0000008818-24-000015 | 10-Q | XBRL Viewer

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Debt	6 Months Ended
Debt	Jun. 29, 2024
Debt Disclosure [Abstract]
Debt	Debt In June 2024, we entered into a Credit Agreement (the "Credit Agreement") related to our revolving credit facility (the “Revolver”) to borrow up to an aggregate of $1.20 billion through its maturity date of June 26, 2029. The Revolver refinanced our Fifth Amended and Restated Credit Agreement dated as of February 13, 2020, as amended. Pursuant to the Credit Agreement, the commitments under the Revolver may be increased by up to $600 million, subject to lender approvals and customary requirements. Under certain circumstances, we may request that the commitments under the Revolver be extended for one-year periods in accordance with the terms and conditions of the Credit Agreement. We use the Revolver as a back-up facility for our commercial paper program and for other corporate purposes. The Revolver contains a financial covenant requiring that we maintain a specified ratio of total debt minus unrestricted cash and cash equivalents to a certain measure of income. As of both June 29, 2024 and December 30, 2023, we were in compliance with the applicable financial covenants. No balance was outstanding under the Revolver as of June 29, 2024 or our prior revolving credit facility as of December 30, 2023. In the six months ended June 29, 2024, we reclassified $25 million of our medium-term notes due in the second quarter of 2025 and our €500 million senior notes due in the first quarter of 2025 from "Long-term debt and finance leases" to "Short-term borrowings and current portion of long-term debt and finance leases" in the unaudited Condensed Consolidated Balance Sheets. The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities or euro government bond securities, as applicable, on notes with similar rates, credit ratings and remaining maturities. The fair value of short-term borrowings, which include commercial paper issuances and short-term lines of credit, approximates their carrying value given the short duration of these obligations. The fair value of our total debt was $3.05 billion at June 29, 2024 and $3.11 billion at December 30, 2023. Fair value was determined based primarily on Level 2 inputs, which are inputs other than quoted prices in active markets that are either directly or indirectly observable.

Supplemental Financial Information

6 Months Ended

Jun. 29, 2024

Supplemental Financial Information

Supplemental Financial Information

Inventories

The table below summarizes amounts in inventories.


(In millions)	June 29, 2024		December 30, 2023
Raw materials	$	397.8	$	415.4
Work-in-progress	243.1		238.2
Finished goods	339.0		267.1
Inventories	$	979.9	$	920.7

Property, Plant and Equipment, Net

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


(In millions)	June 29, 2024		December 30, 2023
Property, plant and equipment	$	3,936.4	$	3,970.4
Accumulated depreciation	(2,346.4)		(2,344.6)
Property, plant and equipment, net	$	1,590.0	$	1,625.8

Allowance for Credit Losses

The activity related to our allowance for credit losses is shown below.


	Six Months Ended
(In millions)	June 29, 2024		July 1, 2023
Beginning balance	$	34.4	$	34.4
Provision for credit losses	5.8		—
Amounts written off	(2.7)		(3.0)
Other, including foreign currency translation	(.8)		.9
Ending balance	$	36.7	$	32.3

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 in our unaudited Condensed Consolidated Balance Sheets and activities related to these programs are presented as operating activities in our unaudited Condensed Consolidated Statements of Cash Flows. As of June 29, 2024 and December 30, 2023, the amounts due to financial institutions for suppliers that participate in these programs were $404.3 million and $397.4 million, respectively.

Argentine Blue Chip Swap

During 2019, the Argentine government instituted exchange controls restricting the ability of entities and individuals to exchange Argentine pesos for foreign currencies or remit foreign currency out of Argentina. Due to these currency exchange restrictions, markets in Argentina use a legal trading mechanism known as the Blue Chip Swap that allows entities to transfer U.S. dollars in and out of Argentina. During the three and six months ended June 29, 2024, we entered into Blue Chip Swap transactions that resulted in losses of approximately $4 million and $10 million, respectively, that we recorded in "Other expense (income), net" in the unaudited Condensed Consolidated Statements of Income. Purchases and the proceeds from sales of Argentine Blue Chip Swap securities were included in investing activities in our unaudited Condensed Consolidated Statements of Cash Flows.

