Avery Dennison (AVY) 10-Q 1 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Oct. 01, 2022	Oct. 29, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2022
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		80,969,014
Entity Central Index Key	0000008818
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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
Senior notes due 2025 at 1.25%
Document Information [Line Items]
Title of 12(b) Security	1.25% Senior Notes due 2025
Trading Symbol	AVY25
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 01, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 128.2	$ 162.7
Trade accounts receivable, less allowances of $32.7 and $33 at October 1, 2022 and January 1, 2022, respectively	1,585.6	1,424.5
Inventories	1,014.4	907.2
Other current assets	233.6	240.2
Total current assets	2,961.8	2,734.6
Property, plant and equipment, net	1,442.6	1,477.7
Goodwill	1,824.8	1,881.5
Other intangibles resulting from business acquisitions, net	855.1	911.4
Deferred tax assets	118.1	130.2
Other assets	839.9	836.2
Total Assets	8,042.3	7,971.6
Current liabilities:
Short-term borrowings and current portion of long-term debt and finance leases	669.9	318.8
Accounts payable	1,383.1	1,298.8
Accrued payroll and employee benefits	236.7	299
Other current liabilities	649.6	631.3
Total current liabilities	2,939.3	2,547.9
Long-term debt and finance leases	2,462.9	2,785.9
Long-term retirement benefits and other liabilities	414.6	474.9
Deferred tax liabilities and income taxes payable	218.2	238.5
Commitments and contingencies (see Note 11)
Shareholders’ equity:
Common stock, $1 par value per share, authorized – 400,000,000 shares at October 1, 2022 and January 1, 2022; issued – 124,126,624 shares at October 1, 2022 and January 1, 2022; outstanding – 81,120,940 shares and 82,605,953 shares at October 1, 2022 and January 1, 2022, respectively	124.1	124.1
Capital in excess of par value	866.5	862.3
Retained earnings	4,347	3,880.7
Treasury stock at cost, 43,005,684 shares and 41,520,671 shares at October 1, 2022 and January 1, 2022, respectively	(2,962.3)	(2,659.8)
Accumulated other comprehensive loss	(368)	(282.9)
Total shareholders’ equity	2,007.3	1,924.4
Liabilities and Shareholders’ Equity	$ 8,042.3	$ 7,971.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Oct. 01, 2022	Jan. 01, 2022
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances (in dollars)	$ 32.7	$ 33
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)	81,120,940	82,605,953
Treasury stock (in shares)	43,005,684	41,520,671

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Income Statement [Abstract]
Net sales	$ 2,317.1	$ 2,071.8	$ 7,013.4	$ 6,225.1
Cost of products sold	1,697.9	1,517.4	5,109.4	4,497.4
Gross profit	619.2	554.4	1,904	1,727.7
Marketing, general and administrative expense	330.8	296.9	1,018.5	916.2
Other expense (income), net	(3.9)	16	(2.1)	16.3
Interest expense	21.2	18	61.6	50.2
Other non-operating expense (income), net	(1.4)	(0.9)	(4.1)	(3.6)
Income before taxes	272.5	224.4	830.1	748.6
Provision for income taxes	51	59.2	195.9	187.7
Equity method investment (losses) gains	0	(1.1)	0	(3.5)
Net income	$ 221.5	$ 164.1	$ 634.2	$ 557.4
Earnings Per Share [Abstract]
Net income per common share (in dollars per share)	$ 2.73	$ 1.98	$ 7.75	$ 6.72
Net income per common share, assuming dilution (in dollars per share)	$ 2.70	$ 1.96	$ 7.70	$ 6.64
Weighted average number of shares outstanding:
Common shares (in shares)	81.2	82.9	81.8	83
Common shares, assuming dilution (in shares)	81.9	83.7	82.4	83.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 221.5	$ 164.1	$ 634.2	$ 557.4
Other comprehensive income (loss), net of tax:
Foreign currency translation	(58.5)	1.4	(91.9)	19.1
Pension and other postretirement benefits	0.8	1.3	2.5	3.3
Cash flow hedges	0.8	1.9	4.3	4.2
Other comprehensive income (loss), net of tax	(56.9)	4.6	(85.1)	26.6
Total comprehensive income, net of tax	$ 164.6	$ 168.7	$ 549.1	$ 584

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Operating Activities
Net income	$ 634.2	$ 557.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	132.2	122.9
Amortization	85	48.6
Provision for credit losses and sales returns	36.9	26.1
Stock-based compensation	34.5	27.1
Pension plan settlement loss	0	1
Deferred taxes and other non-cash taxes	(8.5)	(1.5)
Other non-cash expense and loss (income and gain), net	14.7	17.7
Changes in assets and liabilities and other adjustments	(313.8)	(36.5)
Net cash provided by operating activities	615.2	762.8
Investing Activities
Purchases of property, plant and equipment	(183.2)	(130.6)
Purchases of software and other deferred charges	(13.9)	(9.8)
Proceeds from sales of property, plant and equipment	2.2	1.1
Proceeds from insurance and sales (purchases) of investments, net	1.9	1.2
Proceeds from sale of product line	0	6.7
Payments for acquisitions, net of cash acquired, and investments in businesses	(37)	(1,474.3)
Net cash used in investing activities	(230)	(1,605.7)
Financing Activities
Net increase (decrease) in borrowings with maturities of three months or less	115.9	332
Additional long-term borrowings	0	791.9
Repayments of long-term debt and finance leases	(4.4)	(8)
Dividends paid	(178.3)	(164.3)
Share repurchases	(318.6)	(126)
Net (tax withholding) proceeds related to stock-based compensation	(25.1)	(25.5)
Net cash (used in) provided by financing activities	(410.5)	800.1
Effect of foreign currency translation on cash balances	(9.2)	(2.3)
Increase (decrease) in cash and cash equivalents	(34.5)	(45.1)
Cash and cash equivalents, beginning of year	162.7	252.3
Cash and cash equivalents, end of period	$ 128.2	$ 207.2

General

General	9 Months Ended
	Oct. 01, 2022
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 2021 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 October 1, 2022 and October 2, 2021 each consisted of thirteen-week and thirty-nine week periods, respectively.

Acquisitions

Acquisitions	9 Months Ended
	Oct. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 2022 Acquisitions During January 2022, we completed our acquisitions of TexTrace AG ("TexTrace"), a Switzerland-based technology developer specializing in custom-made woven and knitted radio-frequency identification ("RFID") products that can be sewn onto or inserted into garments, and Rietveld Serigrafie B.V. and Rietveld Screenprinting Serigrafi Baski Matbaa Tekstil Ithalat Ihracat Sanayi ve Ticaret Limited Sirketi (collectively, "Rietveld"), a Netherlands-based provider of external embellishment solutions and application and printing methods for performance brands and team sports in Europe. These acquisitions expand the product portfolio in our Retail Branding and Information Solutions ("RBIS") reportable segment. The acquisitions of TexTrace and Rietveld are referred to collectively as the "2022 Acquisitions." The aggregate purchase consideration for the 2022 Acquisitions was approximately $35 million. We funded the 2022 Acquisitions using cash and commercial paper borrowings. In addition to the cash paid at closing, the sellers in one of these acquisitions are eligible for earn-out payments of up to $30 million, subject to the acquired company achieving certain post-acquisition performance targets. As of the acquisition date, we included an estimate of the fair value of these earn-out payments in the aggregate purchase consideration. The 2022 Acquisitions were not material, individually or in the aggregate, to the unaudited Condensed Consolidated Financial Statements. Vestcom Acquisition On August 31, 2021, we completed our acquisition of CB Velocity Holdings, LLC (“Vestcom”), an Arkansas-based provider of shelf-edge pricing, productivity and consumer engagement solutions for retailers and consumer packaged goods companies, for purchase consideration of $1.47 billion. We funded this acquisition using a combination of cash and proceeds from commercial paper borrowings and issuances of senior notes. Refer to Note 4, "Debt," to the unaudited Condensed Consolidated Financial Statements for more information. We believe Vestcom’s solutions expand our position in high value categories and add channel access and data management capabilities to our RBIS reportable segment. The table below summarizes the fair values of assets acquired and liabilities assumed in the Vestcom acquisition based on our final allocation of the purchase consideration. (In millions) Cash and cash equivalents $ 24.3 Trade accounts receivable 98.4 Other current assets 28.5 Property, plant and equipment 56.2 Goodwill 754.3 Other intangibles resulting from business acquisition 727.0 Other assets 22.8 Total assets 1,711.5 Current liabilities 45.4 Other liabilities 17.2 Deferred and non-current income taxes liabilities 183.8 Total liabilities 246.4 Net assets acquired $ 1,465.1 The impact of the Vestcom acquisition was not material to the pro forma net sales or net income of our combined operations for the periods presented. Net sales and net income related to Vestcom post-acquisition were not material to the unaudited Condensed Consolidated Statements of Income for three and nine months ended October 2, 2021.

