Avery Dennison (AVY) 10-Q 5 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Apr. 04, 2015	2-May-15
Document and Entity Information
Entity Registrant Name	Avery Dennison Corp
Entity Central Index Key	8818
Document Type	10-Q
Document Period End Date	4-Apr-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-1
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		91,022,066
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Apr. 04, 2015	Jan. 03, 2015
In Millions, unless otherwise specified
Current assets:
Cash and cash equivalents	$212.50	$227
Trade accounts receivable, less allowances of $34.3 and $30.5 at April 4, 2015 and January 3, 2015, respectively	988	958.1
Inventories, net	508.9	491.8
Current deferred and refundable income taxes	102.9	107.5
Assets held for sale	17.7	0.8
Other current assets	134.1	136.1
Total current assets	1,964.10	1,921.30
Property, plant and equipment	2,566.20	2,654.50
Accumulated depreciation	-1,735	-1,779.20
Property, plant and equipment, net	831.2	875.3
Goodwill	697	721.6
Other intangibles resulting from business acquisitions, net	60.9	67.4
Non-current deferred income taxes	305.8	311
Other assets	453.6	463.6
Total assets	4,312.60	4,360.20
Current liabilities:
Short-term borrowings and current portion of long-term debt and capital leases	265.7	204.3
Accounts payable	825.1	797.8
Current deferred and payable income taxes	64.9	64.9
Liabilities held for sale	17.8
Other accrued liabilities	433.3	530.8
Total current liabilities	1,606.80	1,597.80
Long-term debt and capital leases	945.3	945.3
Long-term retirement benefits and other liabilities	610.4	622.8
Non-current deferred and payable income taxes	124.1	127.8
Commitments and contingencies (see Note 15)
Shareholders' equity:
Common stock, $1 par value per share, authorized - 400,000,000 shares at April 4, 2015 and January 3, 2015; issued - 124,126,624 shares at April 4, 2015 and January 3, 2015; outstanding - 90,834,254 shares and 90,458,956 shares at April 4, 2015 and January 3, 2015, respectively	124.1	124.1
Capital in excess of par value	810.4	823.9
Retained earnings	2,175.40	2,137.10
Treasury stock at cost, 33,292,370 shares and 33,667,668 shares at April 4, 2015 and January 3, 2015, respectively	-1,470.20	-1,471.30
Accumulated other comprehensive loss	-613.7	-547.3
Total shareholders' equity	1,026	1,066.50
Total liabilities and shareholders' equity	$4,312.60	$4,360.20

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Apr. 04, 2015	Jan. 03, 2015
In Millions, except Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS
Trade accounts receivable, allowances (in dollars)	$34.30	$30.50
Common stock, par value (in dollars per share)	$1	$1
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	124,126,624	124,126,624
Common stock, outstanding shares	90,834,254	90,458,956
Treasury stock, shares	33,292,370	33,667,668

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$1,528	$1,550.10
Cost of products sold	1,098	1,142.90
Gross profit	430	407.2
Marketing, general and administrative expense	300.9	296.7
Interest expense	15.3	15.4
Other expense, net	14.3	7.3
Income from continuing operations before taxes	99.5	87.8
Provision for income taxes	27.9	16.2
Income from continuing operations	71.6	71.6
(Loss) income from discontinued operations, net of tax		-0.4
Net income	$71.60	$71.20
Net income (loss) per common share:
Continuing operations (in dollars per share)	$0.79	$0.74
Discontinued operations (in dollars per share)	$0	$0
Net income per common share (in dollars per share)	$0.79	$0.74
Net income (loss) per common share, assuming dilution:
Continuing operations (in dollars per share)	$0.77	$0.73
Discontinued operations (in dollars per share)	$0	$0
Net income per common share, assuming dilution (in dollars per share)	$0.77	$0.73
Dividends per common share (in dollars per share)	$0.35	$0.29
Weighted average shares outstanding:
Common shares (in shares)	90.6	96.1
Common shares, assuming dilution (in shares)	92.4	98

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$71.60	$71.20
Other comprehensive (loss) income, before tax:
Foreign currency translation	-72.1	-0.9
Pension and other postretirement benefits	7.6	5.5
Cash flow hedges	-1	-0.1
Other comprehensive (loss) income, before tax	-65.5	4.5
Income tax expense related to items of other comprehensive (loss) income	0.9	1.2
Other comprehensive (loss) income, net of tax	-66.4	3.3
Total comprehensive income, net of tax	$5.20	$74.50

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Operating Activities
Net income	$71.60	$71.20
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	33.2	33.6
Amortization	16.1	16.4
Provision for doubtful accounts and sales returns	9.8	7.3
Net losses from asset impairments and sales/disposals of assets	1.1	0.8
Stock-based compensation	7.4	6
Other non-cash expense and loss	13.6	11.8
Changes in assets and liabilities and other adjustments	-144.5	-255.1
Net cash provided by (used in) operating activities	8.3	-108
Investing Activities
Purchases of property, plant and equipment	-25.3	-38.7
Purchases of software and other deferred charges	-1.4	-8.9
Proceeds from sales of property, plant and equipment	2.8	0.1
(purchases) sales of investments, net	-0.4	0.1
Net cash (used in) investing activities	-24.3	-47.4
Financing Activities
Net increase in borrowings (maturities of 90 days or less)	64.2	90.4
Payments of debt (maturities longer than 90 days)	-0.2	-0.4
Dividends paid	-31.8	-27.8
Share repurchases	-33.8	-59.2
Proceeds from exercises of stock options, net	16	12.5
Other	-8.4	-3.2
Net cash provided by financing activities	6	12.3
Effect of foreign currency translation on cash balances	-4.5	-3.4
Decrease in cash and cash equivalents	-14.5	-146.5
Cash and cash equivalents, beginning of year	227	351.6
Cash and cash equivalents, end of period	$212.50	$205.10

General

General	3 Months Ended
	Apr. 04, 2015
General
General
	Note 1.  General
	The unaudited Condensed Consolidated Financial Statements and 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 notes thereto in our 2014 Annual Report on Form 10-K, which should be read in conjunction with this Quarterly Report on Form 10-Q. The accompanying unaudited Condensed Consolidated Financial Statements include normal recurring adjustments necessary for a fair statement of our interim results.

Assets_Held_for_Sale_and_Disco

Assets Held for Sale and Discontinued Operations	3 Months Ended
	Apr. 04, 2015
Assets Held for Sale and Discontinued Operations
Assets Held for Sale and Discontinued Operations	Note 2.  Assets Held for Sale and Discontinued Operations
	Assets Held for Sale
	In February 2015, we entered into an agreement to sell certain assets, and transfer certain liabilities, of a product line from our Retail Branding and Information Solutions reportable segment. This transaction, which is subject to customary closing conditions, is expected to be completed in the second quarter of 2015 for a sale price that is subject to working capital and other closing adjustments.  The assets and liabilities of the product line were presented as “held for sale” in the unaudited Condensed Consolidated Balance Sheet as of April 4, 2015.
	We recorded an impairment charge of approximately $2 million related to certain long-lived assets of this product line during the three months ended April 4, 2015.  This loss was included in “Other expense, net” in the unaudited Consolidated Statements of Income.
	Discontinued Operations
	During the three months ended March 29, 2014, loss from discontinued operations, net of tax, included costs related to the resolution of certain post-closing adjustments from the sale of our former Office and Consumer Products (“OCP”) and Designed and Engineered Solutions (“DES”) businesses. We continue to be subject to certain indemnification obligations under the terms of the purchase agreement. In addition, the tax liability associated with the sale is subject to completion of tax return filings in certain foreign jurisdictions where we operated the OCP and DES businesses.