Supplemental Equity and Comprehensive Income Information - Schedule of Consolidated Statements of Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Changes In Stockholders' Equity [Line Items]
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1	$ 1	$ 1
Common stock issued, $1 par value per share	$ 124.1	$ 124.1	$ 124.1	$ 124.1	$ 124.1
Increase (Decrease) in Stockholders' Equity
Beginning balance			2,127.9
Net income	176.8	100.4	349.2	221.6
Other comprehensive income (loss), net of tax	(15.7)	$ (32.2)	(29.6)	$ (29.2)
Ending balance	$ 2,287.1		$ 2,287.1
Dividends per common share	$ 0.88	$ 0.81	$ 1.69	$ 1.56
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 834.0	$ 850.8	$ 854.5	$ 879.3
Issuance of shares under stock-based compensation plans	(0.9)	0.5	(21.4)	(28.0)
Ending balance	833.1	851.3	833.1	851.3
Retained earnings
Increase (Decrease) in Stockholders' Equity
Beginning balance	4,809.1	4,486.4	4,691.8	4,414.6
Issuance of shares under stock-based compensation plans	0.9	0.8	4.1	5.6
Net income	176.8	100.4	349.2	221.6
Contribution of shares to 401(k) plan	6.3	4.7	13.3	11.3
Dividends	(70.9)	(65.4)	(136.2)	(126.2)
Ending balance	4,922.2	4,526.9	4,922.2	4,526.9
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity
Beginning balance	(3,141.2)	(3,057.4)	(3,134.4)	(3,021.8)
Issuance of shares under stock-based compensation plans	9.8	0.4	16.3	13.0
Repurchase of shares for treasury	(25.1)	(38.8)	(40.7)	(89.5)
Contribution of shares to 401(k) plan	1.9	1.9	4.2	4.4
Ending balance	(3,154.6)	(3,093.9)	(3,154.6)	(3,093.9)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Beginning balance	(422.0)	(361.0)	(408.1)	(364.0)
Other comprehensive income (loss), net of tax	(15.7)	(32.2)	(29.6)	(29.2)
Ending balance	$ (437.7)	$ (393.2)	$ (437.7)	$ (393.2)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 208.8	$ 215.0
Trade accounts receivable, less allowances of $36.7 and $34.4 at June 29, 2024 and December 30, 2023, respectively	1,528.6	1,414.9
Inventories	979.9	920.7
Other current assets	250.5	245.4
Total current assets	2,967.8	2,796.0
Property, plant and equipment, net	1,590.0	1,625.8
Goodwill	1,989.8	2,013.6
Other intangibles resulting from business acquisitions, net	800.9	849.1
Deferred tax assets	113.0	115.7
Other assets	836.7	809.6
Total assets	8,298.2	8,209.8
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	1,172.3	622.2
Accounts payable	1,313.4	1,277.1
Accrued payroll and employee benefits	235.4	213.4
Other current liabilities	579.1	586.8
Total current liabilities	3,300.2	2,699.5
Long-term debt and finance leases	2,046.5	2,622.1
Long-term retirement benefits and other liabilities	415.9	500.3
Deferred tax liabilities and income taxes payable	248.5	260.0
Commitments and contingencies (see Note 10)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at June 29, 2024 and December 30, 2023; issued – 124,126,624 shares at June 29, 2024 and December 30, 2023; outstanding – 80,570,966 shares and 80,495,585 shares at June 29, 2024 and December 30, 2023, respectively	124.1	124.1
Capital in excess of par value	833.1	854.5
Retained earnings	4,922.2	4,691.8
Treasury stock at cost, 43,555,658 shares and 43,631,039 shares at June 29, 2024 and December 30, 2023, respectively	(3,154.6)	(3,134.4)
Accumulated other comprehensive loss	(437.7)	(408.1)
Total shareholders’ equity	2,287.1	2,127.9
Total liabilities and shareholders' equity	$ 8,298.2	$ 8,209.8

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
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

Cost Reduction Actions

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Cost Reduction Actions

2023 Actions

We recorded $13.2 million in restructuring charges, net of reversals, during the six months ended June 29, 2024. These charges consisted of severance and related costs for the reduction of approximately 380 positions, as well as asset impairment and lease cancellation charges, at various locations across our company.