Goodwill and Other Intangibles

Goodwill and Other Intangibles Resulting from Business Acquisitions	9 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles Resulting from Business Acquisitions	Goodwill and Other Intangibles Resulting from Business Acquisitions The goodwill from the 2022 Acquisitions was not material to the unaudited Condensed Consolidated Financial Statements. Refer to Note 2, "Acquisitions," to the unaudited Condensed Consolidated Financial Statements for more information. Changes in the net carrying amount of goodwill for the nine months ended October 1, 2022 by reportable segment are shown below. (In millions) Label and Graphic Materials Retail Branding and Information Solutions Industrial and Healthcare Materials Total Goodwill as of January 1, 2022 $ 456.4 $ 1,236.0 $ 189.1 $ 1,881.5 Acquisitions (1) — 16.3 — 16.3 Acquisition adjustment (2) — (2.3) — (2.3) Translation adjustments (37.0) (19.3) (14.4) (70.7) Goodwill as of October 1, 2022 $ 419.4 $ 1,230.7 $ 174.7 $ 1,824.8 (1) Goodwill acquired related to the 2022 Acquisitions. We expect the recognized goodwill related to the 2022 Acquisitions to be non-deductible for income tax purposes. (2) Measurement period adjustment related to the finalization of the purchase price allocation for the August 2021 acquisition of Vestcom. In connection with the 2022 Acquisitions, we acquired approximately $21 million of identifiable finite-lived intangible assets, which consisted of patented and other developed technology as well as customer relationships. Amortization expense for all finite-lived intangible assets resulting from business acquisitions was $20.4 million and $11.7 million for the three months ended October 1, 2022 and October 2, 2021, respectively, and $61.5 million and $24.6 million for the nine months ended October 1, 2022 and October 2, 2021, respectively. Estimated future amortization expense related to existing finite-lived intangible assets for the remainder of fiscal year 2022 and for each of the next four fiscal years is shown below. These amounts include the effects of the 2022 Acquisitions and updated amounts from year-end 2021. Estimated 2022 (remainder of year) $ 20.3 2023 80.2 2024 78.6 2025 77.8 2026 75.0

Debt

Debt	9 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Debt	Debt In August 2021, we issued $500 million of senior notes, due February 15, 2032, which bear an interest rate of 2.250%, payable semiannually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were $493.8 million. Additionally, in August 2021, we issued $300 million of senior notes, due August 15, 2024, which we can repay without penalty and bear an interest rate of 0.850%, payable semiannually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were $298.1 million. We used the net proceeds from these two debt issuances to finance a portion of the Vestcom acquisition. The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities or euro government bond securities, as applicable, on notes with similar rates, credit ratings and remaining maturities. The fair value of short-term borrowings, which include commercial paper issuances and short-term lines of credit, approximates their carrying value given the short duration of these obligations. The fair value of our total debt was $2.83 billion at October 1, 2022 and $3.25 billion at January 1, 2022. Fair values were determined based primarily on Level 2 inputs, which are inputs other than quoted prices in active markets that are either directly or indirectly observable. Our $800 million revolving credit facility (the “Revolver”) contains a financial covenant requiring that we maintain a specified ratio of total debt in relation to a certain measure of income. As of both October 1, 2022 and January 1, 2022, we were in compliance with this financial covenant. No balance was outstanding under the Revolver as of October 1, 2022 or January 1, 2022.

Cost Reduction Actions

Cost Reduction Actions	9 Months Ended
	Oct. 01, 2022
Restructuring and Related Activities [Abstract]
Cost Reduction Actions	Cost Reduction Actions 2019/2020 Actions

Financial Instruments

Financial Instruments	9 Months Ended
	Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments We enter into foreign exchange hedge contracts to reduce our risk from foreign exchange rate fluctuations associated with receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S. We also enter into futures contracts to hedge certain price fluctuations for a portion of our anticipated domestic purchases of natural gas. The impact of these foreign exchange and commodities hedge activities on the unaudited Condensed Consolidated Financial Statements was not material. In March 2020, we entered into U.S. dollar to euro cross-currency swap contracts with a total notional amount of $250 million to have the effect of converting the fixed-rate U.S. dollar-denominated debt to euro-denominated debt, including semiannual interest payments and the payment of principal at maturity. During the term of the contract, which ends on April 30, 2030, we pay fixed-rate interest in euros and receive fixed-rate interest in U.S. dollars. These contracts have been designated as cash flow hedges. The fair value of these contracts was $29.8 million as of October 1, 2022, which was included in "Other Assets" and $(10.3) million as of January 1, 2022, which was included in “Long-term retirement benefits and other liabilities” in the unaudited Condensed Consolidated Balance Sheets. Refer to Note 10, “Fair Value Measurements,” to the unaudited Condensed Consolidated Financial Statements for more information. We recorded no ineffectiveness from our cross-currency swap to earnings during the three or nine months ended October 1, 2022 or October 2, 2021.

Taxes Based on Income

Taxes Based on Income	9 Months Ended
	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Taxes Based on Income	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) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Income before taxes $ 272.5 $ 224.4 $ 830.1 $ 748.6 Provision for income taxes 51.0 59.2 195.9 187.7 Effective tax rate 18.7 % 26.4 % 23.6 % 25.1 % Our provision for income taxes for the three and nine months ended October 1, 2022 included $2.8 million and $16.5 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 the three and nine months ended October 1, 2022 also included the following discrete items: (i) $17.3 million of return-to-provision benefit, including $11.9 million related to a GILTI exclusion election and a lower net tax charge from other international inclusion items upon completion of our 2021 U.S. federal tax return; (ii) the benefit from the settlement of certain foreign tax audits for tax years 2011-2014; and (iii) the return-to-provision benefit from treating the interest portion of the Brazil indirect tax credit reclaimed in 2021 as non-taxable, pursuant to a recent Brazilian court decision. In addition, our provision for income taxes for the nine months ended October 1, 2022 included $6.4 million of net discrete tax benefit primarily from decreases in certain tax reserves, including interest and penalties, as a result of closing tax years. Our provision for income taxes for the three and nine months ended October 2, 2021 included $7 million and $21 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 the three and nine months ended October 2, 2021 also included $11.3 million of return-to-provision benefit, including $8.7 million related to a GILTI exclusion election and a higher FDII deduction upon completion of our 2020 U.S. federal tax return. In addition, our provision for income taxes for the nine months ended October 2, 2021 included $14.1 million of return-to-provision benefit related to a GILTI exclusion election made on our amended 2018 U.S. federal tax return. In 2020, the U.S. Department of Treasury issued final regulations that provide certain U.S. taxpayers with an annual election to exclude certain foreign income subject to a high effective tax rate from their GILTI inclusions. We have not yet determined whether to make the election for tax year 2022. We continue to evaluate the impact of the election and currently anticipate that the benefit from making this election on our 2022 U.S. federal tax return may be significant. 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. To date, we and our U.S. subsidiaries have completed the Internal Revenue Service ("IRS") Compliance Assurance Process through 2018. 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 $5 million, primarily as a result of closing tax years.