Inventories

Inventories	3 Months Ended
	Apr. 04, 2015
Inventories
Inventories
	Note 3.  Inventories
	Net inventories consisted of:
	(In millions)	4-Apr-15		3-Jan-15
	Raw materials	$	189.5	$	183.6
	Work-in-progress	157.6		150.4
	Finished goods	161.8		157.8
	Inventories, net	$	508.9	$	491.8

Goodwill

Goodwill	3 Months Ended
	Apr. 04, 2015
Goodwill.
Goodwill
	Note 4.  Goodwill
	Changes in the net carrying amount of goodwill for the three months ended April 4, 2015, by reportable segment, were as follows:
	(In millions)	Pressure-sensitive			Retail Branding			Total
		Materials			and Information
					Solutions
	Goodwill as of January 3, 2015	$	306.6		$	415		$	721.6
	Translation adjustments	(19.8		)	(4.8		)	(24.6		)
	Goodwill as of April 4, 2015	$	286.8		$	410.2		$	697
	The carrying amounts of goodwill at April 4, 2015 and January 3, 2015 were net of accumulated impairment losses of $820 million, which were included in our Retail Branding and Information Solutions reportable segment.
	There was no goodwill associated with our Vancive Medical Technologies reportable segment.

Debt

Debt	3 Months Ended
	Apr. 04, 2015
Debt
Debt
	Note 5.  Debt
	The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities 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 carrying value given the short duration of these obligations.  The fair value of our total debt was $1.3 billion at April 4, 2015 and $1.22 billion at January 3, 2015. Fair value amounts were determined based primarily on Level 2 inputs, which are inputs other than quoted prices in active markets that are either directly or indirectly observable.
	Our various loan agreements require that we maintain specified financial covenant ratios of total debt and interest expense in relation to certain measures of income.  As of April 4, 2015, we were in compliance with our financial covenants.

Pension_And_Other_Postretireme

Pension And Other Postretirement Benefits	3 Months Ended
	Apr. 04, 2015
Pension and Other Postretirement Benefits.
Pension and Other Postretirement Benefits
	Note 6.  Pension and Other Postretirement Benefits
	Defined Benefit Plans
	We sponsor a number of defined benefit plans, the accrual of benefits under some of which has been frozen, covering eligible employees in the U.S. and certain other countries.  Benefits payable to an employee are based primarily on years of service and the employee’s compensation during the course of his or her employment with us.  While we have not expressed any intent to terminate these plans, we may do so at any time, subject to applicable laws and regulations.
	We are also obligated to pay unfunded termination indemnity benefits to certain employees outside of the U.S., which are subject to applicable agreements, laws and regulations.  We have not incurred significant costs related to termination indemnity arrangements, and therefore, no related costs are included in the disclosures below.
	The following table sets forth the components of net periodic benefit cost (credit), which are recorded in income from continuing operations, for our defined benefit plans:
		Pension Benefits												U.S. Postretirement
														Health Benefits
		Three Months Ended												Three Months Ended
		4-Apr-15						29-Mar-14						4-Apr-15			29-Mar-14
	(In millions)	U.S.			Int’l			U.S.			Int’l
	Service cost	$	0.1		$	3.7		$	0.1		$	3.5		$	–		$	–
	Interest cost	10.7			4.5			11			6			0.1				–
	Expected return on plan assets	(12.9		)	(5.5		)	(13.0		)	(6.5		)	–				–
	Recognized net actuarial loss	5.1			2.5			3.9			1.3			0.6				0.7
	Amortization of prior service cost (credit)	0.3			(.1		)	0.3			0.1			(.8		)		(.8	)
	Net periodic benefit cost (credit)	$	3.3		$	5.1		$	2.3		$	4.4		$	(.1	)	$	(.1	)
	We make contributions to our defined benefit plans sufficient to meet the minimum funding requirements of applicable laws and regulations, plus additional amounts, if any, we determine to be appropriate. All of the contributions made in the first three months of 2015 and 2014 were made to meet minimum funding requirements.
	The following table sets forth the contributions to our defined benefit plans:
		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	U.S.	$	1.2		$	1.0
	Int’l	7.1			8.0
	U.S. postretirement health benefits	0.3			0.3

Research_and_Development

Research and Development	3 Months Ended
	Apr. 04, 2015
Research and Development
Research and Development
	Note 7.  Research and Development
	Research and development expense from continuing operations was $25.6 million and $24.9 million for the three months ended April 4, 2015 and March 29, 2014, respectively.  This expense was included in “Marketing, general and administrative expense” in the unaudited Consolidated Statements of Income.

LongTerm_Incentive_Compensatio

Long-Term Incentive Compensation	3 Months Ended
	Apr. 04, 2015
Long-Term Incentive Compensation
Long-Term Incentive Compensation
	Note 8.  Long-Term Incentive Compensation
	Equity Awards
	Stock-based compensation expense from continuing operations was $7.4 million and $6 million for the three months ended April 4, 2015 and March 29, 2014, respectively. This expense was included in “Marketing, general and administrative expense” in the unaudited Consolidated Statements of Income.
	As of April 4, 2015, we had approximately $49 million of unrecognized compensation expense from continuing operations related to unvested stock-based awards, which is expected to be recognized over the remaining weighted-average period of approximately three years.
	Cash Awards
	Compensation expense from continuing operations related to long-term incentive units was $5.2 million and $5.3 million for the three months ended April 4, 2015 and March 29, 2014, respectively.  This expense was included in “Marketing, general and administrative expense” in the unaudited Consolidated Statements of Income.

Cost_Reduction_Actions

Cost Reduction Actions	3 Months Ended
	Apr. 04, 2015
Cost Reduction Actions
Cost Reduction Actions
	Note 9.  Cost Reduction Actions
	2014/2015 Actions
	During the three months ended April 4, 2015, we recorded $13.9 million in restructuring charges, net of reversals, related to restructuring actions we initiated in 2014 that are continuing through 2015 (“2014/2015 Actions”). These charges consisted of severance and related costs for the reduction of approximately 245 positions and asset impairment charges.
	In 2014, we recorded $66.5 million in restructuring charges, net of reversals, related to our 2014/2015 Actions.  These charges consisted of severance and related costs for the reduction of approximately 1,420 positions, lease cancellation costs, and asset impairment charges.
	Approximately 130 employees impacted by our 2014/2015 Actions remained employed with us as of April 4, 2015. We expect charges and payments related to these actions to be substantially completed in 2015.
	Accruals for severance and related costs and lease cancellation costs were included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets.  For assets that were not disposed of, impairments were based on the estimated market value of the assets.  Restructuring costs were included in “Other expense, net” in the unaudited Consolidated Statements of Income.
	During the three months ended April 4, 2015, restructuring charges and payments were as follows:
	(In millions)	Accrual at		Charges		Cash			Non-cash			Foreign			Accrual at
		January 3,		(Reversals),		Payments			Impairment			Currency			4-Apr-15
		2015		net								Translation
	2014/2015 Actions
	Severance and related costs	$	16.8	$	13.5	$	(11.7	)	$	–		$	(.9	)	$	17.7
	Asset impairment charges	–		0.4		–			(.4		)	–			–
	Lease cancellation costs	0.1		–		(.1		)	–			–			–
	2012 Program
	Severance and related costs	0.8		–		–			–			(.1		)	0.7
	Total	$	17.7	$	13.9	$	(11.8	)	$	(.4	)	$	(1.0	)	$	18.4
	The table below shows the total amount of restructuring costs incurred by reportable segment and Corporate.  Restructuring costs were included in “Other expense, net” in the unaudited Consolidated Statements of Income.
		Three Months Ended
	(In millions)	April 4, 2015		March 29, 2014
	Restructuring costs by reportable segment and Corporate
	Pressure-sensitive Materials	$	7.3	$	1.3
	Retail Branding and Information Solutions	3.4		6.0
	Vancive Medical Technologies	1.1		–
	Corporate	2.1		–
		$	13.9	$	7.3

