0000008818-24-000017 | 10-Q | XBRL Viewer

Fair Value Measurements

9 Months Ended

Sep. 28, 2024

Recurring Fair Value Measurements

Assets and liabilities carried at fair value, measured on a recurring basis, as of September 28, 2024 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	$	48.0	$	27.1	$	20.9	$	—
Derivative assets	8.0		—		8.0		—
Bank drafts	5.6		5.6		—		—
Cross-currency swap	4.6		—		4.6		—
Liabilities
Derivative liabilities	$	10.4	$	.6	$	9.8	$	—
Contingent consideration liabilities	10.0		—		—		10.0

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

Investments include fixed income securities (primarily U.S. government and corporate debt and equity securities) measured at fair value using quoted prices/bids and a money market fund measured at fair value using net asset value. As of September 28, 2024, investments of $2.2 million, $37.9 million and $7.9 million were included in “Cash and cash equivalents,” “Other current assets” and "Other assets," respectively, in the unaudited Condensed Consolidated Balance Sheets. 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 unaudited Condensed Consolidated Balance Sheets. Derivatives that are exchange-traded are measured at fair value using quoted market prices and classified within Level 1 of the valuation hierarchy. Derivatives measured based on foreign currency 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), which are valued at face value due to their short-term nature, were included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets.

Contingent consideration liabilities as of September 28, 2024 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 was immaterial for the nine months ended September 28, 2024 and September 30, 2023.

In addition to the investments described above, we hold venture investments that had a total carrying value of approximately $45 million and $71 million as of September 28, 2024 and December 30, 2023, respectively, which was included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets. Starting in the second quarter of 2024, we began revaluing certain venture investments based on Level 1 inputs; the fair value of these investments was $7.9 million as of September 28, 2024.

We recognized net losses on venture investments of $2.5 million and $19.7 million in the three and nine months ended September 28, 2024, respectively. We recognized no net gains or losses on venture investments in the three and nine months ended September 30, 2023. These net gains or losses were recorded in "Other expense (income), net” in the unaudited Condensed 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.

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+ Details

Taxes Based on Income (Tables)

9 Months Ended

Sep. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Taxes, Provision for Income Taxes, and Effective Tax Rate

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


	Three Months Ended						Nine Months Ended
(Dollars in millions)	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Income before taxes	$	239.3		$	184.6		$	712.1		$	493.1
Provision for income taxes	57.6			46.3			181.2			133.2
Effective tax rate	24.1		%	25.1		%	25.4		%	27.0		%

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Dec. 30, 2023
Supplemental Financial Information
Supplier finance program, obligation, current	$ 404.8	$ 397.4
Loss on Blue Chip Swap transactions	$ 10.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 530.9	$ 359.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	147.5	138.5
Amortization	86.5	82.9
Provision for credit losses and sales returns	38.2	32.4
Stock-based compensation	24.2	17.4
Deferred taxes and other non-cash taxes	(3.0)	(29.4)
Other non-cash expense and loss (income and gain), net	59.7	25.2
Changes in assets and liabilities and other adjustments	(296.4)	(112.8)
Net cash provided by operating activities	587.6	514.1
Investing Activities
Purchases of property, plant and equipment	(139.3)	(173.0)
Purchases of software and other deferred charges	(22.1)	(15.3)
Proceeds from company-owned life insurance policies	0.0	48.1
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	0.4	0.7
Proceeds from insurance and sales (purchases) of investments, net	3.6	(1.0)
Payments for acquisitions, net of cash acquired, and venture investments	(1.9)	(203.7)
Net cash used in investing activities	(169.5)	(344.2)
Financing Activities
Net increase (decrease) in borrowings with maturities of three months or less	208.2	70.6
Additional long-term borrowings	0.0	394.9
Repayments of long-term debt and finance leases	(305.2)	(254.2)
Dividends paid	(207.1)	(191.5)
Share repurchases	(107.5)	(117.1)
Net (tax withholding) proceeds related to stock-based compensation	(8.2)	(23.8)
Other	0.0	(1.6)
Net cash used in financing activities	(419.8)	(122.7)
Effect of foreign currency translation on cash balances	(0.6)	(4.5)
Increase (decrease) in cash and cash equivalents	(2.3)	42.7
Cash and cash equivalents, beginning of year	215.0	167.2
Cash and cash equivalents, end of period	$ 212.7	$ 209.9

General (Policies)	9 Months Ended
General (Policies)	Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain prior-period amounts in our Condensed Consolidated Financial Statements have been reclassified to conform to the current-year presentation

Debt (Details) € in Millions	1 Months Ended		9 Months Ended
Debt (Details) € in Millions	Aug. 31, 2024 USD ($)	Jun. 29, 2024	Sep. 28, 2024 USD ($)	Sep. 28, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 30, 2023 USD ($)
Debt Instrument [Line Items]
Fair value of debt			$ 3,090,000,000.00			$ 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
Commitments under the revolver, extended period		1 year
Amount outstanding			0			$ 0
Medium-Term Note \| Medium-Term Note Due In Third Quarter Of 2025
Debt Instrument [Line Items]
Reclassification from long-term debt to current debt			5,000,000
Medium-Term Note \| Medium-Term Note Due In Second Quarter Of 2025
Debt Instrument [Line Items]
Reclassification from long-term debt to current debt			$ 25,000,000
Senior Notes
Debt Instrument [Line Items]
Repayments of senior notes	$ 300,000,000
Senior Notes \| 1.25% Senior Notes due 2025
Debt Instrument [Line Items]
Reclassification from long-term debt to current debt \| €				€ 500

Supplemental Financial Information

9 Months Ended

Sep. 28, 2024

Supplemental Financial Information

Supplemental Financial Information

Inventories

The table below summarizes amounts in inventories.


(In millions)	September 28, 2024		December 30, 2023
Raw materials	$	411.7	$	415.4
Work-in-progress	244.9		238.2
Finished goods	356.9		267.1
Inventories	$	1,013.5	$	920.7

Property, Plant and Equipment, Net

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


(In millions)	September 28, 2024		December 30, 2023
Property, plant and equipment	$	4,054.2	$	3,970.4
Accumulated depreciation	(2,441.9)		(2,344.6)
Property, plant and equipment, net	$	1,612.3	$	1,625.8

Allowance for Credit Losses

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


	Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023
Beginning balance	$	34.4	$	34.4
Provision for credit losses	6.7		1.3
Amounts written off	(4.1)		(4.8)
Other, including foreign currency translation	.1		.8
Ending balance	$	37.1	$	31.7

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 September 28, 2024 and December 30, 2023, the amounts due to financial institutions for suppliers that participate in these programs were $404.8 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 nine months ended September 28, 2024, we entered into Blue Chip Swap transactions that resulted in losses of approximately $10 million 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.

