assumptions with respect to estimated future revenue and related profit margins, customer retention rates, technology migration curves, royalty rates, discount rates and economic lives assigned to the acquired intangible assets.

The table below summarizes the amounts and weighted average useful lives of the intangible assets associated with the 2023 Acquisitions as of the acquisition date.


	Amount (in millions)		Weighted average amortization period (in years)
Customer relationships	$	68.8	11
Patented and other developed technology	22.2		7
Trade names and trademarks	3.0		6

In connection with the 2022 Acquisitions, we acquired approximately $21 million of identifiable finite-lived intangible assets, which consisted of patented and other developed technology as well as customer relationships.

Refer to Note 2, “Business Acquisitions,” for more information.

The table below sets forth our finite-lived intangible assets resulting from business acquisitions at December 30, 2023 and December 31, 2022, which continue to be amortized.


	2023						2022
(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	922.5	$	383.7	$	538.8	$	852.2	$	330.1	$	522.1
Patented and other developed technology	278.3		130.2		148.1		261.9		104.3		157.6
Trade names and trademarks	17.4		11.7		5.7		14.4		10.3		4.1
Other intangibles	3.2		2.0		1.2		3.2		1.4		1.8
Total	$	1,221.4	$	527.6	$	693.8	$	1,131.7	$	446.1	$	685.6

Amortization expense for finite-lived intangible assets resulting from business acquisitions was $86.3 million for 2023, $81.8 million for 2022 and $44.6 million for 2021.

We expect estimated amortization expense for finite-lived intangible assets resulting from business acquisitions for each of the next five fiscal years and thereafter to be as follows:


(In millions)	Estimated Amortization Expense
2024	$	89.7
2025	88.9
2026	85.9
2027	85.4
2028	78.0
2029 and thereafter	265.9

TAXES BASED ON INCOME - Net Operating Loss and Tax Carryforwards (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Net operating loss and credit carryforward [Line Items]
Net operating losses	$ 481.0	$ 463.0
Tax Credits	9.0	$ 9.7
Total
Net operating loss and credit carryforward [Line Items]
Net operating losses	480.6
Tax Credits	9.0
2024
Net operating loss and credit carryforward [Line Items]
Net operating losses	2.7
Tax Credits	0.1
2025
Net operating loss and credit carryforward [Line Items]
Net operating losses	2.8
Tax Credits	0.2
2026
Net operating loss and credit carryforward [Line Items]
Net operating losses	2.9
Tax Credits	0.3
2027
Net operating loss and credit carryforward [Line Items]
Net operating losses	3.7
Tax Credits	0.3
2028
Net operating loss and credit carryforward [Line Items]
Net operating losses	12.6
Tax Credits	1.2
2029-2043
Net operating loss and credit carryforward [Line Items]
Net operating losses	16.4
Tax Credits	5.2
Indefinite life/no expiry
Net operating loss and credit carryforward [Line Items]
Net operating losses	439.5
Tax Credits	1.7
State
Net operating loss and credit carryforward [Line Items]
Net operating losses	$ 429.0

LONG-TERM INCENTIVE COMPENSATION - Number of Awards, Weighted-average Grant-date Fair Value (Details) - $ / shares	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Performance units (PS)
Number of awards
Unvested at beginning of period (in shares)	372,700
Granted at target (in shares)	85,000.0
Adjustments for above-target performance (in shares)	58,200
Vested (in shares)	(201,900)
Forfeited/cancelled (in shares)	(13,300)
Unvested at end of period (in shares)	300,700	372,700
Weighted average grant-date fair value
Beginning balance (in usd per share)	$ 147.45
Granted at target (in usd per share)	180.12	$ 163.97	$ 191.86
Adjustment for above-target performance (in used per share)	112.51
Vested (in usd per share)	112.51
Forfeited/cancelled (in usd per share)	174.50
Ending balance (in usd per share)	$ 174.54	$ 147.45
Market-leveraged stock units (MSUs)
Number of awards
Unvested at beginning of period (in shares)	208,500
Granted at target (in shares)	82,300
Adjustments for above-target performance (in shares)	35,900
Vested (in shares)	(118,900)
Forfeited/cancelled (in shares)	(12,300)
Unvested at end of period (in shares)	195,500	208,500
Weighted average grant-date fair value
Beginning balance (in usd per share)	$ 145.86
Granted at target (in usd per share)	192.53	$ 141.80	216.06
Adjustment for above-target performance (in used per share)	125.18
Vested (in usd per share)	135.77
Forfeited/cancelled (in usd per share)	166.45
Ending balance (in usd per share)	$ 167.16	$ 145.86
Restricted stock units (RSUs)
Number of awards
Unvested at beginning of period (in shares)	59,800
Granted at target (in shares)	38,100
Vested (in shares)	(18,100)
Forfeited/cancelled (in shares)	(13,300)
Unvested at end of period (in shares)	66,500	59,800
Weighted average grant-date fair value
Beginning balance (in usd per share)	$ 159.23
Granted at target (in usd per share)	175.88	$ 168.34	$ 196.26
Vested (in usd per share)	148.26
Forfeited/cancelled (in usd per share)	159.43
Ending balance (in usd per share)	$ 171.68	$ 159.23

SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION

12 Months Ended

Dec. 30, 2023

Stockholders' Equity Note [Abstract]

SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION

Common Stock and Share Repurchase Program

Our Amended and Restated Certificate of Incorporation authorizes five million shares of $1 par value preferred stock (of which no shares are outstanding), with respect to which our Board may fix the series and terms of issuance, and 400 million shares of $1 par value voting common stock.