Financial_Instruments

Financial Instruments	3 Months Ended
	Apr. 04, 2015
Financial Instruments
Financial Instruments
	Note 10.  Financial Instruments
	We enter into foreign exchange hedge contracts to reduce our risk from exchange rate fluctuations associated with receivables, payables, loans and firm commitments denominated in certain foreign currencies that arise primarily as a result of our operations outside the U.S.  We enter into interest rate contracts to help manage our exposure to certain interest rate fluctuations.  We also enter into futures contracts to hedge certain price fluctuations for a portion of our anticipated domestic purchases of natural gas. The maximum length of time for which we hedge our exposure to the variability in future cash flows for forecasted transactions is 36 months.
	As of April 4, 2015, the aggregate U.S. dollar equivalent notional value of our outstanding commodity contracts and foreign exchange contracts was $4.3 million and $1.3 billion, respectively.
	We recognize all derivative instruments as either assets or liabilities at fair value in the unaudited Condensed Consolidated Balance Sheets. We designate commodity forward contracts on forecasted purchases of commodities and foreign exchange contracts on forecasted transactions as cash flow hedges and foreign exchange contracts on existing balance sheet items as fair value hedges.
	The following table provides the fair value and balance sheet locations of derivatives as of April 4, 2015:
		Asset					Liability
	(In millions)	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Foreign exchange contracts	Other current assets		$	10.0		Other accrued liabilities		$	5.0
	Commodity contracts	Other current assets		–			Other accrued liabilities		0.8
							Long-term retirement benefits and other liabilities		0.2
				$	10.0				$	6.0
	The following table provides the fair value and balance sheet locations of derivatives as of January 3, 2015:
		Asset					Liability
	(In millions)	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Foreign exchange contracts	Other current assets		$	10.3		Other accrued liabilities		$	10.5
	Commodity contracts	Other current assets		–			Other accrued liabilities		1.0
							Long-term retirement benefits and other liabilities		0.2
				$	10.3				$	11.7
	Fair Value Hedges
	For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative and the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings, resulting in no material net impact to income.
	The following table provides the components of net gain (loss) recognized in income related to fair value hedge contracts.  The corresponding gains or losses on the underlying hedged items approximated the net gain (loss) on these fair value hedge contracts.
				Three Months Ended
	(In millions)	Location of Gain (Loss) in Income		April 4, 2015			March 29, 2014
	Foreign exchange contracts	Cost of products sold		$	1.4		$	-0.9
	Foreign exchange contracts	Marketing, general and administrative expense		11.7			1.0
				$	13.1		$	0.1
	Cash Flow Hedges
	For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of “Accumulated other comprehensive loss” and reclassified into earnings in the same period(s) during which the hedged transaction impacts earnings.  Gains and losses on the derivative, representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness, are recognized in current earnings.
	Gains (losses) recognized in “Accumulated other comprehensive loss” (effective portion) on derivatives related to cash flow hedge contracts were as follows:
		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	Foreign exchange contracts	$	1.5		$	(.3	)
	Commodity contracts	(.5		)	0.4
		$	1.0		$	0.1
	The amount of gain or loss recognized in income related to the ineffective portion of, and the amount excluded from, effectiveness testing for cash flow hedges and derivatives not designated as hedging instruments were not material for the three months ended April 4, 2015 and March 29, 2014, respectively.
	As of April 4, 2015, we expected a net gain of approximately $1 million to be reclassified from “Accumulated other comprehensive loss” to earnings within the next 12 months.  See Note 13, “Comprehensive Income,” for more information.

Taxes_Based_on_Income

Taxes Based on Income	3 Months Ended
	Apr. 04, 2015
Taxes Based on Income
Taxes Based On Income
	Note 11.  Taxes Based on Income
	The following table summarizes our income from continuing operations before taxes, provision for income taxes from continuing operations, and effective tax rate:
		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	Income from continuing operations before taxes	$	99.5		$	87.8
	Provision for income taxes		27.9			16.2
	Effective tax rate		28.0	%		18.4	%
	The effective tax rate for continuing operations for the three months ended April 4, 2015 included a discrete tax benefit of $3.3 million due to a decrease in certain tax reserves, including interest and penalties, as a result of closing tax years, and a net benefit of $1.6 million related to changes in the effective tax rates in certain foreign municipalities.
	The effective tax rate for continuing operations for the three months ended March 29, 2014 included a discrete tax benefit of $9.5 million as a result of changes in certain tax reserves and valuation allowances and a $4.8 million benefit from out-of-period adjustments to properly state deferred taxes related to acquisitions completed in 2002 and 2003.
	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.  With some exceptions, we and our subsidiaries are no longer subject to income tax examinations by tax authorities for years prior to 2006.
	It is reasonably possible that, during the next 12 months, we may realize a decrease in our uncertain tax positions, including interest and penalties, of approximately $10 million, as a result of settlements and closing tax years.

Net_Income_Per_Common_Share

Net Income Per Common Share	3 Months Ended
	Apr. 04, 2015
Net Income Per Common Share
Net Income Per Common Share
	Note 12.  Net Income Per Common Share
	Net income per common share was computed as follows:
			Three Months Ended
	(In millions, except per share amounts)		April 4, 2015		March 29, 2014
	(A)	Income from continuing operations	$	71.6	$	71.6
	(B)	Loss from discontinued operations, net of tax	–		(.4		)
	(C)	Net income available to common shareholders	$	71.6	$	71.2
	(D)	Weighted-average number of common shares outstanding	90.6		96.1
		Dilutive shares (additional common shares issuable under stock-based awards)	1.8		1.9
	(E)	Weighted-average number of common shares outstanding, assuming dilution	92.4		98.0
	Net income per common share:
		Continuing operations (A) ÷ (D)	$	0.79	$	0.74
		Discontinued operations (B) ÷ (D)	–		–
	Net income per common share (C) ÷ (D)		$	0.79	$	0.74
	Net income per common share, assuming dilution:
		Continuing operations (A) ÷ (E)	$	0.77	$	0.73
		Discontinued operations (B) ÷ (E)	–		–
	Net income per common share, assuming dilution (C) ÷ (E)		$	0.77	$	0.73
	Certain stock-based compensation awards were not included in the computation of net income per common share, assuming dilution, because they would not have had a dilutive effect.  Stock-based compensation awards excluded from the computation totaled approximately 1 million shares and 4 million shares for the three months ended April 4, 2015 and March 29, 2014, respectively.