Net Income Per Common Share

Net Income Per Common Share	9 Months Ended
	Oct. 01, 2022
Earnings Per Share [Abstract]
Net Income Per Common Share	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) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (A) Net income $ 221.5 $ 164.1 $ 634.2 $ 557.4 (B) Weighted average number of common shares outstanding 81.2 82.9 81.8 83.0 Dilutive shares (additional common shares issuable under stock-based awards) .7 .8 .6 .9 (C)  Weighted average number of common shares outstanding, assuming dilution 81.9 83.7 82.4 83.9 Net income per common share: (A) ÷ (B) $ 2.73 $ 1.98 $ 7.75 $ 6.72 Net income per common share, assuming dilution: (A) ÷ (C) $ 2.70 $ 1.96 $ 7.70 $ 6.64 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 were not significant for the three or nine months ended October 1, 2022 or October 2, 2021.

Supplemental Equity and Compreh

Supplemental Equity and Comprehensive Income Information	9 Months Ended
	Oct. 01, 2022
Stockholders' Equity Note [Abstract]
Supplemental Equity and Comprehensive Income Information	Supplemental Equity and Comprehensive Income Information Consolidated Changes in Shareholders’ Equity Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Common stock issued, $1 par value per share $ 124.1 $ 124.1 $ 124.1 $ 124.1 Capital in excess of par value Beginning balance $ 855.9 $ 846.5 $ 862.3 $ 862.1 Issuance of shares under stock-based compensation plans (1) 10.6 8.3 4.2 (7.3) Ending balance $ 866.5 $ 854.8 $ 866.5 $ 854.8 Retained earnings Beginning balance $ 4,182.0 $ 3,637.3 $ 3,880.7 $ 3,349.3 Net income 221.5 164.1 634.2 557.4 Issuance of shares under stock-based compensation plans (1) .3 — (4.6) (7.1) Contribution of shares to 401(k) plan (1) 4.1 4.6 15.0 14.4 Dividends (60.9) (56.3) (178.3) (164.3) Ending balance $ 4,347.0 $ 3,749.7 $ 4,347.0 $ 3,749.7 Treasury stock at cost Beginning balance $ (2,914.0) $ (2,576.7) $ (2,659.8) $ (2,501.0) Repurchase of shares for treasury (49.9) (31.0) (318.6) (126.0) Issuance of shares under stock-based compensation plans (1) .1 .1 10.5 16.3 Contribution of shares to 401(k) plan (1) 1.5 1.2 5.6 4.3 Ending balance $ (2,962.3) $ (2,606.4) $ (2,962.3) $ (2,606.4) Accumulated other comprehensive loss Beginning balance $ (311.1) $ (327.6) $ (282.9) $ (349.6) Other comprehensive income (loss), net of tax (56.9) 4.6 (85.1) 26.6 Ending balance $ (368.0) $ (323.0) $ (368.0) $ (323.0) (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 October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Dividends per common share $ .75 $ .68 $ 2.18 $ 1.98 In April 2022, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750 million, excluding any fees, commissions or other expenses related to such purchases and in addition to the amount outstanding under our previous Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased. As of October 1, 2022, shares of our common stock in the aggregate amount of $791 million remained authorized for repurchase under our outstanding Board authorizations. Changes in Accumulated Other Comprehensive Loss The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended October 1, 2022 were as follows: (In millions) Foreign Currency Translation Pension and Other Postretirement Benefits Cash Flow Hedges Total Balance as of January 1, 2022 $ (217.4) $ (60.4) $ (5.1) $ (282.9) Other comprehensive income (loss) before reclassifications, net of tax (91.9) — 4.7 (87.2) Reclassifications to net income, net of tax — 2.5 (.4) 2.1 Other comprehensive income (loss), net of tax (91.9) 2.5 4.3 (85.1) Balance as of October 1, 2022 $ (309.3) $ (57.9) $ (.8) $ (368.0) The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended October 2, 2021 were as follows: (In millions) Foreign Currency Translation Pension and Other Postretirement Benefits Cash Flow Hedges Total Balance as of January 2, 2021 $ (248.1) $ (92.7) $ (8.8) $ (349.6) Other comprehensive income (loss) before reclassifications, net of tax 19.1 — 4.4 23.5 Reclassifications to net income, net of tax — 3.3 (.2) 3.1 Other comprehensive income (loss), net of tax 19.1 3.3 4.2 26.6 Balance as of October 2, 2021 $ (229.0) $ (89.4) $ (4.6) $ (323.0)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 01, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Value Measurements Assets and liabilities carried at fair value, measured on a recurring basis, as of October 1, 2022 were as follows: Fair Value Measurements Using (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Assets Investments $ 30.6 $ 24.8 $ 5.8 $ — Derivative assets 9.6 1.6 8.0 — Bank drafts 7.4 7.4 — — Cross-currency swap 29.8 — 29.8 — Liabilities Derivative liabilities $ 10.0 $ — $ 10.0 $ — Contingent consideration liabilities 10.1 — — 10.1 Assets and liabilities carried at fair value, measured on a recurring basis, as of January 1, 2022 were as follows: Fair Value Measurements Using (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets Investments $ 33.9 $ 27.1 $ 6.8 $ — Derivative assets 7.1 .6 6.5 — Bank drafts 14.1 14.1 — — Liabilities Cross-currency swap $ 10.3 $ — $ 10.3 $ — Derivative liabilities 3.6 — 3.6 — Contingent consideration liabilities 7.6 — — 7.6 Investments include fixed income securities (primarily U.S. government and corporate debt securities) measured at fair value using quoted prices/bids and a money market fund measured at fair value using net asset value. As of October 1, 2022, investments of $0.8 million and $29.8 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. As of January 1, 2022, investments of $0.5 million and $33.4 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets. Derivatives that are exchange-traded are measured at fair value using quoted market prices and classified within Level 1 of the valuation hierarchy. Derivatives measured based on foreign exchange rate inputs that are readily available in public markets are classified within Level 2 of the valuation hierarchy. Bank drafts (maturities greater than three months) are valued at face value due to their short-term nature and were included in “Other current assets” in the unaudited Condensed Consolidated Balance Sheets. Contingent consideration liabilities relate to estimated earn-out payments associated with certain acquisitions completed in 2022 and 2021, which are subject to the respective acquired company achieving certain post-acquisition performance targets. These liabilities were recorded based on the expected payments as of October 1, 2022 and have been classified as Level 3. In addition to the items described above, we also have made venture investments in privately held companies and utilize the measurement alternative for equity investments that do not have readily determinable fair values, measuring them at cost less impairment plus or minus observable price changes in orderly transactions. We recognized net gains on these investments of $8.7 million and $12.4 million in the three and nine months ended October 1, 2022, respectively, and $4.9 million in both the three and nine months ended October 2, 2021, in “Other expense (income), net” in the unaudited Condensed Consolidated Income Statements. The total carrying value of our venture investments was approximately $64 million and $52 million as of October 1, 2022 and January 1, 2022, respectively, and included in “Other assets” in the unaudited Condensed Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. We are currently party to a litigation in which ADASA Inc. (“Adasa”), an unrelated third party, alleged that certain of our RFID products infringed on its patent. We recorded a contingent liability related to this matter in the second quarter of 2021 in the amount of $26.6 million based on a jury verdict issued on May 14, 2021. During the third quarter of 2021, the first instance judgment associated with the jury verdict was issued. This resulted in additional potential liability of $35.8 million for, among other things, royalties on a higher number of tags and royalties on tags sold after March 31, 2021. We have not increased our previously recorded contingent liability for this additional potential liability. With continued evaluation of the matter and our defenses, as well as consultation with our outside counsel, we continue to believe that Adasa’s patent is invalid and that, even if valid, we have not infringed it, and that the royalty rate used as the basis for the jury’s determination is unreasonable under prevailing industry standards, as well as that any liability related to this matter would be substantially lower than that which is reflected in either the jury verdict or the first instance judgment. On October 22, 2021, we appealed the judgment to the United States Court of Appeals for the Federal Circuit and continue to believe meritorious defenses exist to significantly reduce the liability we currently have recorded. The oral hearing was held on September 8, 2022, and the court has yet to issue a decision. As our appeal is still pending, we maintained our current contingent liability of $26.6 million for this matter as a reasonable estimate within the range of probable outcomes. We have largely completed our migration to alternative encoding methods used in our other RFID tags. Because of the uncertainties associated with claims resolution and litigation, future expenses to resolve these matters could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses. If information were to become available that allowed us to reasonably estimate a range of potential expenses in an amount higher or lower than what we have accrued and determined such to be probable, we would adjust our accrued liabilities accordingly. Additional lawsuits, claims, inquiries, and other regulatory and compliance matters could arise in the future. The range of expenses for resolving any future matters would be assessed as they arise; until then, a range of potential expenses for such resolution cannot be determined. Based upon current information, we believe that the impact of the resolution of these matters would not be, individually or in the aggregate, material to our financial position, results of operations or cash flows. Environmental Expenditures Environmental expenditures are generally expensed. When it is probable that a loss will be incurred and where a range of the loss can be reasonably estimated, the best estimate within the range is accrued. When the best estimate within the range cannot be determined, the low end of the range is accrued. The ultimate resolution of these matters could affect future results of operations should our exposure be materially different from our estimates or should we incur liabilities that were not previously accrued. Potential insurance reimbursements are not offset against potential liabilities. We review our estimates of the costs of complying with environmental laws related to remediation and cleanup of various sites, including sites in which governmental agencies have designated us as a potentially responsible party (“PRP”). However, environmental expenditures for newly acquired assets and those that extend or improve the economic useful life of existing assets are capitalized and amortized over the shorter of the estimated useful life of the acquired asset or the remaining life of the existing asset. As of October 1, 2022, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a PRP at eleven waste disposal or waste recycling sites that are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination. No settlement of our liability related to any of these sites has been agreed upon. We are participating with other PRPs at these sites and anticipate that our share of remediation costs will be determined pursuant to agreements that we negotiate with the EPA or other governmental authorities. These estimates could change as a result of changes in planned remedial actions, remediation technologies, site conditions, the estimated time to complete remediation, environmental laws and regulations, and other factors. Because of the uncertainties associated with environmental assessment and remediation activities, our future expenses to remediate these sites could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses. If information were to become available that allowed us to reasonably estimate a range of potential expenses in an amount higher or lower than what we have accrued, we would adjust our environmental liabilities accordingly. In addition, we may be identified as a PRP at additional sites in the future. The range of expenses for remediation of any future-identified sites would be addressed as they arise; until then, a range of expenses for such remediation cannot be determined. The activity related to our environmental liabilities for the nine months ended October 1, 2022 is shown below. (In millions) Balance at January 1, 2022 $ 21.9 Charges, net of reversals .3 Payments (1.3) Balance at October 1, 2022 $ 20.9