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net Income Per Common Share
Net income	$ 181.7	$ 138.3	$ 530.9	$ 359.9
Weighted average number of common shares outstanding (in shares)	80.5	80.6	80.5	80.7
Dilutive shares (additional common shares issuable under stock-based awards) (in shares)	0.3	0.4	0.4	0.5
Weighted average number of common shares outstanding, assuming dilution (in shares)	80.8	81.0	80.9	81.2
Net income per common share (in dollars per share)	$ 2.26	$ 1.72	$ 6.60	$ 4.46
Net income per common share, assuming dilution (in dollars per share)	$ 2.25	$ 1.71	$ 6.56	$ 4.43
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.0	0.1	0.1

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- 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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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Supplemental Equity and Comprehensive Income Information

9 Months Ended

Sep. 28, 2024

Stockholders' Equity Note [Abstract]

Supplemental Equity and Comprehensive Income Information

Consolidated Changes in Shareholders’ Equity


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Common stock issued, $1 par value per share	$	124.1	$	124.1	$	124.1	$	124.1
Capital in excess of par value
Beginning balance	$	833.1	$	851.3	$	854.5	$	879.3
Issuance of shares under stock-based compensation plans(1)	6.7		1.2		(14.7)		(26.8)
Ending balance	$	839.8	$	852.5	$	839.8	$	852.5
Retained earnings
Beginning balance	$	4,922.2	$	4,526.9	$	4,691.8	$	4,414.6
Net income	181.7		138.3		530.9		359.9
Issuance of shares under stock-based compensation plans(1)	3.2		3.0		7.3		8.6
Contribution of shares to 401(k) plan(1)	6.5		5.3		19.8		16.6
Dividends	(70.9)		(65.3)		(207.1)		(191.5)
Ending balance	$	5,042.7	$	4,608.2	$	5,042.7	$	4,608.2
Treasury stock at cost
Beginning balance	$	(3,154.6)	$	(3,093.9)	$	(3,134.4)	$	(3,021.8)
Repurchase of shares for treasury	(66.8)		(27.6)		(107.5)		(117.1)
Issuance of shares under stock-based compensation plans(1)	7.1		.9		23.4		13.9
Contribution of shares to 401(k) plan(1)	2.0		2.0		6.2		6.4
Ending balance	$	(3,212.3)	$	(3,118.6)	$	(3,212.3)	$	(3,118.6)
Accumulated other comprehensive loss
Beginning balance	$	(437.7)	$	(393.2)	$	(408.1)	$	(364.0)
Other comprehensive income (loss), net of tax	37.3		(9.4)		7.7		(38.6)
Ending balance	$	(400.4)	$	(402.6)	$	(400.4)	$	(402.6)

(1)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.

Dividends per common share were as follows:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Dividends per common share	$	.88	$	.81	$	2.57	$	2.37

Changes in Accumulated Other Comprehensive Loss

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 28, 2024 were as follows:


(In millions)	Foreign Currency Translation(1)		Pension and Other Postretirement Benefits		Cash Flow Hedges		Total
Balance as of December 30, 2023	$	(328.6)	$	(77.5)	$	(2.0)	$	(408.1)
Other comprehensive income (loss) before reclassifications, net of tax	5.4		—		—		5.4
Reclassifications to net income, net of tax	—		.9		1.4		2.3
Other comprehensive income (loss), net of tax	5.4		.9		1.4		7.7
Balance as of September 28, 2024	$	(323.2)	$	(76.6)	$	(.6)	$	(400.4)
(1)Included a loss related to our foreign currency forward contracts and zero-cost collars, accounted for as net investment hedges. Refer to Note 5, "Financial Instruments," to the unaudited Condensed Consolidated Financial Statements for more information.

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 30, 2023 were as follows:


(In millions)	Foreign Currency Translation		Pension and Other Postretirement Benefits		Cash Flow Hedges		Total
Balance as of December 31, 2022	$	(314.0)	$	(51.3)	$	1.3	$	(364.0)
Other comprehensive income (loss) before reclassifications, net of tax	(34.4)		—		(6.4)		(40.8)
Reclassifications to net income, net of tax	—		(.6)		2.8		2.2
Other comprehensive income (loss), net of tax	(34.4)		(.6)		(3.6)		(38.6)
Balance as of September 30, 2023	$	(348.4)	$	(51.9)	$	(2.3)	$	(402.6)

- 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
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Supplemental Financial Information - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 34.4	$ 34.4
Provision for credit losses	6.7	1.3
Amounts written off	(4.1)	(4.8)
Other, including foreign currency translation	0.1	0.8
Ending balance	$ 37.1	$ 31.7

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 28, 2024

Supplemental Financial Information

Schedule of Net Inventories

The table below summarizes amounts in inventories.


(In millions)	September 28, 2024		December 30, 2023
Raw materials	$	411.7	$	415.4
Work-in-progress	244.9		238.2
Finished goods	356.9		267.1
Inventories	$	1,013.5	$	920.7

Schedule of Property, Plant and Equipment

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


(In millions)	September 28, 2024		December 30, 2023
Property, plant and equipment	$	4,054.2	$	3,970.4
Accumulated depreciation	(2,441.9)		(2,344.6)
Property, plant and equipment, net	$	1,612.3	$	1,625.8

Schedule of Allowance for Credit Losses

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


	Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023
Beginning balance	$	34.4	$	34.4
Provision for credit losses	6.7		1.3
Amounts written off	(4.1)		(4.8)
Other, including foreign currency translation	.1		.8
Ending balance	$	37.1	$	31.7

Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value, Measured on a Recurring Basis

Assets and liabilities carried at fair value, measured on a recurring basis, as of September 28, 2024 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	$	48.0	$	27.1	$	20.9	$	—
Derivative assets	8.0		—		8.0		—
Bank drafts	5.6		5.6		—		—
Cross-currency swap	4.6		—		4.6		—
Liabilities
Derivative liabilities	$	10.4	$	.6	$	9.8	$	—
Contingent consideration liabilities	10.0		—		—		10.0

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

Debt	9 Months Ended
Debt	Sep. 28, 2024
Debt Disclosure [Abstract]
Debt	Debt In August 2024, we repaid our $300 million of senior notes at maturity using cash flows from operations and commercial paper borrowings. 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 September 28, 2024 and December 30, 2023, we were in compliance with the applicable financial covenants. No balance was outstanding under the Revolver as of September 28, 2024 or our prior revolving credit facility as of December 30, 2023. In the nine months ended September 28, 2024, we reclassified $5 million of our medium-term notes due in the third quarter of 2025, $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 $3.09 billion at September 28, 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.

Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value, Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Assets
Investments	$ 48.0	$ 37.8
Derivative assets	8.0	6.3
Bank drafts	5.6	5.3
Cross-currency swap	4.6	2.3
Liabilities
Derivative liabilities	10.4	7.6
Contingent consideration liabilities	10.0	10.0
Quoted Prices in Active Markets (Level 1)
Assets
Investments	27.1	19.6
Derivative assets	0.0	0.0
Bank drafts	5.6	5.3
Cross-currency swap	0.0	0.0
Liabilities
Derivative liabilities	0.6	1.6
Contingent consideration liabilities	0.0	0.0
Significant Other Observable Inputs (Level 2)
Assets
Investments	20.9	18.2
Derivative assets	8.0	6.3
Bank drafts	0.0	0.0
Cross-currency swap	4.6	2.3
Liabilities
Derivative liabilities	9.8	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	$ 10.0	$ 10.0

Cost Reduction Actions - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
Cost Reduction Actions - Narrative (Details) $ in Millions	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($) position	Sep. 30, 2023 USD ($)	Dec. 30, 2023 position
Restructuring Cost and Reserve [Line Items]
Restructuring charges \| $	$ 12.4	$ 43.8	$ 25.6	$ 71.4
Other 2023 Actions
Restructuring Cost and Reserve [Line Items]
Restructuring charges \| $			$ 25.6
Net number of positions reduced as a result of cost reduction actions \| position			1,100
Restructuring 2023 Actions
Restructuring Cost and Reserve [Line Items]
Net number of positions reduced as a result of cost reduction actions \| position					210

- 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

Supplemental Equity and Comprehensive Income Information - Schedule of Consolidated Statements of Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 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	181.7	138.3	530.9	359.9
Other comprehensive income (loss), net of tax	37.3	$ (9.4)	7.7	$ (38.6)
Ending balance	$ 2,393.9		$ 2,393.9
Dividends per common share	$ 0.88	$ 0.81	$ 2.57	$ 2.37
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity
Beginning balance	$ 833.1	$ 851.3	$ 854.5	$ 879.3
Issuance of shares under stock-based compensation plans	6.7	1.2	(14.7)	(26.8)
Ending balance	839.8	852.5	839.8	852.5
Retained earnings
Increase (Decrease) in Stockholders' Equity
Beginning balance	4,922.2	4,526.9	4,691.8	4,414.6
Issuance of shares under stock-based compensation plans	3.2	3.0	7.3	8.6
Net income	181.7	138.3	530.9	359.9
Contribution of shares to 401(k) plan	6.5	5.3	19.8	16.6
Dividends	(70.9)	(65.3)	(207.1)	(191.5)
Ending balance	5,042.7	4,608.2	5,042.7	4,608.2
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity
Beginning balance	(3,154.6)	(3,093.9)	(3,134.4)	(3,021.8)
Issuance of shares under stock-based compensation plans	7.1	0.9	23.4	13.9
Repurchase of shares for treasury	(66.8)	(27.6)	(107.5)	(117.1)
Contribution of shares to 401(k) plan	2.0	2.0	6.2	6.4
Ending balance	(3,212.3)	(3,118.6)	(3,212.3)	(3,118.6)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Beginning balance	(437.7)	(393.2)	(408.1)	(364.0)
Other comprehensive income (loss), net of tax	37.3	(9.4)	7.7	(38.6)
Ending balance	$ (400.4)	$ (402.6)	$ (400.4)	$ (402.6)

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity Related to Environmental Liabilities

The activity related to our environmental liabilities for the nine months ended September 28, 2024 is shown below.


(In millions)
Balance at December 30, 2023	$	24.5
Charges, net of reversals	1.4
Payments	(9.1)
Balance at September 28, 2024	$	16.8

Taxes Based on Income

9 Months Ended

Sep. 28, 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						Nine Months Ended
(Dollars in millions)	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Income before taxes	$	239.3		$	184.6		$	712.1		$	493.1
Provision for income taxes	57.6			46.3			181.2			133.2
Effective tax rate	24.1		%	25.1		%	25.4		%	27.0		%

Our provision for income taxes for the three and nine months ended September 28, 2024 included $3.4 million and $11.7 million, respectively, of net tax charge related to the tax on global intangible low-taxed income (“GILTI”) of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from foreign-derived intangible income (“FDII”). Our provision for income taxes for these periods also included the following discrete items: (i) net benefits primarily from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years and the settlement of a foreign tax audit; (ii) the return-to-provision benefit upon completion of our 2023 U.S. federal income tax return; and (iii) excess tax benefits associated with stock-based payments.

Our provision for income taxes for the three and nine months ended September 30, 2023 included $3.6 million and $7.4 million, respectively, of net tax charge related to the tax on GILTI of our foreign subsidiaries and the recognition of foreign withholding taxes on current year earnings, partially offset by the benefit from FDII. Our provision for income taxes for these periods was also adversely affected by the recognition of uncertain tax positions in certain foreign jurisdictions and higher non-deductible expenses resulting from foreign currency fluctuations. In addition, our provision for income taxes for these periods included a $14.7 million return-to-provision discrete 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 income tax return.

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 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.

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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangibles Resulting from Business Acquisitions - Schedule of Changes in Net Carrying Amount of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 28, 2024 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	$ 2,013.6
Acquisition adjustments	(2.7)
Translation adjustments	1.8
Goodwill, Ending balance	2,012.7
Materials Group
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	630.7
Acquisition adjustments	0.0
Translation adjustments	1.1
Goodwill, Ending balance	631.8
Solutions Group
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	1,382.9
Acquisition adjustments	(2.7)
Translation adjustments	0.7
Goodwill, Ending balance	$ 1,380.9

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment and Disaggregated Revenue Information - Net Sales to Unaffiliated Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 2,183.4	$ 2,098.3	$ 6,570.0	$ 6,253.8
Materials Group \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,497.7	1,456.0	4,541.0	4,392.5
Solutions Group \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	685.7	642.3	2,029.0	1,861.3
Solutions Group \| Apparel and other \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	463.8	408.7	1,399.6	1,226.4
Solutions Group \| Identification Solutions and Vestcom \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	221.9	233.6	629.4	634.9
U.S. \| Materials Group \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	436.4	425.4	1,315.4	1,302.5
Europe, the Middle East and North Africa \| Materials Group \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	498.5	494.6	1,583.1	1,503.8
Asia \| Materials Group \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	354.9	327.9	1,025.1	981.6
Latin America \| Materials Group \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	124.4	126.2	372.0	357.1
Other \| Materials Group \| Operating segments
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 83.5	$ 81.9	$ 245.4	$ 247.5

Goodwill and Other Intangibles Resulting from Business Acquisitions (Tables)

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Net Carrying Amount of Goodwill

Changes in the net carrying amount of goodwill for the nine months ended September 28, 2024 by reportable segment are shown below.