Comprehensive_Income

Comprehensive Income	3 Months Ended
	Apr. 04, 2015
Comprehensive Income
Comprehensive Income
	Note 13.  Comprehensive Income
	The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended April 4, 2015 were as follows:
	(In millions)		Foreign			Pension and			Cash Flow			Total
			Currency			Other			Hedges
			Translation			Postretirement
						Benefits
	Balance as of January 3, 2015		$	(16.7	)	$	(530.6	)	$	–		$	(547.3	)
	Other comprehensive loss before reclassifications, net of tax		(72.1		)	–			–			(72.1		)
	Reclassifications to net income, net of tax		–			6.4			(.7		)	5.7
	Net current-period other comprehensive (loss) income, net of tax		(72.1		)	6.4			(.7		)	(66.4		)
	Balance as of April 4, 2015		$	(88.8	)	$	(524.2	)	$	(.7	)	$	(613.7	)
	The changes in “Accumulated other comprehensive loss” (net of tax) for the three-month period ended March 29, 2014 were as follows:
	(In millions)		Foreign			Pension and			Cash Flow			Total
			Currency			Other			Hedges
			Translation			Postretirement
						Benefits
	Balance as of December 28, 2013		$	138		$	(418.1	)	$	(1.0	)	$	(281.1	)
	Other comprehensive loss before reclassifications, net of tax		(.9		)	–			–			(.9		)
	Reclassifications to net income, net of tax		–			4.3			(.1		)	4.2
	Net current-period other comprehensive (loss) income, net of tax		(.9		)	4.3			(.1		)	3.3
	Balance as of March 29, 2014		$	137.1		$	(413.8	)	$	(1.1	)	$	(277.8	)
	The amounts reclassified from “Accumulated other comprehensive loss” to increase (decrease) income from continuing operations were as follows:
			Three Months Ended
	(In millions)		April 4, 2015			March 29, 2014			Affected Line Item in the
									Statements Where Net
									Income is Presented
	Cash flow hedges:
	Foreign exchange contracts		$	1.5		$	–		Cost of products sold
	Commodity contracts		(.5		)	0.1			Cost of products sold
			1			0.1			Total before tax
			(.3		)	–			Provision for income taxes
			0.7			0.1			Net of tax
	Pension and other postretirement benefits(1)		(7.6		)	(5.5		)
			1.2			1.2			Provision for income taxes
			(6.4		)	(4.3		)	Net of tax
	Total reclassifications for the period		$	(5.7	)	$	(4.2	)	Total, net of tax
		-1		See Note 6, “Pension and Other Postretirement Benefits,” for more information.
	The following table sets forth the income tax expense (benefit) allocated to each component of other comprehensive income:
			Three Months Ended
	(In millions)		April 4, 2015			March 29, 2014
	Pension and other postretirement benefits		$	1.2		$	1.2
	Cash flow hedges		(.3		)	–
	Income tax expense allocated to components of other comprehensive income		$	0.9		$	1.2

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Apr. 04, 2015
Fair Value Measurements
Fair Value Measurements
	Note 14.  Fair Value Measurements
	Recurring Fair Value Measurements
	The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of April 4, 2015:
				Fair Value Measurements Using
	(In millions)	Total		Quoted Prices in		Significant Other		Significant Other
				Active Markets		Observable Inputs		Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
	Assets
	Trading securities	$	18.0	$	7.8	$	10.2	$	–
	Derivative assets	10.0		–		10.0		–
	Liabilities
	Derivative liabilities	$	6.0	$	1.0	$	5.0	$	–
	The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of January 3, 2015:
				Fair Value Measurements Using
	(In millions)	Total		Quoted Prices in		Significant Other		Significant Other
				Active Markets		Observable Inputs		Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
	Assets
	Trading securities	$	17.9	$	7.6	$	10.3	$	–
	Derivative assets	10.3		–		10.3		–
	Liabilities
	Derivative liabilities	$	11.7	$	1.2	$	10.5	$	–
	Trading securities 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 April 4, 2015, trading securities of $.4 million and $17.6 million were included in “Cash and cash equivalents” and “Other current assets,” respectively, in the unaudited Condensed Consolidated Balance Sheets.  As of January 3, 2015, trading securities of $.8 million and $17.1 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 are 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.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 04, 2015
Commitments and Contingencies
Commitments and Contingencies
	Note 15.  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.  We have accrued liabilities for matters where it is probable that a loss will be incurred and the amount of loss can be reasonably estimated.  Because of the uncertainties associated with claims resolution and litigation, future expenses to resolve these matters could be higher than the liabilities we have accrued; however, we are unable to reasonably estimate a range of potential expenses.  If information were to become available that allowed us to reasonably estimate a range of potential expenses in an amount higher or lower than what we have accrued, we would adjust our accrued liabilities accordingly.  Additional lawsuits, claims, inquiries, and other regulatory and compliance matters could arise in the future.  The range of expenses for resolving any future matters would be assessed as they arise; until then, a range of potential expenses for such resolution cannot be determined. Potential insurance reimbursements are not offset against potential liabilities, and such liabilities are not discounted.  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
	As of April 4, 2015, we have been designated by the U.S. Environmental Protection Agency (“EPA”) and/or other responsible state agencies as a potentially responsible party (“PRP”) at fifteen waste disposal or waste recycling sites, which are the subject of separate investigations or proceedings concerning alleged soil and/or groundwater contamination and for which no settlement of our liability has been agreed.  We are participating with other PRPs at these sites, and anticipate that our share of remediation costs will be determined pursuant to agreements entered into in the normal course of negotiations with the EPA or other governmental authorities.
	We have accrued liabilities for sites where it is probable that a loss will be incurred and the cost or amount of loss can be reasonably estimated.  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, 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 for the three months ended April 4, 2015 related to environmental liabilities was as follows:
	(In millions)
	Balance at January 3, 2015	$	26.2
	Charges (reversals), net	0.6
	Payments	(1.4		)
	Balance at April 4, 2015	$	25.4
	As of April 4, 2015, approximately $10 million of the balance was classified as short-term and included in “Other current liabilities” in the unaudited Condensed Consolidated Balance Sheets.
	Guarantees
	We participate in receivable financing programs with several financial institutions whereby advances may be requested from these financial institutions.  We guarantee the collection of the related receivables.  At April 4, 2015, the outstanding amount guaranteed was approximately $17 million.  We believe our exposure to these guarantees is not material.
	Unused letters of credit (primarily standby) outstanding with various financial institutions were approximately $47 million at April 4, 2015.
	Commitments
	On September 9, 2005, we completed a ten-year lease financing for a commercial facility located in Mentor, Ohio, used primarily for the North American headquarters and research center of our Materials group.  The facility consists of land, buildings, and equipment.  We lease the facility under an operating lease arrangement, which contains a residual value guarantee of $31.5 million, as well as certain obligations with respect to the refinancing of the lessor’s debt of $11.5 million (collectively, the “Guarantee”).  At the end of the lease term, we have the option to purchase or remarket the facility at an amount equivalent to the value of the Guarantee.  If our estimated fair value (or estimated selling price) of the facility falls below the Guarantee, we would be required to pay the lessor a shortfall, which is an amount equivalent to the Guarantee less our estimated fair value.  During the second quarter of 2011, we estimated a shortfall with respect to the Guarantee and began to recognize the shortfall on a straight-line basis over the remaining lease term.  The carrying amount of the shortfall was approximately $17 million at April 4, 2015, of which $4 million was included in “Other current liabilities” and $13 million in “Long-term retirement benefits and other liabilities” in the unaudited Condensed Consolidated Balance Sheets.  We are in the process of negotiating an extension and amendment of the lease, and expect to conclude negotiations with the lessor in the second quarter of 2015.

Segment_Information

Segment Information	3 Months Ended
	Apr. 04, 2015
Segment Information
Segment Information
	Note 16.  Segment Information
	Financial information by reportable segment from continuing operations is set forth below.
		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	Net sales to unaffiliated customers
	Pressure-sensitive Materials	$	1,120.60		$	1,143.50
	Retail Branding and Information Solutions	388.1			387.7
	Vancive Medical Technologies	19.3			18.9
	Net sales to unaffiliated customers	$	1,528.00		$	1,550.10
	Intersegment sales
	Pressure-sensitive Materials	$	15.7		$	16.2
	Retail Branding and Information Solutions	0.6			0.8
	Vancive Medical Technologies	1.6			2.3
	Intersegment sales	$	17.9		$	19.3
	Income from continuing operations before taxes
	Pressure-sensitive Materials	$	122.9		$	112
	Retail Branding and Information Solutions	19.2			16.6
	Vancive Medical Technologies	(2.1		)	(2.6		)
	Corporate expense	(25.2		)	(22.8		)
	Interest expense	(15.3		)	(15.4		)
	Income from continuing operations before taxes	$	99.5		$	87.8
	Other expense, net by reportable segment
	Pressure-sensitive Materials	$	5.6		$	1.3
	Retail Branding and Information Solutions	5.5			6
	Vancive Medical Technologies	1.1			–
	Corporate	2.1			–
	Other expense, net	$	14.3		$	7.3
	Other expense, net by type
	Restructuring costs:
	Severance and related costs	$	13.5		$	7
	Asset impairment charges	0.4			0.3
	Other items:
	Impairment charges on assets held for sale	2			–
	Legal settlement	(.5		)	–
	Gain on sale of asset	(1.7		)	–
	Divestiture-related costs	0.6			–
	Other expense, net	$	14.3		$	7.3