Segment and Disaggregated Reven

Segment and Disaggregated Revenue Information	9 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Segment and Disaggregated Revenue Information	Segment and Disaggregated Revenue Information Disaggregated Revenue Information Disaggregated revenue information is shown below in the manner that best reflects how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue from our Label and Graphic Materials reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our RBIS reportable segment is shown by product group. Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Net sales to unaffiliated customers Label and Graphic Materials: U.S. $ 422.3 $ 372.1 $ 1,259.4 $ 1,094.7 Europe 577.3 499.3 1,716.7 1,550.8 Asia 289.5 289.4 888.3 910.4 Latin America 126.5 103.6 347.5 300.0 Other international 86.9 81.4 262.6 243.1 Total Label and Graphic Materials 1,502.5 1,345.8 4,474.5 4,099.0 Retail Branding and Information Solutions: Apparel 446.1 436.5 1,447.4 1,334.5 Identification Solutions and Vestcom 177.0 94.2 512.2 208.2 Total Retail Branding and Information Solutions 623.1 530.7 1,959.6 1,542.7 Industrial and Healthcare Materials 191.5 195.3 579.3 583.4 Net sales to unaffiliated customers $ 2,317.1 $ 2,071.8 $ 7,013.4 $ 6,225.1 Additional Segment Information Additional financial information by reportable segment and Corporate is shown below. Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Intersegment sales Label and Graphic Materials $ 38.4 $ 24.8 $ 97.0 $ 71.1 Retail Branding and Information Solutions 10.1 10.4 29.2 28.1 Industrial and Healthcare Materials 6.6 3.7 16.4 8.0 Intersegment sales $ 55.1 $ 38.9 $ 142.6 $ 107.2 Income before taxes Label and Graphic Materials $ 215.6 $ 184.9 $ 649.1 $ 639.2 Retail Branding and Information Solutions 75.8 58.5 250.7 160.6 Industrial and Healthcare Materials 20.3 18.7 56.3 64.7 Corporate expense (19.4) (20.6) (68.5) (69.3) Interest expense (21.2) (18.0) (61.6) (50.2) Other non-operating expense (income), net 1.4 .9 4.1 3.6 Income before taxes $ 272.5 $ 224.4 $ 830.1 $ 748.6 Other expense (income), net, by reportable segment and Corporate Label and Graphic Materials $ (8.0) $ .2 $ (10.7) $ (30.2) Retail Branding and Information Solutions 3.4 14.6 6.3 44.2 Industrial and Healthcare Materials .7 .7 .8 1.3 Corporate — .5 1.5 1.0 Other expense (income), net $ (3.9) $ 16.0 $ (2.1) $ 16.3 Other expense (income), net, by type was as follows: Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Other expense (income), net, by type Restructuring charges: Severance and related costs $ 4.7 $ 1.1 $ 8.7 $ 5.1 Asset impairment charges and lease cancellation costs .1 1.3 .1 1.9 Other items: Transaction and related costs — 19.4 .3 20.1 Outcomes of legal proceedings, net (1) — — 1.7 (.4) Gain on venture investments (8.7) (4.9) (12.4) (4.9) (Gain) loss on sales of assets, net — — (.5) .2 Gain on sale of product line — (.9) — (5.7) Other expense (income), net $ (3.9) $ 16.0 $ (2.1) $ 16.3 (1) Amount for the first nine months of 2021 includes an indirect tax credit based on a Brazilian Supreme Federal Court ruling in the amount of $29.1 million, partially offset by a contingent liability related to a patent infringement lawsuit in the amount of $26.6 million. Refer to Note 11, “Commitments and Contingencies,” to the unaudited Condensed Consolidated Financial Statements for more information regarding the patent infringement lawsuit.

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Oct. 01, 2022
Supplemental Financial Information
Supplemental Financial Information	Note 13. Supplemental Financial Information Inventories The table below summarizes amounts in inventories. (In millions) October 1, 2022 January 1, 2022 Raw materials $ 447.5 $ 393.6 Work-in-progress 259.3 233.1 Finished goods 307.6 280.5 Inventories $ 1,014.4 $ 907.2 Property, Plant and Equipment, Net The table below summarizes the amounts in property, plant and equipment, net. (In millions) October 1, 2022 January 1, 2022 Property, plant and equipment $ 3,559.1 $ 3,626.2 Accumulated depreciation (2,116.5) (2,148.5) Property, plant and equipment, net $ 1,442.6 $ 1,477.7 Allowance for Credit Losses The activity related to our allowance for credit losses is shown below. Nine Months Ended (In millions) October 1, 2022 October 2, 2021 Beginning balance $ 33.0 $ 44.6 Provision for (reversal of) credit losses 5.6 (4.8) Amounts written off (3.6) (3.1) Other, including foreign currency translation (2.3) .3 Ending balance $ 32.7 $ 37.0

Recent Accounting Requirements

Recent Accounting Requirements	9 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Recent Accounting Requirements	Recent Accounting RequirementsIn September 2022, the Financial Accounting Standards Board issued guidance to improve the transparency of supplier finance programs by requiring disclosures of key terms of programs, information about obligations under these programs and a rollforward of these obligations. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We are currently assessing the impact of this guidance on our disclosures.