From time to time, our Board authorizes the repurchase of shares of our outstanding common stock. Repurchased shares may be reissued under our long-term incentive plan or used for other corporate purposes. In 2023, we repurchased approximately 0.8 million shares of our common stock at an aggregate cost of $137.5 million. In 2022, we repurchased approximately 2.2 million shares of our common stock at an aggregate cost of $379.5 million.

In April 2022, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750 million, excluding any fees, commissions or other expenses related to such purchases and in addition to any amount outstanding under our previous Board authorization. Shares of our common stock in the aggregate amount of $592.8 million as of December 30, 2023 remained authorized for repurchase under this Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased.

Treasury Shares Reissuance

We fund a portion of our employee-related costs 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 vesting awards and record net gains or losses associated with using treasury shares to retained earnings.

Accumulated Other Comprehensive Loss

The changes in “Accumulated other comprehensive loss” (net of tax) for 2023 and 2022 were as follows:


(In millions)	Foreign Currency Translation		Pension and Other Postretirement Benefits		Cash Flow Hedges		Total
Balance as of January 1, 2022	$	(217.4)	$	(60.4)	$	(5.1)	$	(282.9)
Other comprehensive income (loss) before reclassifications, net of tax	(96.6)		6.3		4.9		(85.4)
Reclassifications to net income, net of tax	—		2.8		1.5		4.3
Net current-period other comprehensive income (loss), net of tax	(96.6)		9.1		6.4		(81.1)
Balance as of December 31, 2022	$	(314.0)	$	(51.3)	$	1.3	$	(364.0)
Other comprehensive income (loss) before reclassifications, net of tax	(14.6)		(25.2)		(7.0)		(46.8)
Reclassifications to net income, net of tax	—		(1.0)		3.7		2.7
Net current-period other comprehensive income (loss), net of tax	(14.6)		(26.2)		(3.3)		(44.1)
Balance as of December 30, 2023	$	(328.6)	$	(77.5)	$	(2.0)	$	(408.1)

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


(In millions)	2023		2022		2021
Foreign currency translation:
Translation gain (loss)	$	1.2	$	(7.0)	$	(23.2)
Pension and other postretirement benefits:
Net gain (loss) recognized from actuarial gain/loss and prior service cost/credit	(8.2)		.5		8.5
Reclassifications to net income	(.3)		1.1		1.6
Cash flow hedges:
Gain (loss) recognized on cash flow hedges	(2.2)		1.6		1.7
Reclassifications to net income	1.2		.4		(.5)
Income tax (benefit) expense allocated to components of other comprehensive income (loss)	$	(8.3)	$	(3.4)	$	(11.9)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENT AND DISAGGREGATED REVENUE INFORMATION - Net Sales to Unaffiliated Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 8,364.3	$ 9,039.3	$ 8,408.3
U.S.
Net sales to unaffiliated customers
Net sales to unaffiliated customers	2,578.3	2,565.9	2,065.2
Europe, the Middle East and North Africa
Net sales to unaffiliated customers
Net sales to unaffiliated customers	2,306.7	2,683.6	2,541.4
Asia
Net sales to unaffiliated customers
Net sales to unaffiliated customers	2,545.2	2,817.2	2,914.5
Latin America
Net sales to unaffiliated customers
Net sales to unaffiliated customers	582.3	605.7	537.6
Other
Net sales to unaffiliated customers
Net sales to unaffiliated customers	351.8	366.9	349.6
China Including HongKong
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,300.0	1,500.0	1,680.0
Operating Segments \| Materials Group
Net sales to unaffiliated customers
Net sales to unaffiliated customers	5,811.3	6,495.1	6,206.5
Operating Segments \| Materials Group \| U.S.
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,687.8	1,892.1	1,736.4
Operating Segments \| Materials Group \| Europe, the Middle East and North Africa
Net sales to unaffiliated customers
Net sales to unaffiliated customers	2,007.1	2,396.2	2,261.1
Operating Segments \| Materials Group \| Asia
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,315.2	1,390.3	1,471.1
Operating Segments \| Materials Group \| Latin America
Net sales to unaffiliated customers
Net sales to unaffiliated customers	474.2	470.1	408.6
Operating Segments \| Materials Group \| Other
Net sales to unaffiliated customers
Net sales to unaffiliated customers	327.0	346.4	329.3
Operating Segments \| Solutions Group
Net sales to unaffiliated customers
Net sales to unaffiliated customers	2,553.0	2,544.2	2,201.8
Operating Segments \| Solutions Group \| Apparel
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,661.4	1,851.2	1,839.1
Operating Segments \| Solutions Group \| Identification Solutions and Vestcom
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 891.6	$ 693.0	$ 362.7

COST REDUCTION ACTIONS

12 Months Ended

Dec. 30, 2023

Restructuring and Related Activities [Abstract]

COST REDUCTION ACTIONS

Restructuring Charges

We have plans that provide eligible employees with severance benefits in the event of an involuntary termination. We calculate severance using the benefit formulas under the applicable plans. We record restructuring charges from qualifying cost reduction actions for severance and other exit costs (including asset impairment charges and lease and other contract cancellation costs) when they are probable and estimable.

2023 Actions

In the third quarter of 2023, we approved a restructuring plan (the "2023 Plan") to further optimize the European footprint of our Materials Group reportable segment by reducing operations in a manufacturing facility in Belgium. The cumulative charges associated with the 2023 Plan consisted of severance and related costs for the reduction of approximately 210 positions as well as asset impairment charges. During 2023 we recorded $30.4 million in restructuring charges related to the 2023 Plan. The activities related to the 2023 Plan are expected to be substantially completed by mid-2025.

We recorded $49.0 million in restructuring charges, net of reversals, related to other 2023 actions (collectively with the 2023 Plan, "2023 Actions"). These charges consisted of severance and related costs for the reduction of approximately 1,450 positions and asset impairment charges at numerous locations across our company.