Recent_Accounting_Requirements

Recent Accounting Requirements	3 Months Ended
	Apr. 04, 2015
Recent Accounting Requirements
Recent Accounting Requirements
	Note 17.  Recent Accounting Requirements
	In April 2015, the Financial Accounting Standards Board (“FASB”) issued guidance about accounting for fees paid in a cloud computing arrangement. Examples of cloud computing arrangements include software as a service, platform as a service, infrastructure as a service, and other similar hosting arrangements. If a cloud computing arrangement includes a software license, as clarified in the guidance, then the software license element of the arrangement should be accounted for consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the arrangement should be accounted for as a service contract. This guidance is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years and may be adopted prospectively or retrospectively.  We do not anticipate that adoption of this guidance will have a significant impact on our financial position, results of operations, cash flows, or disclosures.
	In April 2015, the FASB revised guidance to allow employers with fiscal year-ends that do not coincide with a calendar month-end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the calendar month closest to their fiscal year-end. Employers that make this election must apply the alternative measurement date to all defined benefit plans. The guidance also allows all employers to elect to remeasure defined plan assets and obligations in interim periods at the closest calendar month-end to an event that triggers the remeasurement. This revised guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years.  We do not anticipate that adoption of this revised guidance will have a significant impact on our financial position, results of operations, cash flows, or disclosures.
	In April 2015, the FASB revised guidance on the presentation of debt issuance costs. Under this revised guidance, debt issuance costs should be presented in the balance sheet as a direct deduction from the carrying value of the associated debt, consistent with the presentation of a debt discount. This revised guidance is effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. We do not anticipate that adoption of this revised guidance will have a significant impact on our financial position, results of operations, cash flows, or disclosures.
	In May 2014, the FASB issued revised guidance on revenue recognition. This revised guidance provides a single comprehensive model for accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This revised guidance will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of contract(s), which includes (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. This revised guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. This revised guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those years, and can be applied retrospectively either to each prior reporting period presented or with the cumulative effect of adoption recognized at the date of initial application. Early adoption is not permitted. We are evaluating the impact of this revised guidance, but based on the information that we have evaluated to date, we do not anticipate its adoption to have a significant impact on our financial position, results of operations, cash flows, or disclosures.

General_Policies

General (Policies)	3 Months Ended
	Apr. 04, 2015
General
Fiscal Period	Fiscal Period
	The first quarters of 2015 and 2014 consisted of thirteen-week periods ending April 4, 2015 and March 29, 2014, respectively. Interim results of operations are not necessarily indicative of future results.

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Apr. 04, 2015
Inventories
Net inventories	(In millions)	4-Apr-15		3-Jan-15
	Raw materials	$	189.5	$	183.6
	Work-in-progress	157.6		150.4
	Finished goods	161.8		157.8
	Inventories, net	$	508.9	$	491.8

Goodwill_Tables

Goodwill (Tables)	3 Months Ended
	Apr. 04, 2015
Goodwill.
Changes in net carrying amount of goodwill	(In millions)	Pressure-sensitive			Retail Branding			Total
		Materials			and Information
					Solutions
	Goodwill as of January 3, 2015	$	306.6		$	415		$	721.6
	Translation adjustments	(19.8		)	(4.8		)	(24.6		)
	Goodwill as of April 4, 2015	$	286.8		$	410.2		$	697

Recovered_Sheet1

Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Apr. 04, 2015
Pension and Other Postretirement Benefits.
Schedule of components of net periodic benefit cost (credit)		Pension Benefits												U.S. Postretirement
														Health Benefits
		Three Months Ended												Three Months Ended
		4-Apr-15						29-Mar-14						4-Apr-15			29-Mar-14
	(In millions)	U.S.			Int’l			U.S.			Int’l
	Service cost	$	0.1		$	3.7		$	0.1		$	3.5		$	–		$	–
	Interest cost	10.7			4.5			11			6			0.1				–
	Expected return on plan assets	(12.9		)	(5.5		)	(13.0		)	(6.5		)	–				–
	Recognized net actuarial loss	5.1			2.5			3.9			1.3			0.6				0.7
	Amortization of prior service cost (credit)	0.3			(.1		)	0.3			0.1			(.8		)		(.8	)
	Net periodic benefit cost (credit)	$	3.3		$	5.1		$	2.3		$	4.4		$	(.1	)	$	(.1	)
Schedule of defined benefit plan contributions		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	U.S.	$	1.2		$	1.0
	Int’l	7.1			8.0
	U.S. postretirement health benefits	0.3			0.3

Cost_Reduction_Actions_Tables

Cost Reduction Actions (Tables)	3 Months Ended
	Apr. 04, 2015
Cost Reduction Actions
Restructuring charges and payments	(In millions)	Accrual at		Charges		Cash			Non-cash			Foreign			Accrual at
		January 3,		(Reversals),		Payments			Impairment			Currency			4-Apr-15
		2015		net								Translation
	2014/2015 Actions
	Severance and related costs	$	16.8	$	13.5	$	(11.7	)	$	–		$	(.9	)	$	17.7
	Asset impairment charges	–		0.4		–			(.4		)	–			–
	Lease cancellation costs	0.1		–		(.1		)	–			–			–
	2012 Program
	Severance and related costs	0.8		–		–			–			(.1		)	0.7
	Total	$	17.7	$	13.9	$	(11.8	)	$	(.4	)	$	(1.0	)	$	18.4
Total amount of restructuring costs incurred by reportable segment and Corporate
		Three Months Ended
	(In millions)	April 4, 2015		March 29, 2014
	Restructuring costs by reportable segment and Corporate
	Pressure-sensitive Materials	$	7.3	$	1.3
	Retail Branding and Information Solutions	3.4		6.0
	Vancive Medical Technologies	1.1		–
	Corporate	2.1		–
		$	13.9	$	7.3

Financial_Instruments_Tables

Financial Instruments (Tables)	3 Months Ended
	Apr. 04, 2015
Financial Instruments
Fair value and balance sheet locations of derivatives
	The following table provides the fair value and balance sheet locations of derivatives as of April 4, 2015:
		Asset					Liability
	(In millions)	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Foreign exchange contracts	Other current assets		$	10.0		Other accrued liabilities		$	5.0
	Commodity contracts	Other current assets		–			Other accrued liabilities		0.8
							Long-term retirement benefits and other liabilities		0.2
				$	10.0				$	6.0
	The following table provides the fair value and balance sheet locations of derivatives as of January 3, 2015:
		Asset					Liability
	(In millions)	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
	Foreign exchange contracts	Other current assets		$	10.3		Other accrued liabilities		$	10.5
	Commodity contracts	Other current assets		–			Other accrued liabilities		1.0
							Long-term retirement benefits and other liabilities		0.2
				$	10.3				$	11.7
Components of the gain (loss) recognized in income related to fair value hedge contracts
				Three Months Ended
	(In millions)	Location of Gain (Loss) in Income		April 4, 2015			March 29, 2014
	Foreign exchange contracts	Cost of products sold		$	1.4		$	-0.9
	Foreign exchange contracts	Marketing, general and administrative expense		11.7			1.0
				$	13.1		$	0.1
Components of the gain (loss) recognized in income related to cash flow hedges
		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	Foreign exchange contracts	$	1.5		$	(.3	)
	Commodity contracts	(.5		)	0.4
		$	1.0		$	0.1