(In millions)	Materials Group		Solutions Group		Total
Goodwill as of December 30, 2023	$	630.7	$	1,382.9	$	2,013.6

Acquisition adjustments(1)	—		(2.7)		(2.7)
Translation adjustments	1.1		.7		1.8
Goodwill as of September 28, 2024	$	631.8	$	1,380.9	$	2,012.7

(1) Measurement period adjustments related to the purchase price allocation for our 2023 acquisitions of Silver Crystal Group, LG Group, Inc., and Thermopatch, Inc.

Schedule of Estimated Amortization Expense for Finite-Lived Intangible Assets

Estimated future amortization expense related to existing finite-lived intangible assets for the remainder of fiscal year 2024 and for each of the next four fiscal years and thereafter is shown below.


(In millions)	Estimated Amortization Expense
2024 (remainder of year)	$	22.4
2025	89.1
2026	86.1
2027	85.8
2028	77.9
2029 and thereafter	266.5

- 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
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-Name Accounting Standards Codification
-Section 55
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances	$ 37.1	$ 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)	80,440,716	80,495,585
Treasury stock (in shares)	43,685,908	43,631,039

Supplemental Financial Information - Schedule of Net Inventories (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Inventories
Raw materials	$ 411.7	$ 415.4
Work-in-progress	244.9	238.2
Finished goods	356.9	267.1
Inventories	$ 1,013.5	$ 920.7

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 2,183.4	$ 2,098.3	$ 6,570.0	$ 6,253.8
Cost of products sold	1,556.8	1,512.5	4,648.5	4,572.3
Gross profit	626.6	585.8	1,921.5	1,681.5
Marketing, general and administrative expense	346.9	324.8	1,086.0	978.8
Other expense (income), net	15.3	54.1	54.9	140.2
Interest expense	30.0	31.0	87.8	89.3
Other non-operating expense (income), net	(4.9)	(8.7)	(19.3)	(19.9)
Income before taxes	239.3	184.6	712.1	493.1
Provision for income taxes	57.6	46.3	181.2	133.2
Net income	$ 181.7	$ 138.3	$ 530.9	$ 359.9
Per share amounts:
Net income per common share (in dollars per share)	$ 2.26	$ 1.72	$ 6.60	$ 4.46
Net income per common share, assuming dilution (in dollars per share)	$ 2.25	$ 1.71	$ 6.56	$ 4.43
Weighted average number of shares outstanding:
Common shares (in shares)	80.5	80.6	80.5	80.7
Common shares, assuming dilution (in shares)	80.8	81.0	80.9	81.2

Commitments and Contingencies - Activity (Details) $ in Millions	9 Months Ended
	Sep. 28, 2024 USD ($)
Environmental Liabilities Associated with Remediation [Roll Forward]
Balance at December 30, 2023	$ 24.5
Charges, net of reversals	1.4
Payments	(9.1)
Balance at September 28, 2024	$ 16.8

Goodwill and Other Intangibles Resulting from Business Acquisitions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 22.3	$ 22.1	$ 67.0	$ 64.2

Cost Reduction Actions - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 12.4	$ 43.8	$ 25.6	$ 71.4
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.0	3.8	0.3	3.7
Materials Group \| Operating segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.5	30.6	5.6	50.5
Solutions Group \| Operating segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 10.9	$ 9.4	$ 19.7	$ 17.2

- 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

Segment and Disaggregated Revenue Information - Other Expense (Income), Net by Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Other items:
(Gain) loss on venture investments	$ 2.5	$ 0.0	$ 19.7	$ 0.0
Losses from Argentine peso remeasurement and Blue Chip Swap transactions	0.4	7.8	15.8	7.8
Outcomes of legal matters and settlements, net	0.0	2.5	(6.5)	56.3
Transaction and related costs	0.0	0.0	0.3	4.2
(Gain) loss on sales of assets	0.0	0.0	0.0	0.5
Other expense (income), net	15.3	54.1	54.9	140.2
Severance and related costs, net of reversals
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11.0	38.7	22.2	64.6
Asset impairment and lease cancellation charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.4	$ 5.1	$ 3.4	$ 6.8

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Oct. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 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		80,346,413
Entity Central Index Key	0000008818
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 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

Commitments and Contingencies

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

We are involved in various lawsuits, claims, inquiries and other regulatory and compliance matters, most of which are routine to the nature of our business. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these claims could affect future results of operations should our exposure be materially different from our estimates or should we incur liabilities that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities.

Because of the uncertainties associated with claims resolution and litigation, future expenses to resolve 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.

We were party to a litigation in which ADASA Inc. (“Adasa”), an unrelated third party, alleged that certain of the 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 was 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.

We appealed the first instance judgment associated with the jury verdict – which 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 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, as well as an ongoing royalty on in-scope tags sold after October 14, 2021 – to the United States Court of Appeals for the Federal Circuit (the “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 was 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.

After the U.S. Supreme Court denied our writ of certiorari petition on May 30, 2023, the retrial began on July 10, 2023. On July 18, 2023, the jury in the retrial issued a verdict that Adasa’s patent is valid. We increased our contingent liability to reflect our then-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 for this matter was $82.9 million.

On January 25, 2024, the district court issued a revised sanctions order lowering the sanctions against us from approximately $20 million to $5.2 million based on a rate of $0.0025/late-reported tag, which was consistent with the amount we had accrued. In February 2024, the district court issued its decision denying our motion for judgment as a matter of law and our motion for a new trial. On March 7, 2024, the Court issued an amended final judgment, assessing damages, pre- and post-judgment interest, costs, attorneys' fees, sanctions, and ongoing royalties.

On April 25, 2024, we entered into a Settlement Agreement, License and Mutual Release with Adasa pursuant to which, among other things, (i) we agreed to pay $75.0 million to Adasa without any concessions or admissions of liability; (ii) Adasa agreed to grant us a worldwide, nonexclusive, nontransferable fully-paid up, and ongoing royalty-free perpetual license, without the right to sublicense, to the patents at issue in the litigation; and (iii) the parties mutually released all claims against one another. We paid the agreed-upon settlement amount to Adasa on April 26, 2024. No court approval of the settlement was required; however, as required by the settlement agreement, Adasa filed a Stipulation of Satisfaction of Judgment with the trial court on April 29, 2024.

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 the remediation and cleanup of various sites, including sites in which governmental agencies have designated us as a potentially responsible party (“PRP”). 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 September 28, 2024, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a PRP at ten 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 enter into 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 for the nine months ended September 28, 2024 is shown below.