2019/2020 Actions

During 2022, we recorded $7.3 million in restructuring charges, net of reversals, related to our 2019/2020 actions. These charges consisted of severance and related costs for the reduction of approximately 830 positions and asset impairment charges at numerous locations across our company, reflecting actions in both our reportable segments. The actions in our Materials Group reportable segment were primarily associated with consolidations of its operations in North America and its graphics business in Europe, in part in response to the pandemic. The actions in our Solutions Group reportable segment were primarily related to global headcount and footprint reduction, with some actions accelerated and expanded in response to the pandemic. Our activities related to our 2019/2020 actions began in the fourth quarter of fiscal year 2019 and continued through fiscal year 2022.

Accruals for severance and related costs and lease cancellation costs were included in “Other current liabilities” and "Long-term retirement benefits and other liabilities" in the 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 Consolidated Statements of Income.

During 2023, restructuring charges and payments were as follows:


(In millions)	Accrual at December 31, 2022		Charges, Net of Reversals		Cash Payments		Non-cash Impairment		Foreign Currency Translation		Accrual at December 30, 2023
2023 Actions
Severance and related costs	$	—	$	72.1	$	(45.1)	$	—	$	.7	$	27.7
Asset impairment charges	—		8.3		—		(8.3)		—		—

2019/2020 Actions
Severance and related costs	5.1		(1.0)		(4.1)		—		—		—
Total	$	5.1	$	79.4	$	(49.2)	$	(8.3)	$	.7	$	27.7

During 2022, restructuring charges and payments were as follows:


(In millions)	Accrual at January 1, 2022		Charges, Net of Reversals		Cash Payments		Non-cash Impairment		Foreign Currency Translation		Accrual at December 31, 2022
2019/2020 Actions
Severance and related costs	$	11.5	$	7.2	$	(13.4)	$	—	$	(.2)	$	5.1
Asset impairment charges	—		.1		—		(.1)		—		—



Total	$	11.5	$	7.3	$	(13.4)	$	(.1)	$	(.2)	$	5.1

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


(In millions)	2023		2022		2021
Restructuring charges by reportable segment and Corporate
Materials Group	$	52.4	$	(1.0)	$	5.0
Solutions Group	23.2		7.9		7.6
Corporate	3.8		.8		1.0
Total	$	79.4	$	7.7	$	13.6

COST REDUCTION ACTIONS - Restructuring Charges by Reportable Segment and Corporate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 79.4	$ 7.7	$ 13.6
Corporate expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3.8	0.8	1.0
Materials Group \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	52.4	(1.0)	5.0
Solutions Group \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 23.2	$ 7.9	$ 7.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Postretirement Health Benefits, Defined Contribution and Other Retirement Plans (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Defined contribution and other retirement plans
Recognized defined contribution plan cost	$ 30.3	$ 27.3	$ 24.6
Deferred compensation plan accrued	$ 88.2	$ 87.3
Minimum age of participant for termination of employment to determine forfeiture of interest on contribution	55 years
DSUs outstanding under deferred compensation plans (in shares)	0.1	0.1
Value of DSUs outstanding under deferred compensation plans	$ 19.0	$ 20.0
Postretirement Health Coverage
Defined contribution and other retirement plans
Postretirement health benefits obligation	2.0	2.0
Accumulated other comprehensive loss relating to postretirement health benefits obligation	10.0	11.0
Other assets
Defined contribution and other retirement plans
Cash surrender value included in other assets	$ 228.4	$ 265.0

CONTINGENCIES - Narrative (Details) $ in Millions	Jan. 25, 2024 USD ($)	Jan. 24, 2024 USD ($)	Jan. 23, 2024 order	Dec. 30, 2023 USD ($) site	Jul. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 03, 2021 USD ($)
Loss Contingencies [Line Items]
Environmental site contingency number of sites \| site				11
Short term environmental liabilities				$ 11.0		$ 9.0
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]				Other current liabilities		Other current liabilities
Infringement of patent
Loss Contingencies [Line Items]
Contingent liability				$ 82.9	$ 80.4		$ 26.6
Infringement of patent \| Subsequent event
Loss Contingencies [Line Items]
Number of orders issued by the district court \| order			2
Patent infringement, sanction	$ 5.2	$ 20.0
Contingency loss based on royalty (usd per unit)	0.0025

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 30, 2023

Supplemental Financial Information

Schedule of Inventories

Inventories at year-end were as follows:


(In millions)	2023		2022
Raw materials	$	415.4	$	457.6
Work-in-progress	238.2		255.1
Finished goods	267.1		297.2
Inventories	$	920.7	$	1,009.9

Schedule of Property, Plant and Equipment

Major classes of property, plant and equipment, stated at cost, at year-end were as follows:


(In millions)	2023		2022
Land	$	35.9	$	29.3
Buildings and improvements	817.9		781.0
Machinery and equipment	2,799.5		2,667.8
Construction-in-progress	317.1		269.6
Property, plant and equipment	3,970.4		3,747.7
Accumulated depreciation	(2,344.6)		(2,207.5)
Property, plant and equipment, net	$	1,625.8	$	1,540.2

Schedule of Capitalized Software Costs

Capitalized software costs at year-end were as follows:


(In millions)	2023		2022
Cost	$	362.4	$	390.6
Accumulated amortization	(257.9)		(282.3)
Software, net	$	104.5	$	108.3

Schedule of Allowance for Credit Losses

The activity related to our allowance for credit losses was as follows:


(In millions)	2023		2022
Balance at beginning of year	$	34.4	$	33.0
Provision for credit losses	4.4		6.9
Amounts written off	(6.3)		(4.3)
Other, including foreign currency translation	1.9		(1.2)
Balance at end of year	$	34.4	$	34.4

Schedule of Research and Development Expense

Research and development expense, which was included in “Marketing, general and administrative expense” in the Consolidated Statements of Income, was as follows:


(In millions)	2023		2022		2021
Research and development expense	$	135.8	$	136.1	$	136.6

Schedule of Cash Paid for Interest and Income taxes

Cash paid for interest and income taxes was as follows:


(In millions)	2023		2022		2021
Interest	$	109.9	$	80.9	$	62.8
Income taxes, net of refunds	234.9		204.8		253.4

Schedule of Balance Sheet Locations of Deferred Revenue

The following table shows the amounts and balance sheet locations of deferred revenue as of December 30, 2023 and December 31, 2022:


(In millions)	December 30, 2023		December 31, 2022
Other current liabilities	$	18.1	$	22.2
Long-term retirement benefits and other liabilities	1.3		2.1
Total deferred revenue	$	19.4	$	24.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations We are a global materials science and digital identification solutions company that provides a wide range of branding and information solutions that optimize labor and supply chain efficiency, reduce waste, advance sustainability, circularity and transparency, and better connect brands and consumers. Our products and solutions include labeling and functional materials, radio-frequency identification ("RFID") inlays and tags, software applications that connect the physical and digital, and a variety of products and solutions that enhance branded packaging and carry or display information that improves the customer experience. We serve an array of industries worldwide, including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive. Principles of Consolidation Our Consolidated Financial Statements include the accounts of majority-owned and controlled subsidiaries. Intercompany accounts, transactions and profits are eliminated in consolidation. Fiscal Year Our fiscal years generally consist of 52 weeks, but every fifth or sixth fiscal year consists of 53 weeks; our 2023, 2022, and 2021 fiscal years consisted of 52-week periods ending December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Accounting Guidance Updates Supplier Finance Programs In the first quarter of 2023, we adopted guidance that requires disclosures of key supplier finance program terms, information about obligations under these programs and a rollforward of these obligations. This guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure on rollforward information, which is effective for fiscal years beginning after December 15, 2023. See Note 16, “Supplemental Financial Information,” for more information. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions for the reporting period and as of the date of our financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expense. As the effects of future events cannot be determined, actual results could differ significantly from those estimates. Cash and Cash Equivalents Cash and cash equivalents generally consist of cash on hand, deposits in banks, cash-in-transit, and bank drafts and short-term investments with maturities of three months or less when purchased or received. The carrying value of these assets approximates fair value due to the short maturity of these instruments. Inventories We state inventories at the lower of cost or net realizable value and categorize them as raw materials, work-in-progress, or finished goods. Cost is determined using the first-in, first-out method. We record inventory that is damaged, obsolete, excess and slow-moving to cost of products sold and we establish a lower cost basis for the inventory. Slow-moving inventory is reviewed by category and may be recognized partially or fully to cost of products sold depending on the type of product, level of usage and length of time the product has been included in inventory. Trade Accounts Receivable We record trade accounts receivable at the invoiced amount. Our allowance for credit losses reflects customer trade accounts receivable that are estimated to be partially or entirely uncollectible. These allowances are used to reduce gross trade receivables to their net realizable values. We record these allowances based on estimates related to the following: •The financial condition of customers; •The aging of receivable balances; •Our historical collection experience; and •Current and expected future macroeconomic and market conditions. Property, Plant and Equipment We generally compute depreciation using the straight-line method over the estimated useful lives of the respective assets, ranging from ten to 45 years for buildings and improvements and three to 15 years for machinery and equipment. Leasehold improvements are depreciated over the shorter of the useful life of the asset or the term of the associated leases. We expense maintenance and repair costs as incurred; we capitalize renewals and improvements. Upon the sale or retirement of assets, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting gain or loss included in net income. Leases Our leases primarily relate to office and warehouse space, machinery, transportation, and equipment for information technology. We determine if an arrangement is a lease or contains a lease at inception. 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 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 lease 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. Software We capitalize software costs incurred during the application development stage of software development, including costs incurred for design, coding, installation to hardware, testing, and upgrades and enhancements that provide the software or hardware with additional functionalities and capabilities. We expense software costs, including internal and external training costs and maintenance costs, incurred during the preliminary project stage and the post-implementation and/or operation stage. In addition, we capitalize implementation costs incurred under a hosting arrangement that is a service contract. Capitalized software, which is included in “Other assets” in the Consolidated Balance Sheets, is amortized on a straight-line basis over the estimated useful life of the software, which is generally between five and ten years. Venture Investments We invest in privately held companies and utilize the measurement alternative for equity investments that do not have readily determinable fair values, measuring them at cost less impairment plus or minus observable price changes in orderly transactions. The carrying value of our venture investments is included in “Other assets” in the Consolidated Balance Sheets. See Note 9, “Fair Value Measurements,” for more information. Impairment of Long-lived Assets We record impairment charges when the carrying amounts of long-lived assets are determined not to be recoverable. We measure recoverability by comparing the undiscounted cash flows expected from the applicable asset or asset group’s use and eventual disposition to its carrying value. We calculate the amount of impairment loss as the excess of the carrying value over the fair value. Historically, changes in market conditions and management strategy have caused us to reassess the carrying amount of our long-lived assets. Goodwill and Other Intangibles Resulting from Business Acquisitions We account for business combinations using the acquisition method, with the excess of the acquisition cost over the fair value of net tangible assets and identified intangible assets acquired considered goodwill. As a result, we disclose goodwill separately from other intangible assets. Other identifiable intangibles include customer relationships, patented and other developed technology, and trade names and trademarks. We perform an annual impairment test of goodwill during the fourth quarter and, as necessary, if changes in facts and circumstances that indicate the fair value of a reporting unit may be less than its carrying value. Factors that may cause us to perform an impairment test outside of our annual assessment include significant underperformance of a business relative to expected operating results, significant adverse economic and industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, or our decision to divest a portion of a reporting unit. In performing impairment tests, we have the option to first assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for goodwill impairment. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment. A quantitative assessment primarily uses the present value (discounted cash flow) method to determine the fair value of reporting units with goodwill. We compare the fair value of each reporting unit to its carrying amount, and, to the extent the carrying amount exceeds the unit’s fair value, we recognize an impairment of goodwill for the excess up to the amount of goodwill of that reporting unit. In consultation with outside specialists, we estimate the fair value of our reporting units using various valuation techniques, with the primary technique being a discounted cash flow analysis. A discounted cash flow analysis requires us to make various assumptions about our reporting units, including their respective forecasted sales, operating margins and growth rates, as well as discount rates. Our assumptions about discount rates are based on the weighted average cost of capital for comparable companies. Our assumptions about sales, operating margins and growth rates are based on our forecasts, business plans, economic projections, anticipated future cash flows, and marketplace data. We also make assumptions for varying perpetual growth rates for periods beyond our long-term business plan period. We base our fair value estimates on projected financial information and assumptions that we believe are reasonable. However, actual future results may differ materially from these estimates and projections. The valuation methodology we use to estimate the fair value of reporting units requires inputs and assumptions that reflect current market conditions, as well as the impact of planned business and operational strategies that require management judgment. The estimated fair value could increase or decrease depending on changes in the inputs and assumptions. We test indefinite-lived intangible assets, consisting of trade names and trademarks, for impairment in the fourth quarter or whenever events or circumstances indicate that it is more-likely-than-not that their carrying amounts exceed their fair values. In performing the impairment tests, we have the option first to assess qualitative factors to determine whether it is necessary to perform a quantitative assessment for indefinite-lived intangible asset impairment. If we decide not to perform a qualitative assessment, or if the qualitative assessment indicates that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we perform a quantitative assessment. Fair value is estimated as the discounted value of future revenues using a royalty rate that a third party would pay to use the asset. Variation in the royalty rates could impact our estimate of fair value. If the carrying amount of an asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. We amortize finite-lived intangible assets, consisting of customer relationships, patented and other developed technology, trade names and trademarks, and other intangibles, on a straight-line basis over their estimated useful lives. See Note 3, “Goodwill and Other Intangibles Resulting from Business Acquisitions,” for more information. Foreign Currency We translate asset and liability accounts of international operations into U.S. dollars at current rates. Revenues and expenses are translated at the weighted average currency rate for the fiscal year. We record gains and losses resulting from hedging the value of investments in certain international operations and from the translation of balance sheet accounts directly as a component of other comprehensive income. We account for our operations in Argentina as highly inflationary, because the country’s three-year cumulative inflation rate exceeds 100%. As a result, the functional currency of our Argentine subsidiary is the U.S. dollar. Financial Instruments We enter into foreign exchange derivative contracts to reduce our risk from exchange rate fluctuations associated with receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. From time to time, 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 is 36 months for forecasted foreign exchange and commodity transactions and 10 years for cross-currency swap transactions. On the date we enter into a derivative contract, we determine whether the derivative will be designated as a hedge. Derivatives designated as hedges are classified as either (1) hedges of the fair value of a recognized asset or liability or an unrecognized firm commitment (“fair value” hedges) or (2) hedges of a forecasted transaction or the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (“cash flow” hedges). Other derivatives not designated as hedges are recorded on the balance sheets at fair value, with changes in fair value recognized in earnings. Our policy is not to purchase or hold any foreign currency, interest rate or commodity contracts for trading purposes. We assess, both at the inception of any hedge and on an ongoing basis, whether our hedges are highly effective. If we determine that a hedge is not highly effective, we prospectively discontinue hedge accounting. For cash flow hedges, we record gains and losses as components of other comprehensive income and reclassify them into earnings in the same period during which the hedged transaction affects earnings. In the event that the anticipated transaction is no longer likely to occur, we recognize the change in fair value of the instrument in current period earnings. We recognize changes in fair value hedges in current period earnings. We also recognize changes in the fair value of underlying hedged items (such as recognized assets or liabilities) in current period earnings and offset the changes in the fair value of the derivative. In the Consolidated Statements of Cash Flows, hedges are classified in the same category as the item hedged, primarily in operating activities. See Note 5, “Financial Instruments,” for more information. Fair Value Measurements We define fair value as the price that would be received from selling an asset or paid for transferring a liability in an orderly transaction between market participants at the measurement date. In determining fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability. We determine fair value based on a three-tier fair value hierarchy, which we use to prioritize the inputs used in measuring fair value. These tiers consist of Level 1, which are observable inputs such as quoted prices in active markets; Level 2, which are inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which are unobservable inputs in which little or no market data exists, requiring us to develop our own assumptions to determine the best estimate of fair value. Revenue Recognition Substantially all of our revenue is derived from the sale of products. Our Materials Group reportable segment sells pressure-sensitive label materials, films, performance tapes and fasteners. Our Solutions