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, which we recorded in 2023, consisted of severance and related costs for the reduction of approximately 210 positions, as well as asset impairment charges. We do not anticipate additional charges related to the 2023 Plan and expect it to be substantially completed by mid-2025.

During the six months ended June 29, 2024, restructuring charges and payments were as follows:


(In millions)	Accrual at December 30, 2023		Charges, Net of Reversals		Cash Payments		Non-cash Impairment		Foreign Currency Translation		Accrual at June 29, 2024
2023 Actions
Severance and related costs	$	27.7	$	11.2	$	(23.2)	$	—	$	(.6)	$	15.1
Asset impairment charges	—		1.6		—		(1.6)		—		—
Lease cancellation charges	—		.4		(.4)		—		—		—





Total	$	27.7	$	13.2	$	(23.6)	$	(1.6)	$	(.6)	$	15.1

Accruals for severance and related costs, as well as lease cancellation charges, were included in “Other current liabilities” and "Long-term retirement benefits and other liabilities" in the unaudited Condensed Consolidated Balance Sheets. Asset impairment charges were based on the estimated market value of the assets, less selling costs, if applicable. Restructuring charges were included in “Other expense (income), net” in the unaudited Condensed Consolidated Statements of Income.

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


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Restructuring charges, net of reversals, by reportable segment and Corporate
Materials Group	$	1.6	$	5.6	$	4.1	$	19.9
Solutions Group	5.4		4.4		8.8		7.8
Corporate	.2		—		.3		(.1)
Total	$	7.2	$	10.0	$	13.2	$	27.6

Cost Reduction Actions (Tables)

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges and Payments

During the six months ended June 29, 2024, restructuring charges and payments were as follows:


(In millions)	Accrual at December 30, 2023		Charges, Net of Reversals		Cash Payments		Non-cash Impairment		Foreign Currency Translation		Accrual at June 29, 2024
2023 Actions
Severance and related costs	$	27.7	$	11.2	$	(23.2)	$	—	$	(.6)	$	15.1
Asset impairment charges	—		1.6		—		(1.6)		—		—
Lease cancellation charges	—		.4		(.4)		—		—		—





Total	$	27.7	$	13.2	$	(23.6)	$	(1.6)	$	(.6)	$	15.1

Schedule of Restructuring and Related Costs

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


	Three Months Ended				Six Months Ended
(In millions)	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Restructuring charges, net of reversals, by reportable segment and Corporate
Materials Group	$	1.6	$	5.6	$	4.1	$	19.9
Solutions Group	5.4		4.4		8.8		7.8
Corporate	.2		—		.3		(.1)
Total	$	7.2	$	10.0	$	13.2	$	27.6

General	6 Months Ended
General	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The unaudited Condensed Consolidated Financial Statements and related notes in this Quarterly Report on Form 10-Q are presented as permitted by Article 10 of Regulation S-X and do not contain certain information included in the audited Consolidated Financial Statements and related notes in our 2023 Annual Report on Form 10-K, which should be read in conjunction with this Quarterly Report on Form 10-Q. These unaudited Condensed Consolidated Financial Statements contain all adjustments of a normal and recurring nature necessary for a fair statement of our interim results. Interim results of operations are not necessarily indicative of future results. These unaudited Condensed Consolidated Financial Statements reflect our current estimates and assumptions affecting (i) our reported amounts of assets and liabilities and related disclosures as of the date of the financial statements and (ii) our reported amounts of sales and expenses during the reporting periods presented. Fiscal Periods The three and six months ended June 29, 2024 and July 1, 2023 each consisted of thirteen-week and twenty-six week periods, respectively.