(In millions)
Balance at December 30, 2023	$	24.5
Charges, net of reversals	1.4
Payments	(9.1)
Balance at September 28, 2024	$	16.8

Approximately $8 million and $11 million, respectively, of this balance was classified as short-term and included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets as of September 28, 2024 and December 30, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cost Reduction Actions (Tables)

9 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges and Payments

During the nine months ended September 28, 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 September 28, 2024
2023 Actions
Severance and related costs	$	27.7	$	22.2	$	(34.9)	$	—	$	(.1)	$	14.9
Asset impairment charges	—		3.0		—		(3.0)		—		—
Lease cancellation charges	—		.4		(.3)		—		—		.1





Total	$	27.7	$	25.6	$	(35.2)	$	(3.0)	$	(.1)	$	15.0

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				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Restructuring charges, net of reversals, by reportable segment and Corporate
Materials Group	$	1.5	$	30.6	$	5.6	$	50.5
Solutions Group	10.9		9.4		19.7		17.2
Corporate	—		3.8		.3		3.7
Total	$	12.4	$	43.8	$	25.6	$	71.4

General	9 Months Ended
General	Sep. 28, 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 nine months ended September 28, 2024 and September 30, 2023 each consisted of thirteen-week and thirty-nine-week periods, respectively. Reclassifications Certain prior-period amounts in our Condensed Consolidated Financial Statements have been reclassified to conform to the current-year presentation.

Segment and Disaggregated Revenue Information - Additional Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	$ 2,183.4	$ 2,098.3	$ 6,570.0	$ 6,253.8
Income before taxes	239.3	184.6	712.1	493.1
Interest expense	(30.0)	(31.0)	(87.8)	(89.3)
Other non-operating expense (income), net	4.9	8.7	19.3	19.9
Other expense (income), net	15.3	54.1	54.9	140.2
Intersegment sales
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	50.1	45.8	161.7	138.9
Corporate expense
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Income before taxes	(19.9)	(20.3)	(73.4)	(63.3)
Other expense (income), net	0.0	3.8	0.3	3.7
Materials Group \| Intersegment sales
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	37.8	40.6	123.1	113.7
Materials Group \| Operating segments
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	1,497.7	1,456.0	4,541.0	4,392.5
Income before taxes	217.8	176.5	667.3	530.8
Other expense (income), net	4.4	39.6	39.9	60.0
Solutions Group \| Intersegment sales
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	12.3	5.2	38.6	25.2
Solutions Group \| Operating segments
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	685.7	642.3	2,029.0	1,861.3
Income before taxes	66.5	50.7	186.7	95.0
Other expense (income), net	$ 10.9	$ 10.7	$ 14.7	$ 76.5

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Fair value, assets and liabilities measured on a recurring basis
Equity securities without readily determinable fair value, amount	$ 45,000,000		$ 45,000,000		$ 71,000,000
Equity securities without readily determinable fair value, downward price adjustment, amount	2,500,000	$ 0	19,700,000	$ 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	48,000,000.0		48,000,000.0		37,800,000
Recurring \| Quoted Prices in Active Markets (Level 1)
Fair value, assets and liabilities measured on a recurring basis
Investments	27,100,000		27,100,000		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	37,900,000		37,900,000		$ 35,100,000
Recurring \| Other Assets
Fair value, assets and liabilities measured on a recurring basis
Investments	7,900,000		7,900,000
Recurring \| Other Assets \| Quoted Prices in Active Markets (Level 1)
Fair value, assets and liabilities measured on a recurring basis
Investments	$ 7,900,000		$ 7,900,000

Cost Reduction Actions - Schedule of Restructuring Charges and Payments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Cost Reduction Actions
Beginning Balance			$ 27.7
Charges, Net of Reversals	$ 12.4	$ 43.8	25.6	$ 71.4
Cash Payments			(35.2)
Non-cash Impairment			(3.0)
Foreign Currency Translation			(0.1)
Ending Balance	15.0		15.0
Restructuring 2023 Actions \| Severance and related costs
Cost Reduction Actions
Beginning Balance			27.7
Charges, Net of Reversals			22.2
Cash Payments			(34.9)
Non-cash Impairment			0.0
Foreign Currency Translation			(0.1)
Ending Balance	14.9		14.9
Restructuring 2023 Actions \| Asset impairment charges
Cost Reduction Actions
Beginning Balance			0.0
Charges, Net of Reversals			3.0
Cash Payments			0.0
Non-cash Impairment			(3.0)
Foreign Currency Translation			0.0
Ending Balance	0.0		0.0
Restructuring 2023 Actions \| Lease cancellation charges
Cost Reduction Actions
Beginning Balance			0.0
Charges, Net of Reversals			0.4
Cash Payments			(0.3)
Non-cash Impairment			0.0
Foreign Currency Translation			0.0
Ending Balance	$ 0.1		$ 0.1

Goodwill and Other Intangibles Resulting from Business Acquisitions - Expected Amortization (Details) $ in Millions	Sep. 28, 2024 USD ($)
Estimated Amortization Expense
2024 (remainder of year)	$ 22.4
2025	89.1
2026	86.1
2027	85.8
2028	77.9
2029 and thereafter	$ 266.5

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 212.7	$ 215.0
Trade accounts receivable, less allowances of $37.1 and $34.4 at September 28, 2024 and December 30, 2023, respectively	1,574.7	1,414.9
Inventories	1,013.5	920.7
Other current assets	283.8	245.4
Total current assets	3,084.7	2,796.0
Property, plant and equipment, net	1,612.3	1,625.8
Goodwill	2,012.7	2,013.6
Other intangibles resulting from business acquisitions, net	783.2	849.1
Deferred tax assets	110.9	115.7
Other assets	848.1	809.6
Total assets	8,451.9	8,209.8
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	1,116.8	622.2
Accounts payable	1,343.2	1,277.1
Accrued payroll and employee benefits	275.0	213.4
Other current liabilities	614.0	586.8
Total current liabilities	3,349.0	2,699.5
Long-term debt and finance leases	2,042.1	2,622.1
Long-term retirement benefits and other liabilities	416.2	500.3
Deferred tax liabilities and income taxes payable	250.7	260.0
Commitments and contingencies (see Note 10)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at September 28, 2024 and December 30, 2023; issued – 124,126,624 shares at September 28, 2024 and December 30, 2023; outstanding – 80,440,716 shares and 80,495,585 shares at September 28, 2024 and December 30, 2023, respectively	124.1	124.1
Capital in excess of par value	839.8	854.5
Retained earnings	5,042.7	4,691.8
Treasury stock at cost, 43,685,908 shares and 43,631,039 shares at September 28, 2024 and December 30, 2023, respectively	(3,212.3)	(3,134.4)
Accumulated other comprehensive loss	(400.4)	(408.1)
Total shareholders’ equity	2,393.9	2,127.9
Total liabilities and shareholders' equity	$ 8,451.9	$ 8,209.8