Group reportable segment sells a wide variety of branding and information solutions-oriented products, such as tickets, tags, labels (including RFID inlays), as well as related equipment, services, and supplies, that provide our customers with solutions for them to optimize branding and engagement with their consumers and enable item visibility and traceability. We recognize revenue for an amount that reflects the consideration which we expect from the sale of our products when we satisfy a performance obligation by transferring control of our products to a customer. We consider a number of factors in determining when we have transferred control to a customer, including the following: (i) our present right to payment; (ii) the customer’s legal title to the asset; (iii) physical possession of the asset; (iv) the customer’s significant risks and rewards of ownership of the asset; and (v) the customer’s acceptance of the asset. Generally, there are no substantive differences in revenue recognition considerations among our various products. Control generally transfers to a customer at a point in time upon shipment or delivery, depending on the specific terms of sale with the customer. Our payment terms with customers are generally consistent with those used in the industries and the regions in which we operate. We accept sales returns in certain limited circumstances. We record a liability for estimated returns and a corresponding reduction to sales in the amount we expect to repay or credit customers, which we base on historical returns and outstanding customer claims. We update our estimates each reporting period. Sales rebates, discounts and other customer concessions represent variable consideration and are common in the industries and regions in which we operate, which we account for as a reduction to sales based on estimates at the time at which products are sold. We base these estimates on our historical experience, as well as current information such as sales forecasts. We regularly review our estimates and adjust the revenue recognized from sales as necessary as additional information becomes available. We exclude sales tax, value-added tax and other taxes we collect from customers from sales. We account for shipping and handling activities after control of a product is transferred to a customer as fulfillment costs and not as separate performance obligations. As a practical expedient, we have elected not to disclose the value of unsatisfied performance obligations for contracts with an expected length of less than one year. We generally expense sales commissions when incurred because the expected amortization period is one year or less. We record these costs in “Marketing, general and administrative expense” in the Consolidated Statements of Income. Research and Development Research and development costs are related to research, design and testing of new products and applications, which we expense as incurred. Long-Term Incentive Compensation No long-term incentive compensation expense was capitalized in 2023, 2022 or 2021. Valuation of Stock-Based Awards We base our stock-based compensation expense on the fair value of awards, adjusted for estimated forfeitures, amortized on a straight-line basis over the requisite service period for stock options and restricted stock units (“RSUs”). We base compensation expense for performance units (“PUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a straight-line basis as these awards cliff-vest at the end of the requisite service period. We base compensation expense related to market-leveraged stock units (“MSUs”) on the fair value of awards, adjusted for estimated forfeitures, and amortized on a graded-vesting basis over their respective performance periods. Compensation expense for awards with a market condition as a performance objective, which includes PUs and MSUs, is not adjusted if the condition is not met, as long as the requisite service period is met. We estimate the fair value of stock options as of the date of grant using the Black-Scholes option-pricing model. This model requires input assumptions for our expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. We determine the fair value of RSUs and the component of PUs that is subject to the achievement of a performance objective using a financial performance condition based on the fair market value of our common stock as of the date of grant, adjusted for foregone dividends. Over the performance period of the PUs, the estimated number of shares of our common stock issuable upon vesting is adjusted upward or downward from the target shares at the time of grant based on the probability of the financial performance objectives established for the award being achieved. We determine the fair value of stock-based awards that are subject to the achievement of performance objectives based on a market condition, which includes MSUs and the other component of PUs, using the Monte-Carlo simulation method, which utilizes multiple input variables, including expected stock price volatility and other assumptions appropriate for determining fair value, to estimate the probability of satisfying the target performance objectives established for the award. Certain of these assumptions are based on management’s estimates, in consultation with outside specialists. Significant changes in assumptions for future awards and actual forfeiture rates could materially impact stock-based compensation expense and our results of operations. Valuation of Cash-Based Awards Cash-based awards consist of long-term incentive units (“LTI Units”) granted to eligible employees. We classify LTI Units as liability awards and remeasure them at each quarter-end over the applicable vesting or performance period. In addition to LTI Units with terms and conditions that mirror those of RSUs, we also grant certain employees LTI Units with terms and conditions that mirror those of PUs and MSUs. Forfeitures We estimate expected forfeitures in determining the compensation cost to be recognized each period, rather than accounting for forfeitures as they occur. We record changes in estimated forfeiture rates as cumulative adjustments in the period estimates are revised. See Note 12, “Long-term Incentive Compensation,” for more information. Taxes Based on Income Because we are subject to income tax in the U.S. and multiple foreign jurisdictions, judgment is required in evaluating and estimating our worldwide provision, accruals for taxes, deferred taxes and tax positions. Our provision for income taxes is determined using the asset and liability approach in accordance with GAAP. Under this approach, deferred taxes represent the expected future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities. We record a valuation allowance to reduce our deferred tax assets when uncertainty regarding their realizability exists. We recognize and measure our uncertain tax positions following the more-likely-than-not threshold for recognition and measurement for tax positions we take or expect to take on a tax return. See Note 14, “Taxes Based on Income,” for more information. Recent Accounting Requirements In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to expand annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of adopting this guidance on our financial statement disclosures. In December 2023, the FASB issued guidance on improvements to income tax disclosures in the rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of adopting this guidance on our financial statement disclosures.