Taxes Based on Income

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Taxes Based on Income

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


	Three Months Ended						Six Months Ended
(Dollars in millions)	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Income before taxes	$	238.4		$	140.2		$	472.8		$	308.5
Provision for income taxes	61.6			39.8			123.6			86.9
Effective tax rate	25.8		%	28.4		%	26.1		%	28.2		%

Our provision for income taxes for the three and six months ended June 29, 2024 included a net tax charge related to the tax on global intangible low-taxed income (“GILTI”) of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from foreign-derived intangible income (“FDII”). Our provision for income taxes for these periods was favorably affected by (i) higher tax incentives in certain foreign jurisdictions and the tax impacts resulting from Blue Chip Swap transactions in Argentina and (ii) discrete tax benefits from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years.

Our provision for income taxes for the three and six months ended July 1, 2023 included a 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. Our provision for income taxes for these periods (i) was adversely affected by higher non-deductible expenses primarily resulting from foreign currency and interest rate fluctuations, as well as lower tax incentives in certain foreign jurisdictions, and (ii) included discrete tax benefits from decreases in certain tax reserves as a result of favorable court rulings in a foreign jurisdiction.

The amount of income taxes we pay is subject to ongoing audits by taxing jurisdictions around the world. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts and circumstances existing at the time. We believe that we have adequately provided for reasonably foreseeable outcomes related to these matters. However, our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate. The final determination of tax audits and any related legal proceedings could materially differ from the amounts currently reflected in our tax provision for income taxes and the related liabilities. We and our U.S. subsidiaries have completed the Internal Revenue Service 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.

It is reasonably possible that, during the next 12 months, we may realize a net decrease in our uncertain tax positions, including interest and penalties, of approximately $6 million, primarily as a result of closing tax years.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 29, 2024	Jul. 27, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	1-7685
Entity Registrant Name	AVERY DENNISON CORPORATION
Entity Incorporation, State or Country Code	DE
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	OH
Entity Address, Postal Zip Code	44060
City Area Code	440
Local Phone Number	534-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,519,053
Entity Central Index Key	0000008818
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

Commitments and Contingencies - Activity (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Environmental Liabilities Associated with Remediation [Roll Forward]
Balance at December 30, 2023	$ 24.5
Charges, net of reversals	1.1
Payments	(5.1)
Balance at June 29, 2024	$ 20.5
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Long-term retirement benefits and other liabilities

Supplemental Financial Information - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 34.4	$ 34.4
Provision for credit losses	5.8	0.0
Amounts written off	(2.7)	(3.0)
Other, including foreign currency translation	(0.8)	0.9
Ending balance	$ 36.7	$ 32.3

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net income	$ 176.8	$ 100.4	$ 349.2	$ 221.6

Goodwill and Other Intangibles Resulting from Business Acquisitions - Schedule of Changes in Net Carrying Amount of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	$ 2,013.6
Acquisition adjustments	(2.9)
Translation adjustments	(20.9)
Goodwill, Ending balance	1,989.8
Materials Group
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	630.7
Acquisition adjustments	0.0
Translation adjustments	(14.1)
Goodwill, Ending balance	616.6
Solutions Group
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	1,382.9
Acquisition adjustments	(2.9)
Translation adjustments	(6.8)
Goodwill, Ending balance	$ 1,373.2

Financial Instruments (Details) - Cross-Currency Swap - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023	Mar. 31, 2020
Financial Instruments
Notional amount			$ 250.0
Foreign currency contract, asset, fair value disclosure	$ 9.8	$ 2.3

Taxes Based on Income - Narrative (Details) $ in Millions	Jun. 29, 2024 USD ($)
Income Tax Disclosure [Abstract]
Reasonably possible decrease in uncertain tax positions, including interest and penalties, during the next 12 months	$ 6

Goodwill and Other Intangibles Resulting from Business Acquisitions - Expected Amortization (Details) $ in Millions	Jun. 29, 2024 USD ($)
Estimated Amortization Expense
2024 (remainder of year)	$ 44.5
2025	88.4
2026	85.5
2027	85.2
2028	77.3
2029 and thereafter	$ 265.2