Recent Accounting Requirements

Recent Accounting Requirements (Policies)	9 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
New Accounting Pronouncements	In September 2022, the Financial Accounting Standards Board issued guidance to improve the transparency of supplier finance programs by requiring disclosures of key terms of programs, information about obligations under these programs and a rollforward of these obligations. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure on rollforward information, which is effective for fiscal years beginning after December 15, 2023. We are currently assessing the impact of this guidance on our disclosures.

Business Combinations and Asset

Business Combinations and Asset Acquisitions (Tables)	9 Months Ended
	Oct. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule Of Assets Acquired And Liabilities Assumed In Business Acquisition	The table below summarizes the fair values of assets acquired and liabilities assumed in the Vestcom acquisition based on our final allocation of the purchase consideration. (In millions) Cash and cash equivalents $ 24.3 Trade accounts receivable 98.4 Other current assets 28.5 Property, plant and equipment 56.2 Goodwill 754.3 Other intangibles resulting from business acquisition 727.0 Other assets 22.8 Total assets 1,711.5 Current liabilities 45.4 Other liabilities 17.2 Deferred and non-current income taxes liabilities 183.8 Total liabilities 246.4 Net assets acquired $ 1,465.1

Goodwill and Other Intangible_2

Goodwill and Other Intangibles Resulting from Business Acquisitions (Tables)	9 Months Ended
	Oct. 01, 2022
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 October 1, 2022 by reportable segment are shown below. (In millions) Label and Graphic Materials Retail Branding and Information Solutions Industrial and Healthcare Materials Total Goodwill as of January 1, 2022 $ 456.4 $ 1,236.0 $ 189.1 $ 1,881.5 Acquisitions (1) — 16.3 — 16.3 Acquisition adjustment (2) — (2.3) — (2.3) Translation adjustments (37.0) (19.3) (14.4) (70.7) Goodwill as of October 1, 2022 $ 419.4 $ 1,230.7 $ 174.7 $ 1,824.8 (1) Goodwill acquired related to the 2022 Acquisitions. We expect the recognized goodwill related to the 2022 Acquisitions to be non-deductible for income tax purposes. (2) Measurement period adjustment related to the finalization of the purchase price allocation for the August 2021 acquisition of Vestcom.
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 2022 and for each of the next four fiscal years is shown below. These amounts include the effects of the 2022 Acquisitions and updated amounts from year-end 2021. Estimated 2022 (remainder of year) $ 20.3 2023 80.2 2024 78.6 2025 77.8 2026 75.0

Taxes Based on Income (Tables)

Taxes Based on Income (Tables)	9 Months Ended
	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Summary of income before taxes, provision for (benefit from) income taxes, and effective tax rate from continuing operations	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) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Income before taxes $ 272.5 $ 224.4 $ 830.1 $ 748.6 Provision for income taxes 51.0 59.2 195.9 187.7 Effective tax rate 18.7 % 26.4 % 23.6 % 25.1 %

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	9 Months Ended
	Oct. 01, 2022
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) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 (A) Net income $ 221.5 $ 164.1 $ 634.2 $ 557.4 (B) Weighted average number of common shares outstanding 81.2 82.9 81.8 83.0 Dilutive shares (additional common shares issuable under stock-based awards) .7 .8 .6 .9 (C)  Weighted average number of common shares outstanding, assuming dilution 81.9 83.7 82.4 83.9 Net income per common share: (A) ÷ (B) $ 2.73 $ 1.98 $ 7.75 $ 6.72 Net income per common share, assuming dilution: (A) ÷ (C) $ 2.70 $ 1.96 $ 7.70 $ 6.64

Supplemental Equity and Compr_2

Supplemental Equity and Comprehensive Income Information (Tables)	9 Months Ended
	Oct. 01, 2022
Stockholders' Equity Note [Abstract]
Schedule of consolidated statements of shareholders' equity	Consolidated Changes in Shareholders’ Equity Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Common stock issued, $1 par value per share $ 124.1 $ 124.1 $ 124.1 $ 124.1 Capital in excess of par value Beginning balance $ 855.9 $ 846.5 $ 862.3 $ 862.1 Issuance of shares under stock-based compensation plans (1) 10.6 8.3 4.2 (7.3) Ending balance $ 866.5 $ 854.8 $ 866.5 $ 854.8 Retained earnings Beginning balance $ 4,182.0 $ 3,637.3 $ 3,880.7 $ 3,349.3 Net income 221.5 164.1 634.2 557.4 Issuance of shares under stock-based compensation plans (1) .3 — (4.6) (7.1) Contribution of shares to 401(k) plan (1) 4.1 4.6 15.0 14.4 Dividends (60.9) (56.3) (178.3) (164.3) Ending balance $ 4,347.0 $ 3,749.7 $ 4,347.0 $ 3,749.7 Treasury stock at cost Beginning balance $ (2,914.0) $ (2,576.7) $ (2,659.8) $ (2,501.0) Repurchase of shares for treasury (49.9) (31.0) (318.6) (126.0) Issuance of shares under stock-based compensation plans (1) .1 .1 10.5 16.3 Contribution of shares to 401(k) plan (1) 1.5 1.2 5.6 4.3 Ending balance $ (2,962.3) $ (2,606.4) $ (2,962.3) $ (2,606.4) Accumulated other comprehensive loss Beginning balance $ (311.1) $ (327.6) $ (282.9) $ (349.6) Other comprehensive income (loss), net of tax (56.9) 4.6 (85.1) 26.6 Ending balance $ (368.0) $ (323.0) $ (368.0) $ (323.0)
Schedule of dividends per common share	Dividends per common share were as follows: Three Months Ended Nine Months Ended October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Dividends per common share $ .75 $ .68 $ 2.18 $ 1.98 In April 2022, our Board authorized the repurchase of shares of our common stock with a fair market value of up to $750 million, excluding any fees, commissions or other expenses related to such purchases and in addition to the amount outstanding under our previous Board authorization. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased. As of October 1, 2022, shares of our common stock in the aggregate amount of $791 million remained authorized for repurchase under our outstanding Board authorizations.
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 October 1, 2022 were as follows: (In millions) Foreign Currency Translation Pension and Other Postretirement Benefits Cash Flow Hedges Total Balance as of January 1, 2022 $ (217.4) $ (60.4) $ (5.1) $ (282.9) Other comprehensive income (loss) before reclassifications, net of tax (91.9) — 4.7 (87.2) Reclassifications to net income, net of tax — 2.5 (.4) 2.1 Other comprehensive income (loss), net of tax (91.9) 2.5 4.3 (85.1) Balance as of October 1, 2022 $ (309.3) $ (57.9) $ (.8) $ (368.0) The changes in “Accumulated other comprehensive loss” (net of tax) for the nine-month period ended October 2, 2021 were as follows: (In millions) Foreign Currency Translation Pension and Other Postretirement Benefits Cash Flow Hedges Total Balance as of January 2, 2021 $ (248.1) $ (92.7) $ (8.8) $ (349.6) Other comprehensive income (loss) before reclassifications, net of tax 19.1 — 4.4 23.5 Reclassifications to net income, net of tax — 3.3 (.2) 3.1 Other comprehensive income (loss), net of tax 19.1 3.3 4.2 26.6 Balance as of October 2, 2021 $ (229.0) $ (89.4) $ (4.6) $ (323.0)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 01, 2022
Fair Value Disclosures [Abstract]
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 October 1, 2022 were as follows: Fair Value Measurements Using (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Assets Investments $ 30.6 $ 24.8 $ 5.8 $ — Derivative assets 9.6 1.6 8.0 — Bank drafts 7.4 7.4 — — Cross-currency swap 29.8 — 29.8 — Liabilities Derivative liabilities $ 10.0 $ — $ 10.0 $ — Contingent consideration liabilities 10.1 — — 10.1 Assets and liabilities carried at fair value, measured on a recurring basis, as of January 1, 2022 were as follows: Fair Value Measurements Using (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Assets Investments $ 33.9 $ 27.1 $ 6.8 $ — Derivative assets 7.1 .6 6.5 — Bank drafts 14.1 14.1 — — Liabilities Cross-currency swap $ 10.3 $ — $ 10.3 $ — Derivative liabilities 3.6 — 3.6 — Contingent consideration liabilities 7.6 — — 7.6