DEBT - Short-Term Credit Facilities (Details) - USD ($)	1 Months Ended	12 Months Ended
DEBT - Short-Term Credit Facilities (Details) - USD ($)	Jan. 31, 2023	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Uncommitted lines of credit
Line of Credit Facility [Line Items]
Uncommitted lines of credit		$ 327,000,000
Short term borrowings outstanding		$ 1,000,000	$ 2,400,000
Weighted average interest rate (as a percent)		2.24%	0.64%
Revolving credit facility
Line of Credit Facility [Line Items]
Commitment for increased borrowing	$ 400,000,000
Maximum borrowing capacity	$ 1,200,000,000		$ 800,000,000
Amount outstanding		$ 0	0
Commitment fees		$ 1,200,000	$ 900,000	$ 900,000

COMMITMENTS AND LEASES (Tables)

12 Months Ended

Dec. 30, 2023

Leases [Abstract]

Schedule of Supplemental Cost Information Related to Leases

Supplemental cost information related to leases is shown below.


(In millions)	2023		2022		2021
Operating lease costs	$	73.6	$	70.8	$	68.8

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is shown below.


(In millions)	Balance Sheet Location	2023		2022
Assets
Operating	Other assets	$	200.2	$	161.7
Finance(1)	Property, plant and equipment, net	29.6		27.5
Total leased assets		$	229.8	$	189.2
Liabilities
Current:
Operating	Other current liabilities	$	45.4	$	42.4
Finance	Short-term borrowings and current portion of long-term debt and finance leases	6.3		5.4
Non-current:
Operating	Long-term retirement benefits and other liabilities	152.3		113.6
Finance	Long-term debt and finance leases	7.0		8.2
Total lease liabilities		$	211.0	$	169.6


(1)			Finance lease assets are net of accumulated amortization of $14.6 million and $12.4 million as of December 30, 2023 and December 31, 2022, respectively.

Schedule of Supplemental cash flow information related to leases

Supplemental cash flow information related to leases is shown below.


(In millions)	2023		2022		2021
Cash paid for amounts included in measurement of operating lease liabilities	$	55.8	$	60.5	$	54.2
Operating lease assets obtained in exchange for operating lease liabilities	92.4		37.2		58.0

Schedule of weighted average remaining lease term and discount rate information

Weighted average remaining lease term and discount rate information related to leases as of December 30, 2023 and December 31, 2022 is shown below.


	2023		2022
Weighted average remaining lease term (in years):
Operating	7.1		5.9
Finance	3.1		2.7
Weighted average discount rate (percentage):
Operating	4.1	%	3.2	%
Finance	4.2		2.8

Schedule of Operating Lease Liabilities by Maturity Date

Operating and finance lease liabilities by maturity date from December 30, 2023 are shown below.


(In millions)	Operating Leases		Finance Leases
2024	$	50.3	$	6.9
2025	41.0		3.5
2026	32.4		1.9
2027	23.0		1.3
2028	15.1		.6
2029 and thereafter	69.5		.6
Total lease payments	231.3		14.8
Less: imputed interest	(33.6)		(1.5)
Present value of lease liabilities	$	197.7	$	13.3

Schedule of Finance Lease Liabilities by Maturity Date

Operating and finance lease liabilities by maturity date from December 30, 2023 are shown below.


(In millions)	Operating Leases		Finance Leases
2024	$	50.3	$	6.9
2025	41.0		3.5
2026	32.4		1.9
2027	23.0		1.3
2028	15.1		.6
2029 and thereafter	69.5		.6
Total lease payments	231.3		14.8
Less: imputed interest	(33.6)		(1.5)
Present value of lease liabilities	$	197.7	$	13.3

PENSION AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions	Dec. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation in excess of plan assets	$ 210	$ 165
Fair value of plan assets, benefit obligations in excess of plan assets	76	42
Accumulated benefit obligations	162	132
Fair value of plan assets	$ 43	$ 23
Non-U.S. \| Pooled funds - equity securities
Defined Benefit Plan Disclosure [Line Items]
Target assets allocation	26.00%
Non-U.S. \| Fixed income securities and cash
Defined Benefit Plan Disclosure [Line Items]
Target assets allocation	59.00%
Non-U.S. \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Target assets allocation	15.00%

LONG-TERM INCENTIVE COMPENSATION - Stock-Based Compensation Expense and the Related Recognized Tax Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 22.3	$ 47.4	$ 37.2
Tax benefit	$ 2.4	$ 6.7	$ 4.6

NET INCOME PER COMMON SHARE

12 Months Ended

Dec. 30, 2023

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

Net income per common share was computed as follows:


(In millions, except per share amounts)	2023		2022		2021
(A) Net income	$	503.0	$	757.1	$	740.1
(B) Weighted average number of common shares outstanding	80.7		81.6		82.9
Dilutive shares (additional common shares issuable under stock-based awards)	.4		.6		.9
(C) Weighted average number of common shares outstanding, assuming dilution	81.1		82.2		83.8
Net income per common share (A) ÷ (B)	$	6.23	$	9.28	$	8.93
Net income per common share, assuming dilution (A) ÷ (C)	$	6.20	$	9.21	$	8.83

Certain stock-based compensation awards were excluded from the computation of net income per common share, assuming dilution, because they would not have had a dilutive effect. Stock-based compensation awards excluded from the computation totaled 0.1 million shares for 2023 and were not significant in 2022 or 2021.

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 30, 2023

Retirement Benefits [Abstract]

Schedule Plan Assets at Fair Value

The following table sets forth, by level within the fair value hierarchy (as applicable), non-U.S. plan assets at fair value:


			Fair Value Measurements Using
(In millions)	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
2023
Cash	$	1.3	$	1.3	$	—	$	—
Insurance contracts	42.6		—		—		42.6
Pooled funds – real estate investment trusts	6.4		—		—		6.4
Pooled funds – fixed income securities(1)	389.8
Pooled funds – equity securities(1)	169.4
Pooled funds – other investments(1)	53.7
Total non-U.S. plan assets at fair value	$	663.2
2022
Cash	$	6.4	$	6.4	$	—	$	—
Insurance contracts	37.1		—		—		37.1
Pooled funds – real estate investment trusts	8.3		—		—		8.3
Pooled funds – fixed income securities(1)	335.7
Pooled funds – equity securities(1)	151.9
Pooled funds – other investments(1)	45.9
Total non-U.S. plan assets at fair value	$	585.3

Schedule of Reconciliation of Level 3 Assets

The following table presents a reconciliation of Level 3 non-U.S. plan asset activity during the year ended December 30, 2023:


	Level 3 Assets
(In millions)	Insurance Contracts		Pooled Funds – Real Estate Investment Trusts		Total
Balance at December 31, 2022	$	37.1	$	8.3	$	45.4
Net realized and unrealized gain (loss)	1.3		(2.3)		(1.0)
Purchases	3.5		—		3.5
Settlements	(2.8)		—		(2.8)