Taxes_Based_on_Income_Tables

Taxes Based on Income (Tables)	3 Months Ended
	Apr. 04, 2015
Taxes Based on Income
Income from continuing operations before taxes, provision for income taxes from continuing operations, and effective tax rate		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	Income from continuing operations before taxes	$	99.5		$	87.8
	Provision for income taxes		27.9			16.2
	Effective tax rate		28.0	%		18.4	%

Net_Income_Per_Common_Share_Ta

Net Income Per Common Share (Tables)	3 Months Ended
	Apr. 04, 2015
Net Income Per Common Share
Schedule of net income per common share
			Three Months Ended
	(In millions, except per share amounts)		April 4, 2015		March 29, 2014
	(A)	Income from continuing operations	$	71.6	$	71.6
	(B)	Loss from discontinued operations, net of tax	–		(.4		)
	(C)	Net income available to common shareholders	$	71.6	$	71.2
	(D)	Weighted-average number of common shares outstanding	90.6		96.1
		Dilutive shares (additional common shares issuable under stock-based awards)	1.8		1.9
	(E)	Weighted-average number of common shares outstanding, assuming dilution	92.4		98.0
	Net income per common share:
		Continuing operations (A) ÷ (D)	$	0.79	$	0.74
		Discontinued operations (B) ÷ (D)	–		–
	Net income per common share (C) ÷ (D)		$	0.79	$	0.74
	Net income per common share, assuming dilution:
		Continuing operations (A) ÷ (E)	$	0.77	$	0.73
		Discontinued operations (B) ÷ (E)	–		–
	Net income per common share, assuming dilution (C) ÷ (E)		$	0.77	$	0.73

Comprehensive_Income_Tables

Comprehensive Income (Tables)	3 Months Ended
	Apr. 04, 2015
Comprehensive Income
Schedule of changes in "Accumulated other comprehensive loss" (net of tax)
	(In millions)		Foreign			Pension and			Cash Flow			Total
			Currency			Other			Hedges
			Translation			Postretirement
						Benefits
	Balance as of January 3, 2015		$	(16.7	)	$	(530.6	)	$	–		$	(547.3	)
	Other comprehensive loss before reclassifications, net of tax		(72.1		)	–			–			(72.1		)
	Reclassifications to net income, net of tax		–			6.4			(.7		)	5.7
	Net current-period other comprehensive (loss) income, net of tax		(72.1		)	6.4			(.7		)	(66.4		)
	Balance as of April 4, 2015		$	(88.8	)	$	(524.2	)	$	(.7	)	$	(613.7	)
	(In millions)		Foreign			Pension and			Cash Flow			Total
			Currency			Other			Hedges
			Translation			Postretirement
						Benefits
	Balance as of December 28, 2013		$	138		$	(418.1	)	$	(1.0	)	$	(281.1	)
	Other comprehensive loss before reclassifications, net of tax		(.9		)	–			–			(.9		)
	Reclassifications to net income, net of tax		–			4.3			(.1		)	4.2
	Net current-period other comprehensive (loss) income, net of tax		(.9		)	4.3			(.1		)	3.3
	Balance as of March 29, 2014		$	137.1		$	(413.8	)	$	(1.1	)	$	(277.8	)
Schedule of amounts reclassified from "Accumulated other comprehensive loss" to increase (decrease) income from continuing operations
			Three Months Ended
	(In millions)		April 4, 2015			March 29, 2014			Affected Line Item in the
									Statements Where Net
									Income is Presented
	Cash flow hedges:
	Foreign exchange contracts		$	1.5		$	–		Cost of products sold
	Commodity contracts		(.5		)	0.1			Cost of products sold
			1			0.1			Total before tax
			(.3		)	–			Provision for income taxes
			0.7			0.1			Net of tax
	Pension and other postretirement benefits(1)		(7.6		)	(5.5		)
			1.2			1.2			Provision for income taxes
			(6.4		)	(4.3		)	Net of tax
	Total reclassifications for the period		$	(5.7	)	$	(4.2	)	Total, net of tax
		-1		See Note 6, “Pension and Other Postretirement Benefits,” for more information.
Income tax expense (benefit) allocated to each component of other comprehensive loss (income):
			Three Months Ended
	(In millions)		April 4, 2015			March 29, 2014
	Pension and other postretirement benefits		$	1.2		$	1.2
	Cash flow hedges		(.3		)	–
	Income tax expense allocated to components of other comprehensive income		$	0.9		$	1.2

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 04, 2015
Fair Value Measurements
Assets and liabilities carried at fair value, measured on a recurring basis	The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of April 4, 2015:
				Fair Value Measurements Using
	(In millions)	Total		Quoted Prices in		Significant Other		Significant Other
				Active Markets		Observable Inputs		Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
	Assets
	Trading securities	$	18.0	$	7.8	$	10.2	$	–
	Derivative assets	10.0		–		10.0		–
	Liabilities
	Derivative liabilities	$	6.0	$	1.0	$	5.0	$	–
	The following table provides the assets and liabilities carried at fair value, measured on a recurring basis, as of January 3, 2015:
				Fair Value Measurements Using
	(In millions)	Total		Quoted Prices in		Significant Other		Significant Other
				Active Markets		Observable Inputs		Unobservable Inputs
				(Level 1)		(Level 2)		(Level 3)
	Assets
	Trading securities	$	17.9	$	7.6	$	10.3	$	–
	Derivative assets	10.3		–		10.3		–
	Liabilities
	Derivative liabilities	$	11.7	$	1.2	$	10.5	$	–

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Apr. 04, 2015
Commitments and Contingencies
Costs of Environmental Liabilities with Remediation	(In millions)
	Balance at January 3, 2015	$	26.2
	Charges (reversals), net	0.6
	Payments	(1.4		)
	Balance at April 4, 2015	$	25.4

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Apr. 04, 2015
Segment Information
Financial information, by reportable segment from continuing operations
		Three Months Ended
	(In millions)	April 4, 2015			March 29, 2014
	Net sales to unaffiliated customers
	Pressure-sensitive Materials	$	1,120.60		$	1,143.50
	Retail Branding and Information Solutions	388.1			387.7
	Vancive Medical Technologies	19.3			18.9
	Net sales to unaffiliated customers	$	1,528.00		$	1,550.10
	Intersegment sales
	Pressure-sensitive Materials	$	15.7		$	16.2
	Retail Branding and Information Solutions	0.6			0.8
	Vancive Medical Technologies	1.6			2.3
	Intersegment sales	$	17.9		$	19.3
	Income from continuing operations before taxes
	Pressure-sensitive Materials	$	122.9		$	112
	Retail Branding and Information Solutions	19.2			16.6
	Vancive Medical Technologies	(2.1		)	(2.6		)
	Corporate expense	(25.2		)	(22.8		)
	Interest expense	(15.3		)	(15.4		)
	Income from continuing operations before taxes	$	99.5		$	87.8
	Other expense, net by reportable segment
	Pressure-sensitive Materials	$	5.6		$	1.3
	Retail Branding and Information Solutions	5.5			6
	Vancive Medical Technologies	1.1			–
	Corporate	2.1			–
	Other expense, net	$	14.3		$	7.3
	Other expense, net by type
	Restructuring costs:
	Severance and related costs	$	13.5		$	7
	Asset impairment charges	0.4			0.3
	Other items:
	Impairment charges on assets held for sale	2			–
	Legal settlement	(.5		)	–
	Gain on sale of asset	(1.7		)	–
	Divestiture-related costs	0.6			–
	Other expense, net	$	14.3		$	7.3

General_Details

General (Details)	3 Months Ended
	Apr. 04, 2015	Mar. 29, 2014
General
Length of fiscal period	91 days	91 days