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of activity related to environmental liabilities	The activity related to our environmental liabilities for the nine months ended October 1, 2022 is shown below. (In millions) Balance at January 1, 2022 $ 21.9 Charges, net of reversals .3 Payments (1.3) Balance at October 1, 2022 $ 20.9

Segment and Disaggregated Rev_2

Segment and Disaggregated Revenue Information (Tables)	9 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Disaggregation of revenue	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 Label and Graphic Materials reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our RBIS reportable segment is shown by product group. Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Net sales to unaffiliated customers Label and Graphic Materials: U.S. $ 422.3 $ 372.1 $ 1,259.4 $ 1,094.7 Europe 577.3 499.3 1,716.7 1,550.8 Asia 289.5 289.4 888.3 910.4 Latin America 126.5 103.6 347.5 300.0 Other international 86.9 81.4 262.6 243.1 Total Label and Graphic Materials 1,502.5 1,345.8 4,474.5 4,099.0 Retail Branding and Information Solutions: Apparel 446.1 436.5 1,447.4 1,334.5 Identification Solutions and Vestcom 177.0 94.2 512.2 208.2 Total Retail Branding and Information Solutions 623.1 530.7 1,959.6 1,542.7 Industrial and Healthcare Materials 191.5 195.3 579.3 583.4 Net sales to unaffiliated customers $ 2,317.1 $ 2,071.8 $ 7,013.4 $ 6,225.1
Schedule of segment reporting information by segment	Additional financial information by reportable segment and Corporate is shown below. Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Intersegment sales Label and Graphic Materials $ 38.4 $ 24.8 $ 97.0 $ 71.1 Retail Branding and Information Solutions 10.1 10.4 29.2 28.1 Industrial and Healthcare Materials 6.6 3.7 16.4 8.0 Intersegment sales $ 55.1 $ 38.9 $ 142.6 $ 107.2 Income before taxes Label and Graphic Materials $ 215.6 $ 184.9 $ 649.1 $ 639.2 Retail Branding and Information Solutions 75.8 58.5 250.7 160.6 Industrial and Healthcare Materials 20.3 18.7 56.3 64.7 Corporate expense (19.4) (20.6) (68.5) (69.3) Interest expense (21.2) (18.0) (61.6) (50.2) Other non-operating expense (income), net 1.4 .9 4.1 3.6 Income before taxes $ 272.5 $ 224.4 $ 830.1 $ 748.6 Other expense (income), net, by reportable segment and Corporate Label and Graphic Materials $ (8.0) $ .2 $ (10.7) $ (30.2) Retail Branding and Information Solutions 3.4 14.6 6.3 44.2 Industrial and Healthcare Materials .7 .7 .8 1.3 Corporate — .5 1.5 1.0 Other expense (income), net $ (3.9) $ 16.0 $ (2.1) $ 16.3 Other expense (income), net, by type was as follows: Three Months Ended Nine Months Ended (In millions) October 1, 2022 October 2, 2021 October 1, 2022 October 2, 2021 Other expense (income), net, by type Restructuring charges: Severance and related costs $ 4.7 $ 1.1 $ 8.7 $ 5.1 Asset impairment charges and lease cancellation costs .1 1.3 .1 1.9 Other items: Transaction and related costs — 19.4 .3 20.1 Outcomes of legal proceedings, net (1) — — 1.7 (.4) Gain on venture investments (8.7) (4.9) (12.4) (4.9) (Gain) loss on sales of assets, net — — (.5) .2 Gain on sale of product line — (.9) — (5.7) Other expense (income), net $ (3.9) $ 16.0 $ (2.1) $ 16.3 (1) Amount for the first nine months of 2021 includes an indirect tax credit based on a Brazilian Supreme Federal Court ruling in the amount of $29.1 million, partially offset by a contingent liability related to a patent infringement lawsuit in the amount of $26.6 million. Refer to Note 11, “Commitments and Contingencies,” to the unaudited Condensed Consolidated Financial Statements for more information regarding the patent infringement lawsuit.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	9 Months Ended
	Oct. 01, 2022
Supplemental Financial Information
Schedule of net inventories	The table below summarizes amounts in inventories. (In millions) October 1, 2022 January 1, 2022 Raw materials $ 447.5 $ 393.6 Work-in-progress 259.3 233.1 Finished goods 307.6 280.5 Inventories $ 1,014.4 $ 907.2
Schedule of property, plant and equipment	The table below summarizes the amounts in property, plant and equipment, net. (In millions) October 1, 2022 January 1, 2022 Property, plant and equipment $ 3,559.1 $ 3,626.2 Accumulated depreciation (2,116.5) (2,148.5) Property, plant and equipment, net $ 1,442.6 $ 1,477.7
Schedule of allowance for credit losses	The activity related to our allowance for credit losses is shown below. Nine Months Ended (In millions) October 1, 2022 October 2, 2021 Beginning balance $ 33.0 $ 44.6 Provision for (reversal of) credit losses 5.6 (4.8) Amounts written off (3.6) (3.1) Other, including foreign currency translation (2.3) .3 Ending balance $ 32.7 $ 37.0

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions		1 Months Ended
	Aug. 31, 2021	Jan. 31, 2022
2022 Acquisitions
ACQUISITIONS
Purchase consideration		$ 35
Business combination contingent consideration maximum amount		$ 30
Vestcom
ACQUISITIONS
Purchase consideration	$ 1,470

Acquisitions - Schedule Of Asse

Acquisitions - Schedule Of Assets Acquired And Liabilities Assumed In Business Acquisition (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jan. 01, 2022	Aug. 31, 2021
ACQUISITIONS
Goodwill	$ 1,824.8	$ 1,881.5
Vestcom
ACQUISITIONS
Cash and cash equivalents			$ 24.3
Trade accounts receivable			98.4
Other current assets			28.5
Property, plant and equipment			56.2
Goodwill			754.3
Other intangibles resulting from business acquisition			727
Other assets			22.8
Total assets			1,711.5
Current liabilities			45.4
Other liabilities			17.2
Deferred and non-current income taxes liabilities			183.8
Total liabilities			246.4
Net assets acquired			$ 1,465.1

Goodwill and Other Intangible_3

Goodwill and Other Intangibles Resulting from Business Acquisitions - Goodwill Rollforward (Details)	9 Months Ended
	Oct. 01, 2022 USD ($)
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	$ 1,881,500,000
Acquisition	16,300,000
Acquisition adjustment	(2,300,000)
Translation adjustments	(70,700,000)
Goodwill, Ending balance	1,824,800,000
Business acquisition, goodwill, expected tax deductible amount	0
Label and Graphic Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	456,400,000
Acquisition	0
Acquisition adjustment	0
Translation adjustments	(37,000,000)
Goodwill, Ending balance	419,400,000
Retail Branding and Information Solutions
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	1,236,000,000
Acquisition	16,300,000
Acquisition adjustment	(2,300,000)
Translation adjustments	(19,300,000)
Goodwill, Ending balance	1,230,700,000
Industrial and Healthcare Materials
Changes in the net carrying amount of goodwill
Goodwill, Beginning balance	189,100,000
Acquisition	0
Acquisition adjustment	0
Translation adjustments	(14,400,000)
Goodwill, Ending balance	$ 174,700,000