Acquisition	1.1		—		1.1
Impact of changes in foreign currency exchange rates	2.4		.4		2.8
Balance at December 30, 2023	$	42.6	$	6.4	$	49.0

Schedule of Reconciliation of Projected Benefit Obligations

The following table provides a reconciliation of benefit obligations, plan assets, funded status of the plans and accumulated other comprehensive loss for our defined benefit plans:

Plan Benefit Obligations


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in projected benefit obligations
Projected benefit obligations at beginning of year	$	51.8	$	586.9	$	66.8	$	882.4
Service cost	—		10.5		—		16.5
Interest cost	2.4		24.7		1.2		10.8
Participant contributions	—		4.5		—		4.6
Amendments	—		(.1)		—		—
Actuarial (gain) loss	1.4		51.3		(9.1)		(244.9)
Acquisition	—		1.2		—		—
Benefits paid	(6.3)		(25.3)		(7.1)		(21.3)
Settlements	—		(.6)		—		(1.0)
Foreign currency translation	—		26.8		—		(60.2)
Projected benefit obligations at end of year	$	49.3	$	679.9	$	51.8	$	586.9
Accumulated benefit obligations at end of year	$	49.3	$	628.7	$	51.8	$	540.2

Schedule of Reconciliation of Plan Assets


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Change in plan assets
Plan assets at beginning of year	$	—	$	585.3	$	—	$	874.6
Actual return on plan assets	—		54.6		—		(226.5)
Acquisition	—		1.1		—		—
Employer contributions	6.3		17.2		7.1		15.2
Participant contributions	—		4.5		—		4.6
Benefits paid	(6.3)		(25.3)		(7.1)		(21.3)
Settlements	—		(.6)		—		(1.0)
Foreign currency translation	—		26.4		—		(60.3)
Plan assets at end of year	$	—	$	663.2	$	—	$	585.3

Schedule of Funded Status of Plans


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Funded status of the plans
Other assets	$	—	$	67.8	$	—	$	70.0
Other accrued liabilities	(6.1)		(.2)		(6.2)		(.4)
Long-term retirement benefits and other liabilities(1)	(43.2)		(84.3)		(45.6)		(71.2)
Plan assets less than benefit obligations	$	(49.3)	$	(16.7)	$	(51.8)	$	(1.6)

(1)In accordance with our funding strategy, we have the option to fund certain of our U.S. liabilities with proceeds from our company-owned life insurance policies.

Schedule of Weighted-Average Assumptions Used to Determine Year-End Benefit Obligations


	Pension Benefits
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Weighted average assumptions used to determine year-end benefit obligations
Discount rate	4.86	%	3.78	%	5.06	%	4.36	%
Compensation rate increase	—		2.73		—		2.75

Schedule of Pre-Tax Amounts, Recognized In "Accumulated Other Comprehensive Loss"

The following table shows the pre-tax amounts recognized in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets:


	Pension Benefits
	2023				2022
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Net actuarial loss	$	9.6	$	73.2	$	9.1	$	38.2
Prior service (credit) cost	—		(3.4)		—		(3.5)
Net amount recognized in accumulated other comprehensive loss	$	9.6	$	69.8	$	9.1	$	34.7

Schedule of Pre-Tax Amounts, Recognized In "Other comprehensive loss (income)"

The following table shows the pre-tax amounts recognized in “Other comprehensive loss (income)”:


	Pension Benefits
	2023				2022				2021
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Net actuarial (gain) loss	$	.9	$	32.6	$	(5.6)	$	(.8)	$	(.7)	$	(34.8)
Prior service credit	—		(.1)		—		—		—		(.9)
Amortization of unrecognized:
Net actuarial gain	(.4)		2.1		(.8)		(2.5)		(.8)		(6.1)
Prior service credit (cost)	—		.4		—		.4		—		.4
Settlements	—		.1		(.1)		.1		(1.1)		(.5)
Net amount recognized in other comprehensive loss (income)	$	.5	$	35.1	$	(6.5)	$	(2.8)	$	(2.6)	$	(41.9)

Schedule of Components of Net Periodic Benefit Cost (credit)

The following table shows the components of net periodic benefit cost, which are recorded in net income for our defined benefit plans:


	Pension Benefits
	2023				2022				2021
(In millions)	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	10.5	$	—	$	16.5	$	—	$	19.0
Interest cost	2.4		24.7		1.2		10.8		1.0		8.9
Actuarial (gain) loss	.5		—		(3.5)		—		(1.1)		—
Expected return on plan assets	—		(33.2)		—		(21.9)		—		(19.8)
Amortization of actuarial loss	.4		(2.1)		.8		2.5		.8		6.1
Amortization of prior service (credit) cost	—		(.4)		—		(.4)		—		(.4)
Recognized loss (gain) on settlements	—		(.1)		.1		(.1)		1.1		.5
Net periodic benefit cost (credit)	$	3.3	$	(.6)	$	(1.4)	$	7.4	$	1.8	$	14.3

Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Cost

The following table shows the weighted average assumptions used to determine net periodic cost:


	Pension Benefits
	2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.06	%	4.36	%	2.19	%	1.57	%	2.20	%	1.26	%
Expected return on assets	—		4.71		—		3.00		—		2.61
Compensation rate increase	—		2.75		—		2.33		—		2.15

Schedule of Defined Benefit Plan Contributions

The following table sets forth our expected contributions in 2024:


(In millions)
U.S. pension plans	$	6.3
Non-U.S. pension plans	13.8

Schedule of Anticipated Future Benefit Payments

The future benefit payments shown below reflect the expected service periods for eligible participants.


	Pension Benefits
(In millions)	U.S.		Non-U.S.
2024	$	6.3	$	25.7
2025	6.1		24.8
2026	5.9		28.7
2027	5.4		29.0
2028	4.9		27.7
2029-2033	18.4		157.4