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Fair value, assets and liabilities measured on a recurring basis
Equity securities without readily determinable fair value, amount	$ 44,000,000		$ 44,000,000		$ 71,000,000
Equity securities without readily determinable fair value, downward price adjustment, amount	15,000,000	$ 0	17,200,000	$ 0
Equity securities without readily determinable fair value, upward price adjustment, amount		$ 0		$ 0
Recurring
Fair value, assets and liabilities measured on a recurring basis
Investments	48,800,000		48,800,000		37,800,000
Recurring \| Quoted Prices in Active Markets (Level 1)
Fair value, assets and liabilities measured on a recurring basis
Investments	29,200,000		29,200,000		19,600,000
Recurring \| Cash and cash equivalents
Fair value, assets and liabilities measured on a recurring basis
Investments	2,200,000		2,200,000		2,700,000
Recurring \| Other current assets
Fair value, assets and liabilities measured on a recurring basis
Investments	36,200,000		36,200,000		$ 35,100,000
Recurring \| Other Assets
Fair value, assets and liabilities measured on a recurring basis
Investments	10,400,000		10,400,000
Recurring \| Other Assets \| Quoted Prices in Active Markets (Level 1)
Fair value, assets and liabilities measured on a recurring basis
Investments	$ 10,400,000		$ 10,400,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances	$ 36.7	$ 34.4
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	124,126,624	124,126,624
Common stock, outstanding (in shares)	80,570,966	80,495,585
Treasury stock (in shares)	43,555,658	43,631,039

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating Activities
Net income	$ 349.2	$ 221.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	98.7	91.5
Amortization	57.2	54.8
Provision for credit losses and sales returns	28.2	18.9
Stock-based compensation	17.4	12.2
Deferred taxes and other non-cash taxes	(3.8)	(17.5)
Other non-cash expense and loss (income and gain), net	46.6	17.0
Changes in assets and liabilities and other adjustments	(276.0)	(207.0)
Net cash provided by operating activities	317.5	191.5
Investing Activities
Purchases of property, plant and equipment	(96.3)	(115.9)
Purchases of software and other deferred charges	(12.9)	(11.0)
Purchases of Argentine Blue Chip Swap securities	(34.2)	0.0
Proceeds from sales of Argentine Blue Chip Swap securities	24.0	0.0
Proceeds from sales of property, plant and equipment	0.3	0.3
Proceeds from insurance and sales (purchases) of investments, net	2.2	(1.2)
Payments for acquisitions, net of cash acquired, and venture investments	(1.9)	(194.1)
Net cash used in investing activities	(118.8)	(321.9)
Financing Activities
Net increase (decrease) in borrowings with maturities of three months or less	(2.2)	281.8
Additional long-term borrowings	0.0	394.9
Repayments of long-term debt and finance leases	(3.5)	(252.6)
Dividends paid	(136.2)	(126.2)
Share repurchases	(40.7)	(89.5)
Net (tax withholding) proceeds related to stock-based compensation	(18.4)	(23.7)
Other	(1.1)	(1.6)
Net cash (used in) provided by financing activities	(202.1)	183.1
Effect of foreign currency translation on cash balances	(2.8)	(2.8)
Increase (decrease) in cash and cash equivalents	(6.2)	49.9
Cash and cash equivalents, beginning of year	215.0	167.2
Cash and cash equivalents, end of period	$ 208.8	$ 217.1