Assets_Held_for_Sale_and_Disco1

Assets Held for Sale and Discontinued Operations (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Operating results of discontinued operations and loss on sale
(Loss) Income from discontinued operations, net of tax		($0.40)
Impairment of long-lived assets of product line	2
Retail Branding and Information Solutions
Operating results of discontinued operations and loss on sale
Impairment of long-lived assets of product line	$2

Inventories_Details

Inventories (Details) (USD $)	Apr. 04, 2015	Jan. 03, 2015
In Millions, unless otherwise specified
Inventories
Raw materials	$189.50	$183.60
Work-in-progress	157.6	150.4
Finished goods	161.8	157.8
Inventories, net	$508.90	$491.80

Goodwill_Details

Goodwill (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Jan. 03, 2015
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance	$721.60
Translation adjustments	-24.6
Goodwill, Ending Balance	697
Pressure-sensitive Materials
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance	306.6
Translation adjustments	-19.8
Goodwill, Ending Balance	286.8
Retail Branding and Information Solutions
Changes in net carrying amount of goodwill
Goodwill, Beginning Balance	415
Translation adjustments	-4.8
Goodwill, Ending Balance	410.2
Accumulated impairment losses	820	820
Vancive Medical Technologies
Changes in net carrying amount of goodwill
Goodwill, Ending Balance	$0

Debt_Details

Debt (Details) (USD $)	Apr. 04, 2015	Jan. 03, 2015
In Billions, unless otherwise specified
Debt
Fair value of debt	$1.30	$1.22

Pension_and_Other_Postretireme1

Pension and Other Postretirement Benefits (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
U.S..
Components of net periodic benefit cost:
Employer contributions	$1.20	$1
U.S.. | Continuing operations
Components of net periodic benefit cost:
Service cost	0.1	0.1
Interest cost	10.7	11
Expected return on plan assets	-12.9	-13
Recognized net actuarial loss	5.1	3.9
Amortization of prior service cost (credit)	0.3	0.3
Net periodic benefit cost (credit)	3.3	2.3
Int'l
Components of net periodic benefit cost:
Employer contributions	7.1	8
Int'l | Continuing operations
Components of net periodic benefit cost:
Service cost	3.7	3.5
Interest cost	4.5	6
Expected return on plan assets	-5.5	-6.5
Recognized net actuarial loss	2.5	1.3
Amortization of prior service cost (credit)	-0.1	0.1
Net periodic benefit cost (credit)	5.1	4.4
U.S. Postretirement Health Benefits
Components of net periodic benefit cost:
Employer contributions	0.3	0.3
U.S. Postretirement Health Benefits | Continuing operations
Components of net periodic benefit cost:
Interest cost	0.1
Recognized net actuarial loss	0.6	0.7
Amortization of prior service cost (credit)	-0.8	-0.8
Net periodic benefit cost (credit)	($0.10)	($0.10)

Research_and_Development_Detai

Research and Development (Details) (Marketing, general and administrative expense, USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Marketing, general and administrative expense
Research and development expense	$25.60	$24.90

LongTerm_Incentive_Compensatio1

Long-Term Incentive Compensation (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Marketing, general and administrative expense
Stock-Based Compensation
Stock-based compensation expense	$7.40	$6
Cash-based LTI awards	5.2	5.3
Stock-based awards | Continuing operations
Stock-Based Compensation
Unrecognized compensation cost related to share based compensation cost	$49
Unrecognized compensation cost weighted average recognition period	3 years

Cost_Reduction_Actions_Details

Cost Reduction Actions (Details) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Jan. 03, 2015
	item	item
Restructuring Cost and Reserve
Charges (Reversals), net	$13.90
2014/2015 Actions
Restructuring Cost and Reserve
Charges (Reversals), net	$13.90	$66.50
Number of positions reduced as a result of Cost Reduction Actions	245	1,420
Number of positions remaining	130

Cost_Reduction_Actions_Details1

Cost Reduction Actions (Details 2) (USD $)	3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014	Jan. 03, 2015
Cost Reduction Actions
Beginning Balance	$17.70
Charges (Reversals), net	13.9
Cash payments	-11.8
Non-cash Impairment	-0.4
Foreign Currency translation	-1
Ending Balance	18.4
Severance and related costs
Cost Reduction Actions
Charges (Reversals), net	13.5	7
2014/2015 Actions
Cost Reduction Actions
Charges (Reversals), net	13.9		66.5
2014/2015 Actions | Severance and related costs
Cost Reduction Actions
Beginning Balance	16.8
Charges (Reversals), net	13.5
Cash payments	-11.7
Foreign Currency translation	-0.9
Ending Balance	17.7
2014/2015 Actions | Asset impairment charges
Cost Reduction Actions
Charges (Reversals), net	0.4
Non-cash Impairment	-0.4
2014/2015 Actions | Lease cancellation costs
Cost Reduction Actions
Beginning Balance	0.1
Cash payments	-0.1
2012 Program | Severance and related costs
Cost Reduction Actions
Beginning Balance	0.8
Foreign Currency translation	-0.1
Ending Balance	$0.70

Cost_Reduction_Actions_Details2

Cost Reduction Actions (Details 3) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Jan. 03, 2015
Restructuring Cost and Reserve
Restructuring costs	$13.90
Other expense, net
Restructuring Cost and Reserve
Restructuring costs	13.9	7.3
Pressure-sensitive Materials | Other expense, net
Restructuring Cost and Reserve
Restructuring costs	7.3	1.3
Retail Branding and Information Solutions | Other expense, net
Restructuring Cost and Reserve
Restructuring costs	3.4	6
Vancive Medical Technologies | Other expense, net
Restructuring Cost and Reserve
Restructuring costs	1.1
Corporate | Other expense, net
Restructuring Cost and Reserve
Restructuring costs	$2.10

Financial_Instruments_Details

Financial Instruments (Details) (Cash Flow Hedging, USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015
Financial Instruments
Maximum length of time hedged in cash flow hedge	36 months
Cash Flow Hedge Gain to be Reclassified within Twelve Months	$1
Foreign exchange contracts
Financial Instruments
Notional amount	1,300
Commodity contracts
Financial Instruments
Notional amount	$4.30

Financial_Instruments_Details_

Financial Instruments (Details 2) (USD $)	Apr. 04, 2015	Jan. 03, 2015
In Millions, unless otherwise specified
Derivatives, Fair Value
Asset	$10	$10.30
Liability	6	11.7
Long-term retirement benefits and other liabilities
Derivatives, Fair Value
Liability	0.2	0.2
Foreign exchange contracts | Other current assets
Derivatives, Fair Value
Asset	10	10.3
Foreign exchange contracts | Other accrued liabilities
Derivatives, Fair Value
Liability	5	10.5
Commodity contracts | Other accrued liabilities
Derivatives, Fair Value
Liability	$0.80	$1

Financial_Instruments_Details_1

Financial Instruments (Details 3) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Fair Value Hedges
Gain (loss) in income	$13.10	$0.10
Foreign exchange contracts | Cost of products sold
Fair Value Hedges
Gain (loss) in income	1.4	-0.9
Foreign exchange contracts | Marketing, general and administrative expense
Fair Value Hedges
Gain (loss) in income	$11.70	$1

Financial_Instruments_Details_2

Financial Instruments (Details 4) (Cash Flow Hedging, USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	$1	$0.10
Foreign exchange contracts
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	1.5	-0.3
Commodity contracts
Derivative Instruments, Gains (Losses)
Gains (losses) recognized in accumulated other comprehensive loss on derivatives	($0.50)	$0.40