Supplemental Equity and Comprehensive Income Information - Schedule of Changes in "Accumulated Other Comprehensive Loss" (Net of Tax) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 2,127.9
Other comprehensive income (loss) before reclassifications, net of tax			5.4	$ (40.8)
Reclassifications to net income, net of tax			2.3	2.2
Other comprehensive income (loss), net of tax	$ 37.3	$ (9.4)	7.7	(38.6)
Ending balance	2,393.9		2,393.9
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(437.7)	(393.2)	(408.1)	(364.0)
Other comprehensive income (loss), net of tax	37.3	(9.4)	7.7	(38.6)
Ending balance	(400.4)	(402.6)	(400.4)	(402.6)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(328.6)	(314.0)
Other comprehensive income (loss) before reclassifications, net of tax			5.4	(34.4)
Reclassifications to net income, net of tax			0.0	0.0
Other comprehensive income (loss), net of tax			5.4	(34.4)
Ending balance	(323.2)	(348.4)	(323.2)	(348.4)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(77.5)	(51.3)
Other comprehensive income (loss) before reclassifications, net of tax			0.0	0.0
Reclassifications to net income, net of tax			0.9	(0.6)
Other comprehensive income (loss), net of tax			0.9	(0.6)
Ending balance	(76.6)	(51.9)	(76.6)	(51.9)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(2.0)	1.3
Other comprehensive income (loss) before reclassifications, net of tax			0.0	(6.4)
Reclassifications to net income, net of tax			1.4	2.8
Other comprehensive income (loss), net of tax			1.4	(3.6)
Ending balance	$ (0.6)	$ (2.3)	$ (0.6)	$ (2.3)

- Definition

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

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+ Details

Financial Instruments (Details) € in Millions, $ in Millions	Sep. 28, 2024 USD ($)	Sep. 28, 2024 EUR (€)	Dec. 30, 2023 USD ($)	Mar. 31, 2020 USD ($)
1.25% Senior Notes due 2025
Financial Instruments
Face amount \| €		€ 500
Cross-Currency Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
Financial Instruments
Notional amount				$ 250.0
Foreign currency contract, asset, fair value disclosure	$ 4.6		$ 2.3
Foreign Exchange Forward \| Designated as Hedging Instrument \| Fair Value Hedging
Financial Instruments
Notional amount \| €		210
Foreign currency contract, asset, fair value disclosure	2.0
Foreign Exchange Forward \| Designated as Hedging Instrument \| Net Investment Hedging
Financial Instruments
Notional amount \| €		€ 210
Foreign currency contract, liability, fair value disclosure	$ 1.0

Commitments and Contingencies - Narrative (Details) $ in Millions	Apr. 25, 2024 USD ($)	Jan. 25, 2024 USD ($)	Jan. 24, 2024 USD ($)	Sep. 28, 2024 USD ($) 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				$ 8.0	$ 11.0
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

- 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

Net Income Per Common Share

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share

Net income per common share was computed as follows:


	Three Months Ended				Nine Months Ended
(In millions, except per share amounts)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
(A)Net income	$	181.7	$	138.3	$	530.9	$	359.9
(B)Weighted average number of common shares outstanding	80.5		80.6		80.5		80.7
Dilutive shares (additional common shares issuable under stock-based awards)	.3		.4		.4		.5
(C) Weighted average number of common shares outstanding, assuming dilution	80.8		81.0		80.9		81.2
Net income per common share: (A) ÷ (B)	$	2.26	$	1.72	$	6.60	$	4.46
Net income per common share, assuming dilution: (A) ÷ (C)	$	2.25	$	1.71	$	6.56	$	4.43

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 the three months ended September 28, 2024 and were not significant for the three months ended September 30, 2023. Stock-based compensation awards excluded from the computation totaled 0.1 million shares for the nine months ended September 28, 2024 and September 30, 2023.

Supplemental Financial Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Supplemental Financial Information
Property, plant and equipment	$ 4,054.2	$ 3,970.4
Accumulated depreciation	(2,441.9)	(2,344.6)
Property, plant and equipment, net	$ 1,612.3	$ 1,625.8

Supplemental Equity and Comprehensive Income Information (Tables)

9 Months Ended

Sep. 28, 2024

Stockholders' Equity Note [Abstract]

Schedule of Consolidated Statements of Shareholders' Equity

Consolidated Changes in Shareholders’ Equity


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Common stock issued, $1 par value per share	$	124.1	$	124.1	$	124.1	$	124.1
Capital in excess of par value
Beginning balance	$	833.1	$	851.3	$	854.5	$	879.3
Issuance of shares under stock-based compensation plans(1)	6.7		1.2		(14.7)		(26.8)
Ending balance	$	839.8	$	852.5	$	839.8	$	852.5
Retained earnings
Beginning balance	$	4,922.2	$	4,526.9	$	4,691.8	$	4,414.6
Net income	181.7		138.3		530.9		359.9
Issuance of shares under stock-based compensation plans(1)	3.2		3.0		7.3		8.6
Contribution of shares to 401(k) plan(1)	6.5		5.3		19.8		16.6
Dividends	(70.9)		(65.3)		(207.1)		(191.5)
Ending balance	$	5,042.7	$	4,608.2	$	5,042.7	$	4,608.2
Treasury stock at cost
Beginning balance	$	(3,154.6)	$	(3,093.9)	$	(3,134.4)	$	(3,021.8)
Repurchase of shares for treasury	(66.8)		(27.6)		(107.5)		(117.1)
Issuance of shares under stock-based compensation plans(1)	7.1		.9		23.4		13.9
Contribution of shares to 401(k) plan(1)	2.0		2.0		6.2		6.4
Ending balance	$	(3,212.3)	$	(3,118.6)	$	(3,212.3)	$	(3,118.6)
Accumulated other comprehensive loss
Beginning balance	$	(437.7)	$	(393.2)	$	(408.1)	$	(364.0)
Other comprehensive income (loss), net of tax	37.3		(9.4)		7.7		(38.6)
Ending balance	$	(400.4)	$	(402.6)	$	(400.4)	$	(402.6)

Schedule of Dividends Per Common Share

Dividends per common share were as follows:


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Dividends per common share	$	.88	$	.81	$	2.57	$	2.37

Schedule of Changes in "Accumulated Other Comprehensive Loss" (Net of Tax)

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 28, 2024 were as follows:


(In millions)	Foreign Currency Translation(1)		Pension and Other Postretirement Benefits		Cash Flow Hedges		Total
Balance as of December 30, 2023	$	(328.6)	$	(77.5)	$	(2.0)	$	(408.1)
Other comprehensive income (loss) before reclassifications, net of tax	5.4		—		—		5.4
Reclassifications to net income, net of tax	—		.9		1.4		2.3
Other comprehensive income (loss), net of tax	5.4		.9		1.4		7.7
Balance as of September 28, 2024	$	(323.2)	$	(76.6)	$	(.6)	$	(400.4)
(1)Included a loss related to our foreign currency forward contracts and zero-cost collars, accounted for as net investment hedges. Refer to Note 5, "Financial Instruments," to the unaudited Condensed Consolidated Financial Statements for more information.