Financial Instruments	6 Months Ended
Financial Instruments	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments We enter into foreign exchange hedge contracts to reduce the risk from foreign exchange rate fluctuations associated with our receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. We also enter into futures contracts to hedge certain price fluctuations for a portion of our anticipated domestic purchases of natural gas. The impact of these foreign exchange and commodities hedge activities on the unaudited Condensed Consolidated Financial Statements was not material. In March 2020, we entered into U.S. dollar to euro cross-currency swap contracts with a total notional amount of $250 million to have the effect of converting the fixed-rate U.S. dollar-denominated debt to euro-denominated debt, including semiannual interest payments and the payment of principal at maturity. During the term of the contracts, which end 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 $9.8 million and $2.3 million as of June 29, 2024 and December 30, 2023, respectively, which was included in "Other Assets" in the unaudited Condensed Consolidated Balance Sheets. Refer to Note 9, “Fair Value Measurements,” to the unaudited Condensed Consolidated Financial Statements for more information. We recorded no ineffectiveness from our cross-currency swap contracts to earnings during the six months ended June 29, 2024 or July 1, 2023.

Debt (Details) € in Millions	6 Months Ended
Debt (Details) € in Millions	Jun. 29, 2024 USD ($)	Jun. 29, 2024 EUR (€)	Dec. 30, 2023 USD ($)
Debt Instrument [Line Items]
Fair value of debt	$ 3,050,000,000.00		$ 3,110,000,000
Revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,200,000,000
Line of credit facility, increase limit	600,000,000
Amount outstanding	0		$ 0
Medium-Term Note
Debt Instrument [Line Items]
Reclassification from long-term debt to current debt	$ 25,000,000
1.25% Senior Notes due 2025
Debt Instrument [Line Items]
Reclassification from long-term debt to current debt \| €		€ 500

Supplemental Financial Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Supplemental Financial Information
Property, plant and equipment	$ 3,936.4	$ 3,970.4
Accumulated depreciation	(2,346.4)	(2,344.6)
Property, plant and equipment, net	$ 1,590.0	$ 1,625.8

Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value, Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Assets
Investments	$ 48.8	$ 37.8
Derivative assets	5.8	6.3
Bank drafts	6.1	5.3
Cross-currency swap	9.8	2.3
Liabilities
Derivative liabilities	7.8	7.6
Contingent consideration liabilities	9.9	10.0
Quoted Prices in Active Markets (Level 1)
Assets
Investments	29.2	19.6
Derivative assets	0.0	0.0
Bank drafts	6.1	5.3
Cross-currency swap	0.0	0.0
Liabilities
Derivative liabilities	0.7	1.6
Contingent consideration liabilities	0.0	0.0
Significant Other Observable Inputs (Level 2)
Assets
Investments	19.6	18.2
Derivative assets	5.8	6.3
Bank drafts	0.0	0.0
Cross-currency swap	9.8	2.3
Liabilities
Derivative liabilities	7.1	6.0
Contingent consideration liabilities	0.0	0.0
Significant Other Unobservable Inputs (Level 3)
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	$ 9.9	$ 10.0

Cost Reduction Actions - Narrative (Details) $ in Millions	6 Months Ended	12 Months Ended
Cost Reduction Actions - Narrative (Details) $ in Millions	Jun. 29, 2024 USD ($) position	Dec. 30, 2023 position
Other 2023 Actions
Restructuring Cost and Reserve [Line Items]
Restructuring charges \| $	$ 13.2
Net number of positions reduced as a result of cost reduction actions	380
Restructuring 2023 Actions
Restructuring Cost and Reserve [Line Items]
Net number of positions reduced as a result of cost reduction actions		210

Commitments and Contingencies - Narrative (Details) $ in Millions	Apr. 25, 2024 USD ($)	Jan. 25, 2024 USD ($)	Jan. 24, 2024 USD ($)	Jun. 29, 2024 USD ($) site	Dec. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Jul. 03, 2021 USD ($)
Loss Contingencies [Line Items]
Environmental site contingency number of sites \| site				10
Short term environmental liabilities				$ 11.0	$ 11.0
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
Patent infringement, sanction		$ 5.2	$ 20.0
Contingency loss based on royalty (usd per unit)		0.0025
Litigation settlement	$ 75.0

Supplemental Financial Information - Schedule of Net Inventories (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Inventories
Raw materials	$ 397.8	$ 415.4
Work-in-progress	243.1	238.2
Finished goods	339.0	267.1
Inventories	$ 979.9	$ 920.7