Taxes_Based_on_Income_Details

Taxes Based on Income (Details) (USD $)	0 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Apr. 04, 2015	Mar. 29, 2014
Taxes Based on Income
Income from continuing operations before taxes		$99.50	$87.80
Provision for income taxes		27.9	16.2
Effective tax rate (as a percent)		28.00%	18.40%
Discrete tax benefit due to a decrease in certain tax reserves, including interest and penalties, as a result of closing tax years	3.3
Tax benefits as a result of changes in certain tax reserves and valuation allowance			9.5
Tax benefit from the changes in effective tax rate in certain foreign municipalities	1.6
Income tax benefit from out-of-period adjustments to properly state deferred taxes related to acquisitions completed in 2002 and 2003			4.8
Reasonably possible decrease in unrecognized tax benefits during next 12 months		$10

Net_Income_Per_Common_Share_De

Net Income Per Common Share (Details) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Net income per common share amounts
Income from continuing operations	$71.60	$71.60
Loss (income) from discontinued operations, net of tax		-0.4
Net income	$71.60	$71.20
Weighted-average number of common shares outstanding	90.6	96.1
Dilutive shares (additional common shares issuable under stock-based awards)	1.8	1.9
Weighted-average number of common shares outstanding, assuming dilution	92.4	98
Net income (loss) per common share:
Continuing operations (in dollars per share)	$0.79	$0.74
Discontinued operations (in dollars per share)	$0	$0
Net income per common share (in dollars per share)	$0.79	$0.74
Net income (loss) per common share, assuming dilution:
Continuing operations (in dollars per share)	$0.77	$0.73
Discontinued operations (in dollars per share)	$0	$0
Net income per common share, assuming dilution (in dollars per share)	$0.77	$0.73
Stock-based compensation awards excluded from the computation of net income per common share, assuming dilution	1	4

Comprehensive_Income_Details

Comprehensive Income (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period	($547.30)	($281.10)
Other comprehensive loss before reclassifications, net of tax	-72.1	-0.9
Reclassifications to net income, net of tax	5.7	4.2
Other comprehensive (loss) income, net of tax	-66.4	3.3
Balance at end of the period	-613.7	-277.8
Cash Flow Hedges
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period		-1
Reclassifications to net income, net of tax	-0.7	-0.1
Other comprehensive (loss) income, net of tax	-0.7	-0.1
Balance at end of the period	-0.7	-1.1
Pension and Other Postretirement Benefits
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period	-530.6	-418.1
Reclassifications to net income, net of tax	6.4	4.3
Other comprehensive (loss) income, net of tax	6.4	4.3
Balance at end of the period	-524.2	-413.8
Foreign Currency Translation
Changes in Accumulated other comprehensive loss (net of tax)
Balance at beginning of the period	-16.7	138
Other comprehensive loss before reclassifications, net of tax	-72.1	-0.9
Other comprehensive (loss) income, net of tax	-72.1	-0.9
Balance at end of the period	($88.80)	$137.10

Comprehensive_Income_Details_2

Comprehensive Income (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	($1,098)	($1,142.90)
Income from continuing operations before taxes	99.5	87.8
Provision for income taxes	-27.9	-16.2
Income from continuing operations	71.6	71.6
Amounts Reclassified from Accumulated other comprehensive loss.
Amounts reclassified from Accumulated other comprehensive loss
Income from continuing operations	-5.7	-4.2
Cash Flow Hedges | Amounts Reclassified from Accumulated other comprehensive loss.
Amounts reclassified from Accumulated other comprehensive loss
Income from continuing operations before taxes	1	0.1
Provision for income taxes	-0.3
Income from continuing operations	0.7	0.1
Cash Flow Hedges | Amounts Reclassified from Accumulated other comprehensive loss. | Foreign exchange contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	1.5
Cash Flow Hedges | Amounts Reclassified from Accumulated other comprehensive loss. | Commodity contracts
Amounts reclassified from Accumulated other comprehensive loss
Cost of products sold	-0.5	0.1
Pension and Other Postretirement Benefits | Amounts Reclassified from Accumulated other comprehensive loss.
Amounts reclassified from Accumulated other comprehensive loss
Amortization of defined benefit pension	-7.6	-5.5
Provision for income taxes	1.2	1.2
Income from continuing operations	($6.40)	($4.30)

Comprehensive_Income_Details_3

Comprehensive Income (Details 3) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Income tax expense (benefit) allocated to other comprehensive (loss) income
Pension and other postretirement benefits	$1.20	$1.20
Cash flow hedges	-0.3
Income tax expense allocated to components of other comprehensive income	$0.90	$1.20

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Apr. 04, 2015	Jan. 03, 2015
In Millions, unless otherwise specified
Assets
Derivative assets	$10	$10.30
Liabilities
Derivative liabilities	6	11.7
Recurring
Assets
Trading securities	18	17.9
Derivative assets	10	10.3
Liabilities
Derivative liabilities	6	11.7
Recurring | Cash and Cash Equivalents
Assets
Trading securities	0.4	0.8
Recurring | Other current assets
Assets
Trading securities	17.6	17.1
Quoted Prices in Active Markets (Level 1) | Recurring
Assets
Trading securities	7.8	7.6
Liabilities
Derivative liabilities	1	1.2
Significant Other Observable Inputs (Level 2) | Recurring
Assets
Trading securities	10.2	10.3
Derivative assets	10	10.3
Liabilities
Derivative liabilities	$5	$10.50

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Sep. 09, 2005
	item
Environmental
Environmental site contingency number of sites	15
Activity related to environmental liabilities
Balance at beginning of year	$26.20
Charges (reversals), net	0.6
Payments	-1.4
Balance at end of year	25.4
Short term environmental liabilities	10
Letters of credit
Guarantor Obligations
Unused borrowing capacity with various financial institutions	47
Guarantee receivable financing
Guarantor Obligations
Guarantee obligations	17
Mentor lease facility
Guarantor Obligations
Term of lease financing for commercial facility		10 years
Residual value guarantee		31.5
Refinancing of lessor debt		11.5
Mentor lease facility | Long-term retirement benefits and other liabilities
Guarantor Obligations
Aggregate amount of lease commitment	17
Aggregate amount of lease commitment included in "Other current liabilities"	4
Aggregate amount of lease commitment included in "Long-term retirement benefits and other liabilities"	$13

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Segment Reporting Information
Net sales	$1,528	$1,550.10
Interest expense	-15.3	-15.4
Income from continuing operations before taxes	99.5	87.8
Other expense, net	14.3	7.3
Intersegment
Segment Reporting Information
Net sales	17.9	19.3
Pressure-sensitive Materials | Operating segments
Segment Reporting Information
Net sales	1,120.60	1,143.50
Income from continuing operations before taxes	122.9	112
Other expense, net	5.6	1.3
Pressure-sensitive Materials | Intersegment
Segment Reporting Information
Net sales	15.7	16.2
Retail Branding and Information Solutions | Operating segments
Segment Reporting Information
Net sales	388.1	387.7
Income from continuing operations before taxes	19.2	16.6
Other expense, net	5.5	6
Retail Branding and Information Solutions | Intersegment
Segment Reporting Information
Net sales	0.6	0.8
Vancive Medical Technologies
Segment Reporting Information
Other expense, net	1.1
Vancive Medical Technologies | Operating segments
Segment Reporting Information
Net sales	19.3	18.9
Income from continuing operations before taxes	-2.1	-2.6
Vancive Medical Technologies | Intersegment
Segment Reporting Information
Net sales	1.6	2.3
Corporate
Segment Reporting Information
Income from continuing operations before taxes	-25.2	-22.8
Other expense, net	$2.10

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Apr. 04, 2015	Mar. 29, 2014
Restructuring costs
Asset impairment	$13.90
Other items:
Impairment charges on assets held for sale	2
Legal settlement	-0.5
Gain on sale of asset	-1.7
Divestiture-related costs	0.6
Other expense, net	14.3	7.3
Severance and related costs
Restructuring costs
Asset impairment	13.5	7
Asset impairment
Restructuring costs
Asset impairment	$0.40	$0.30