The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended September 30, 2023 were as follows:


(In millions)	Foreign Currency Translation		Pension and Other Postretirement Benefits		Cash Flow Hedges		Total
Balance as of December 31, 2022	$	(314.0)	$	(51.3)	$	1.3	$	(364.0)
Other comprehensive income (loss) before reclassifications, net of tax	(34.4)		—		(6.4)		(40.8)
Reclassifications to net income, net of tax	—		(.6)		2.8		2.2
Other comprehensive income (loss), net of tax	(34.4)		(.6)		(3.6)		(38.6)
Balance as of September 30, 2023	$	(348.4)	$	(51.9)	$	(2.3)	$	(402.6)

Taxes Based on Income - Schedule of Income Before Taxes, Provision for Income Taxes, and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before taxes	$ 239.3	$ 184.6	$ 712.1	$ 493.1
Provision for income taxes	$ 57.6	$ 46.3	$ 181.2	$ 133.2
Effective tax rate	24.10%	25.10%	25.40%	27.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Taxes Based on Income - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, GILTI, FDII, net, amount	$ 3.4	$ 3.6	$ 11.7	$ 7.4
Effective income tax rate reconciliation, prior year income taxes, amount, benefit		$ 14.7		$ 14.7
Reasonably possible decrease in uncertain tax positions, including interest and penalties, during the next 12 months	$ 6.0		$ 6.0

Goodwill and Other Intangibles Resulting from Business Acquisitions

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles Resulting from Business Acquisitions

Changes in the net carrying amount of goodwill for the nine months ended September 28, 2024 by reportable segment are shown below.


(In millions)	Materials Group		Solutions Group		Total
Goodwill as of December 30, 2023	$	630.7	$	1,382.9	$	2,013.6

Acquisition adjustments(1)	—		(2.7)		(2.7)
Translation adjustments	1.1		.7		1.8
Goodwill as of September 28, 2024	$	631.8	$	1,380.9	$	2,012.7

(1) Measurement period adjustments related to the purchase price allocation for our 2023 acquisitions of Silver Crystal Group, LG Group, Inc., and Thermopatch, Inc.

Amortization expense for finite-lived intangible assets resulting from business acquisitions was $22.3 million and $22.1 million for the three months ended September 28, 2024 and September 30, 2023, respectively, and $67.0 million and $64.2 million for the nine months ended September 28, 2024 and September 30, 2023, respectively.


(In millions)	Estimated Amortization Expense
2024 (remainder of year)	$	22.4
2025	89.1
2026	86.1
2027	85.8
2028	77.9
2029 and thereafter	266.5

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Schedule of Net Income Per Common Share

Net income per common share was computed as follows:


	Three Months Ended				Nine Months Ended
(In millions, except per share amounts)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
(A)Net income	$	181.7	$	138.3	$	530.9	$	359.9
(B)Weighted average number of common shares outstanding	80.5		80.6		80.5		80.7
Dilutive shares (additional common shares issuable under stock-based awards)	.3		.4		.4		.5
(C) Weighted average number of common shares outstanding, assuming dilution	80.8		81.0		80.9		81.2
Net income per common share: (A) ÷ (B)	$	2.26	$	1.72	$	6.60	$	4.46
Net income per common share, assuming dilution: (A) ÷ (C)	$	2.25	$	1.71	$	6.56	$	4.43

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 181.7	$ 138.3	$ 530.9	$ 359.9

- Definition

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

+ References

+ Details

Segment and Disaggregated Revenue Information (Tables)

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

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.


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales to unaffiliated customers
Materials Group:
U.S.	$	436.4	$	425.4	$	1,315.4	$	1,302.5
Europe, the Middle East and North Africa	498.5		494.6		1,583.1		1,503.8
Asia	354.9		327.9		1,025.1		981.6
Latin America	124.4		126.2		372.0		357.1
Other	83.5		81.9		245.4		247.5
Total Materials Group	1,497.7		1,456.0		4,541.0		4,392.5
Solutions Group:
Apparel and other	463.8		408.7		1,399.6		1,226.4
Identification Solutions and Vestcom	221.9		233.6		629.4		634.9
Total Solutions Group	685.7		642.3		2,029.0		1,861.3

Net sales to unaffiliated customers	$	2,183.4	$	2,098.3	$	6,570.0	$	6,253.8

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


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Intersegment sales
Materials Group	$	37.8	$	40.6	$	123.1	$	113.7
Solutions Group	12.3		5.2		38.6		25.2

Intersegment sales	$	50.1	$	45.8	$	161.7	$	138.9
Income before taxes
Materials Group	$	217.8	$	176.5	$	667.3	$	530.8
Solutions Group	66.5		50.7		186.7		95.0

Corporate expense	(19.9)		(20.3)		(73.4)		(63.3)
Interest expense	(30.0)		(31.0)		(87.8)		(89.3)
Other non-operating expense (income), net	4.9		8.7		19.3		19.9
Income before taxes	$	239.3	$	184.6	$	712.1	$	493.1
Other expense (income), net, by reportable segment and Corporate
Materials Group(1)	$	4.4	$	39.6	$	39.9	$	60.0
Solutions Group	10.9		10.7		14.7		76.5

Corporate	—		3.8		.3		3.7
Other expense (income), net	$	15.3	$	54.1	$	54.9	$	140.2
(1)Included the reclassification of the loss from Argentine peso remeasurement from "Marketing, general and administrative expense" to "Other expense (income), net" in the third quarter of 2023. The impact of the loss from Argentine peso remeasurement prior to the third quarter of 2023 was not material.