Goodwill and Other Intangible_4

Goodwill and Other Intangibles Resulting from Business Acquisitions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Acquired Finite-Lived Intangible Assets
Amortization expense	$ 20.4	$ 11.7	$ 61.5	$ 24.6
2022 Acquisitions
Acquired Finite-Lived Intangible Assets
Finite lived intangible assets acquired	$ 21		$ 21

Goodwill and Other Intangible_5

Goodwill and Other Intangibles Resulting from Business Acquisitions - Expected Amortization (Details) $ in Millions	Oct. 01, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remainder of year)	$ 20.3
2023	80.2
2024	78.6
2025	77.8
2026	$ 75

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended
	Aug. 31, 2021	Oct. 01, 2022	Jan. 01, 2022
Debt Instrument [Line Items]
Fair value of debt		$ 2,830,000,000	$ 3,250,000,000
Senior Notes Due 2032
Debt Instrument [Line Items]
Face amount	$ 500,000,000
Stated interest rate (in percent)	2.25%
Proceeds from issuance of senior notes	$ 493,800,000
Senior Notes Due 2024
Debt Instrument [Line Items]
Face amount	$ 300,000,000
Stated interest rate (in percent)	0.85%
Proceeds from issuance of senior notes	$ 298,100,000
Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		800,000,000
Amount outstanding		$ 0	$ 0

Cost Reduction Actions - Narrat

Cost Reduction Actions - Narrative (Details) - Restructuring 2019 2020 Actions $ in Millions	9 Months Ended
	Oct. 01, 2022 USD ($) position
Restructuring charges:
Restructuring charges | $	$ 8.8
Net number of positions reduced as a result of Cost Reduction Actions | position	430

Financial Instruments (Details)

Financial Instruments (Details) - Cross-Currency Swap - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)	Oct. 01, 2022	Jan. 01, 2022	Mar. 31, 2020
Financial Instruments
Notional amount			$ 250,000,000
Foreign currency contract, asset, fair value disclosure	$ 29,800,000
Foreign currency contracts, liability, fair value disclosure		$ 10,300,000

Taxes Based on Income (Details)

Taxes Based on Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Tax Credit Carryforward [Line Items]
Income before taxes	$ 272.5	$ 224.4	$ 830.1	$ 748.6
Provision for income taxes	$ 51	$ 59.2	$ 195.9	$ 187.7
Effective tax rate (as a percent)	18.70%	26.40%	23.60%	25.10%
Effective income tax expense (benefit), GILTI, amount	$ (2.8)	$ (7)	$ (16.5)	$ (21)
Effective income tax benefit, tax contingency, amount			6.4
The amount of reasonably possible net decrease in uncertain tax positions, including interest and penalties, primarily as a result of closing tax years during the next 12 months	5		5
Tax Year 2021
Tax Credit Carryforward [Line Items]
Effective income tax rate, prior year income taxes, amount, benefit	17.3		17.3
Return to provision benefit, GILTI exclusions and FDI deductions amount	$ 11.9		$ 11.9
Tax Year 2020
Tax Credit Carryforward [Line Items]
Effective income tax rate, prior year income taxes, amount, benefit		11.3		11.3
Return to provision benefit, GILTI exclusions and FDI deductions amount		$ 8.7		8.7
Tax Year 2018
Tax Credit Carryforward [Line Items]
Effective income tax rate, prior year income taxes, amount, benefit				$ (14.1)

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Net Income Per Common Share
Net income	$ 221.5	$ 164.1	$ 634.2	$ 557.4
Weighted average number of common shares outstanding (in shares)	81.2	82.9	81.8	83
Dilutive shares (additional common shares issuable under stock-based awards) (in shares)	0.7	0.8	0.6	0.9
Weighted average number of common shares outstanding, assuming dilution (in shares)	81.9	83.7	82.4	83.9
Net income per common share (in dollars per share)	$ 2.73	$ 1.98	$ 7.75	$ 6.72
Net income per common share, assuming dilution (in dollars per share)	$ 2.70	$ 1.96	$ 7.70	$ 6.64

Supplemental Equity and Compr_3

Supplemental Equity and Comprehensive Income Information - Shareholder Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Apr. 30, 2022	Jan. 01, 2022
Increase (Decrease) in Stockholders' Equity
Common stock issued, $1 par value per share	$ 124.1	$ 124.1	$ 124.1	$ 124.1		$ 124.1
Beginning balance			1,924.4
Net income	221.5	164.1	634.2	557.4
Other comprehensive income (loss), net of tax	(56.9)	$ 4.6	(85.1)	$ 26.6
Ending balance	$ 2,007.3		$ 2,007.3
Dividends per common share	$ 0.75	$ 0.68	$ 2.18	$ 1.98
Common stock, par value (in dollars per share)	$ 1		$ 1			$ 1
Authorized repurchase amount					$ 750
Stock repurchase program, remaining authorized repurchase amount	$ 791		$ 791
Capital in excess of par value
Increase (Decrease) in Stockholders' Equity
Beginning balance	855.9	$ 846.5	862.3	$ 862.1
Issuance of shares under stock-based compensation plans	10.6	8.3	4.2	(7.3)
Ending balance	866.5	854.8	866.5	854.8
Retained earnings
Increase (Decrease) in Stockholders' Equity
Beginning balance	4,182	3,637.3	3,880.7	3,349.3
Net income	221.5	164.1	634.2	557.4
Issuance of shares under stock-based compensation plans	0.3	0	(4.6)	(7.1)
Contribution of shares to 401(k) plan	4.1	4.6	15	14.4
Dividends	(60.9)	(56.3)	(178.3)	(164.3)
Ending balance	4,347	3,749.7	4,347	3,749.7
Treasury stock at cost
Increase (Decrease) in Stockholders' Equity
Beginning balance	(2,914)	(2,576.7)	(2,659.8)	(2,501)
Repurchase of shares for treasury	(49.9)	(31)	(318.6)	(126)
Issuance of shares under stock-based compensation plans	0.1	0.1	10.5	16.3
Contribution of shares to 401(k) plan	1.5	1.2	5.6	4.3
Ending balance	(2,962.3)	(2,606.4)	(2,962.3)	(2,606.4)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity
Beginning balance	(311.1)	(327.6)	(282.9)	(349.6)
Other comprehensive income (loss), net of tax	(56.9)	4.6	(85.1)	26.6
Ending balance	$ (368)	$ (323)	$ (368)	$ (323)

Supplemental Equity and Compr_4

Supplemental Equity and Comprehensive Income Information - Change in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,924.4
Other comprehensive income (loss) before reclassifications, net of tax			(87.2)	$ 23.5
Reclassifications to net income, net of tax			2.1	3.1
Other comprehensive income (loss), net of tax	$ (56.9)	$ 4.6	(85.1)	26.6
Ending balance	2,007.3		2,007.3
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(311.1)	(327.6)	(282.9)	(349.6)
Other comprehensive income (loss), net of tax	(56.9)	4.6	(85.1)	26.6
Ending balance	(368)	(323)	(368)	(323)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(217.4)	(248.1)
Other comprehensive income (loss) before reclassifications, net of tax			(91.9)	19.1
Reclassifications to net income, net of tax			0	0
Other comprehensive income (loss), net of tax			(91.9)	19.1
Ending balance	(309.3)	(229)	(309.3)	(229)
Pension and Other Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(60.4)	(92.7)
Other comprehensive income (loss) before reclassifications, net of tax			0	0
Reclassifications to net income, net of tax			2.5	3.3
Other comprehensive income (loss), net of tax			2.5	3.3
Ending balance	(57.9)	(89.4)	(57.9)	(89.4)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(5.1)	(8.8)
Other comprehensive income (loss) before reclassifications, net of tax			4.7	4.4
Reclassifications to net income, net of tax			(0.4)	(0.2)
Other comprehensive income (loss), net of tax			4.3	4.2
Ending balance	$ (0.8)	$ (4.6)	$ (0.8)	$ (4.6)

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy (Details) - Recurring - USD ($) $ in Millions	Oct. 01, 2022	Jan. 01, 2022
Assets
Investments	$ 30.6	$ 33.9
Derivative assets	9.6	7.1
Bank drafts	7.4	14.1
Cross-currency swap	29.8
Liabilities
Cross-currency swap		10.3
Derivative liabilities	10	3.6
Contingent consideration liabilities	10.1	7.6
Quoted Prices in Active Markets (Level 1)
Assets
Investments	24.8	27.1
Derivative assets	1.6	0.6
Bank drafts	7.4	14.1
Cross-currency swap	0
Liabilities
Cross-currency swap		0
Derivative liabilities	0	0
Contingent consideration liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets
Investments	5.8	6.8
Derivative assets	8	6.5
Bank drafts	0	0
Cross-currency swap	29.8
Liabilities
Cross-currency swap		10.3
Derivative liabilities	10	3.6
Contingent consideration liabilities	0	0
Significant Other Unobservable Inputs (Level 3)
Assets
Investments	0	0
Derivative assets	0	0
Bank drafts	0	0
Cross-currency swap	0
Liabilities
Cross-currency swap		0
Derivative liabilities	0	0
Contingent consideration liabilities	$ 10.1	$ 7.6

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Fair value, assets and liabilities measured on a recurring basis
Equity securities without readily determinable fair value, upward price adjustment, amount	$ 8.7	$ 4.9	$ 12.4	$ 4.9
Equity Securities without Readily Determinable Fair Value, Amount	64		64		$ 52
Recurring
Fair value, assets and liabilities measured on a recurring basis
Investments	30.6		30.6		33.9
Cash and cash equivalents | Recurring
Fair value, assets and liabilities measured on a recurring basis
Investments	0.8		0.8		0.5
Other current assets | Recurring
Fair value, assets and liabilities measured on a recurring basis
Investments	$ 29.8		$ 29.8		$ 33.4

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Oct. 01, 2022 USD ($) site	Jan. 01, 2022 USD ($)	Oct. 02, 2021 USD ($)	Jul. 03, 2021 USD ($)
Environmental Liabilities Associated with Remediation
Environmental site contingency number of sites | site	11
Short term environmental liabilities	$ 3	$ 2
Jury Verdict
Environmental Liabilities Associated with Remediation
Current legal reserve	$ 26.6
Potential liability			$ 35.8
Infringement of patent
Environmental Liabilities Associated with Remediation
Current legal reserve				$ 26.6

Commitments and Contingencies_2

Commitments and Contingencies - Activity (Details) $ in Millions	9 Months Ended
	Oct. 01, 2022 USD ($)
Environmental Liabilities Associated with Remediation
Balance at beginning of period	$ 21.9
Charges, net of reversals	0.3
Payments	(1.3)
Balance at end of period	$ 20.9

Segment and Disaggregated Rev_3

Segment and Disaggregated Revenue Information - Net Sales to Unaffiliated Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 2,317.1	$ 2,071.8	$ 7,013.4	$ 6,225.1
Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	1,502.5	1,345.8	4,474.5	4,099
Retail Branding and Information Solutions
Net sales to unaffiliated customers
Net sales to unaffiliated customers	623.1	530.7	1,959.6	1,542.7
Retail Branding and Information Solutions | Apparel
Net sales to unaffiliated customers
Net sales to unaffiliated customers	446.1	436.5	1,447.4	1,334.5
Retail Branding and Information Solutions | Identification Solutions and Vestcom
Net sales to unaffiliated customers
Net sales to unaffiliated customers	177	94.2	512.2	208.2
Industrial and Healthcare Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	191.5	195.3	579.3	583.4
U.S. | Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	422.3	372.1	1,259.4	1,094.7
Europe | Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	577.3	499.3	1,716.7	1,550.8
Asia | Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	289.5	289.4	888.3	910.4
Latin America | Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	126.5	103.6	347.5	300
Other international | Label and Graphic Materials
Net sales to unaffiliated customers
Net sales to unaffiliated customers	$ 86.9	$ 81.4	$ 262.6	$ 243.1

Segment and Disaggregated Rev_4

Segment and Disaggregated Revenue Information - Additional Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	$ 2,317.1	$ 2,071.8	$ 7,013.4	$ 6,225.1
Income before taxes	272.5	224.4	830.1	748.6
Interest expense	(21.2)	(18)	(61.6)	(50.2)
Other non-operating expense (income), net	1.4	0.9	4.1	3.6
Other expense (income), net	(3.9)	16	(2.1)	16.3
Intersegment sales
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	55.1	38.9	142.6	107.2
Corporate
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Income before taxes	(19.4)	(20.6)	(68.5)	(69.3)
Other expense (income), net	0	0.5	1.5	1
Label and Graphic Materials
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	1,502.5	1,345.8	4,474.5	4,099
Label and Graphic Materials | Intersegment sales
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	38.4	24.8	97	71.1
Label and Graphic Materials | Operating segments
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Income before taxes	215.6	184.9	649.1	639.2
Other expense (income), net	(8)	0.2	(10.7)	(30.2)
Retail Branding and Information Solutions
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	623.1	530.7	1,959.6	1,542.7
Retail Branding and Information Solutions | Intersegment sales
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	10.1	10.4	29.2	28.1
Retail Branding and Information Solutions | Operating segments
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Income before taxes	75.8	58.5	250.7	160.6
Other expense (income), net	3.4	14.6	6.3	44.2
Industrial and Healthcare Materials
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	191.5	195.3	579.3	583.4
Industrial and Healthcare Materials | Intersegment sales
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Net sales to unaffiliated customers	6.6	3.7	16.4	8
Industrial and Healthcare Materials | Operating segments
SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Income before taxes	20.3	18.7	56.3	64.7
Other expense (income), net	$ 0.7	$ 0.7	$ 0.8	$ 1.3

Segment and Disaggregated Rev_5

Segment and Disaggregated Revenue Information - Other Expense (Income), Net by Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Other items:
Transaction and related costs	$ 0	$ 19.4	$ 0.3	$ 20.1
Outcomes of legal proceedings, net	0	0	1.7	(0.4)
Gain on venture investments	(8.7)	(4.9)	(12.4)	(4.9)
(Gain) loss on sales of assets, net	0	0	(0.5)	0.2
Gain on sale of product line	0	(0.9)	0	(5.7)
Other expense (income), net	(3.9)	16	(2.1)	16.3
Infringement of patent
Other items:
Outcomes of legal proceedings, net		26.6		26.6
Reduction in taxes
Other items:
Outcomes of legal proceedings, net		(29.1)		(29.1)
Severance and related costs
Restructuring charges:
Restructuring charges	4.7	1.1	8.7	5.1
Asset impairment charges and lease cancellation costs
Restructuring charges:
Restructuring charges	$ 0.1	$ 1.3	$ 0.1	$ 1.9

Supplemental Financial Inform_3

Supplemental Financial Information - Inventories (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jan. 01, 2022
Inventories
Raw materials	$ 447.5	$ 393.6
Work-in-progress	259.3	233.1
Finished goods	307.6	280.5
Inventories	$ 1,014.4	$ 907.2

Supplemental Financial Inform_4

Supplemental Financial Information - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jan. 01, 2022
Supplemental Financial Information
Property, plant and equipment	$ 3,559.1	$ 3,626.2
Accumulated depreciation	(2,116.5)	(2,148.5)
Property, plant and equipment, net	$ 1,442.6	$ 1,477.7

Supplemental Financial Inform_5

Supplemental Financial Information - Allowance of credit losses (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 33	$ 44.6
Provision for (reversal of) credit losses	5.6	(4.8)
Amounts written off	(3.6)	(3.1)
Other, including foreign currency translation	(2.3)	0.3
Ending balance	$ 32.7	$ 37