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


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023



















Other expense (income), net, by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals	$	11.0	$	38.7	$	22.2	$	64.6
Asset impairment and lease cancellation charges	1.4		5.1		3.4		6.8
Other items:
(Gain) loss on venture investments	2.5		—		19.7		—
Losses from Argentine peso remeasurement and Blue Chip Swap transactions(1)	.4		7.8		15.8		7.8
Outcomes of legal matters and settlements, net	—		2.5		(6.5)		56.3
Transaction and related costs	—		—		.3		4.2
(Gain) loss on sales of assets	—		—		—		.5

Other expense (income), net	$	15.3	$	54.1	$	54.9	$	140.2
(1)Included the reclassification of the loss from Argentine peso remeasurement from "Marketing, general and administrative expense" to "Other expense (income), net" in the third quarter of 2023. The impact of the loss from Argentine peso remeasurement prior to the third quarter of 2023 was not material.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 181.7	$ 138.3	$ 530.9	$ 359.9
Other comprehensive income (loss), net of tax:
Foreign currency translation	35.1	(7.5)	5.4	(34.4)
Pension and other postretirement benefits	0.5	(0.2)	0.9	(0.6)
Cash flow hedges	1.7	(1.7)	1.4	(3.6)
Other comprehensive income (loss), net of tax	37.3	(9.4)	7.7	(38.6)
Total comprehensive income, net of tax	$ 219.0	$ 128.9	$ 538.6	$ 321.3

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Cost Reduction Actions

9 Months Ended

Sep. 28, 2024

Restructuring and Related Activities [Abstract]

Cost Reduction Actions

2023 Actions

We recorded $25.6 million in restructuring charges, net of reversals, during the nine months ended September 28, 2024. These charges consisted of severance and related costs for the reduction of approximately 1,100 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 nine months ended September 28, 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 September 28, 2024
2023 Actions
Severance and related costs	$	27.7	$	22.2	$	(34.9)	$	—	$	(.1)	$	14.9
Asset impairment charges	—		3.0		—		(3.0)		—		—
Lease cancellation charges	—		.4		(.3)		—		—		.1





Total	$	27.7	$	25.6	$	(35.2)	$	(3.0)	$	(.1)	$	15.0

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				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Restructuring charges, net of reversals, by reportable segment and Corporate
Materials Group	$	1.5	$	30.6	$	5.6	$	50.5
Solutions Group	10.9		9.4		19.7		17.2
Corporate	—		3.8		.3		3.7
Total	$	12.4	$	43.8	$	25.6	$	71.4

Segment and Disaggregated Revenue Information

9 Months Ended

Sep. 28, 2024

Segment Reporting [Abstract]

Segment and Disaggregated Revenue Information

Disaggregated Revenue Information


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Net sales to unaffiliated customers
Materials Group:
U.S.	$	436.4	$	425.4	$	1,315.4	$	1,302.5
Europe, the Middle East and North Africa	498.5		494.6		1,583.1		1,503.8
Asia	354.9		327.9		1,025.1		981.6
Latin America	124.4		126.2		372.0		357.1
Other	83.5		81.9		245.4		247.5
Total Materials Group	1,497.7		1,456.0		4,541.0		4,392.5
Solutions Group:
Apparel and other	463.8		408.7		1,399.6		1,226.4
Identification Solutions and Vestcom	221.9		233.6		629.4		634.9
Total Solutions Group	685.7		642.3		2,029.0		1,861.3

Net sales to unaffiliated customers	$	2,183.4	$	2,098.3	$	6,570.0	$	6,253.8

Additional Segment Information

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


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Intersegment sales
Materials Group	$	37.8	$	40.6	$	123.1	$	113.7
Solutions Group	12.3		5.2		38.6		25.2

Intersegment sales	$	50.1	$	45.8	$	161.7	$	138.9
Income before taxes
Materials Group	$	217.8	$	176.5	$	667.3	$	530.8
Solutions Group	66.5		50.7		186.7		95.0

Corporate expense	(19.9)		(20.3)		(73.4)		(63.3)
Interest expense	(30.0)		(31.0)		(87.8)		(89.3)
Other non-operating expense (income), net	4.9		8.7		19.3		19.9
Income before taxes	$	239.3	$	184.6	$	712.1	$	493.1
Other expense (income), net, by reportable segment and Corporate
Materials Group(1)	$	4.4	$	39.6	$	39.9	$	60.0
Solutions Group	10.9		10.7		14.7		76.5

Corporate	—		3.8		.3		3.7
Other expense (income), net	$	15.3	$	54.1	$	54.9	$	140.2
(1)Included the reclassification of the loss from Argentine peso remeasurement from "Marketing, general and administrative expense" to "Other expense (income), net" in the third quarter of 2023. The impact of the loss from Argentine peso remeasurement prior to the third quarter of 2023 was not material.

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


	Three Months Ended				Nine Months Ended
(In millions)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023



















Other expense (income), net, by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals	$	11.0	$	38.7	$	22.2	$	64.6
Asset impairment and lease cancellation charges	1.4		5.1		3.4		6.8
Other items:
(Gain) loss on venture investments	2.5		—		19.7		—
Losses from Argentine peso remeasurement and Blue Chip Swap transactions(1)	.4		7.8		15.8		7.8
Outcomes of legal matters and settlements, net	—		2.5		(6.5)		56.3
Transaction and related costs	—		—		.3		4.2
(Gain) loss on sales of assets	—		—		—		.5

Other expense (income), net	$	15.3	$	54.1	$	54.9	$	140.2
(1)Included the reclassification of the loss from Argentine peso remeasurement from "Marketing, general and administrative expense" to "Other expense (income), net" in the third quarter of 2023. The impact of the loss from Argentine peso remeasurement prior to the third quarter of 2023 was not material.

- 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.

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+ Details

Financial Instruments	9 Months Ended
Financial Instruments	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments We enter into foreign currency exchange hedge contracts to reduce the risk from foreign currency 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 currency exchange and commodities hedge activities on the unaudited Condensed Consolidated Financial Statements was not material. Cash Flow Hedges 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. The fair value of these contracts was $4.6 million and $2.3 million as of September 28, 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 nine months ended September 28, 2024 or September 30, 2023. Fair Value Hedges In the third quarter of 2024, we entered into foreign currency forward contracts to hedge a portion of the principal balance of our €500 million senior notes due in the first quarter of 2025, to offset changes in the fair value of the hedged portion that is subject to foreign currency exchange rate fluctuation. The fair value hedges have an aggregate notional value of €210 million and mature in March 2025. As of September 28, 2024, the fair value of the forward currency contracts was approximately $2 million, which was included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets. Net Investment Hedges In the third quarter of 2024, we entered into foreign currency forward contracts and zero-cost collars, combining each pair as net investment hedges for accounting purposes, to minimize the effect of foreign currency exchange rates on our net investment in certain foreign operations between the sold put strike and the bought call strike rates of the contracts. The net investment hedges have an aggregate notional value of €210 million and mature in March 2025. As of September 28, 2024, the fair value of the forward currency contracts and zero-cost collars combined was approximately $1 million, which was included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets.