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SEGMENT AND DISAGGREGATED REVENUE INFORMATION
 12 Months Ended
Dec. 30, 2023
Segment Reporting [Abstract]  
SEGMENT AND DISAGGREGATED REVENUE INFORMATION SEGMENT AND DISAGGREGATED REVENUE INFORMATION
Segment Reporting
We have the following reportable segments:
•Materials Group – manufactures and sells pressure-sensitive label materials, films for graphic and reflective products, performance tapes and other adhesive products for industrial, medical and other applications, as well as fastener solutions.
•Solutions Group – designs, manufactures and sells a wide variety of branding and information solutions, including brand and price tickets, tags and labels (including RFID inlays), and related services, supplies and equipment.
Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated sales. We evaluate our performance based on income from operations before interest expense and taxes. Corporate expense is excluded from the computation of income from operations for the segments.
We do not disclose total assets by reportable segment since we neither generate nor review that information internally. As our reporting structure is neither organized nor reviewed internally by country, results by individual country are not provided.
Disaggregated Revenue Information
Disaggregated revenue information is shown below in the manner that best reflects how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue from our Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our Solutions Group reportable segment is shown by product group.
(In millions)202320222021
Net sales to unaffiliated customers
Materials Group:
U.S.$1,687.8 $1,892.1 $1,736.4 
Europe, the Middle East and North Africa
2,007.1 2,396.2 2,261.1 
Asia1,315.2 1,390.3 1,471.1 
Latin America474.2 470.1 408.6 
Other
327.0 346.4 329.3 
Total Materials Group5,811.3 6,495.1 6,206.5 
Solutions Group:
Apparel1,661.4 1,851.2 1,839.1 
Identification Solutions and Vestcom891.6 693.0 362.7 
Total Solutions Group2,553.0 2,544.2 2,201.8 
Net sales to unaffiliated customers$8,364.3 $9,039.3 $8,408.3 
Revenue from our Materials Group reportable segment by product group is shown below.
(In millions)202320222021
Net sales to unaffiliated customers
Materials Group:
 Labels, graphics and reflectives $5,076.8 $5,725.7 $5,430.4 
 Tapes and adhesives 665.3 696.3 703.4 
 Other 69.2 73.1 72.7 
Total Materials Group$5,811.3 $6,495.1 $6,206.5 
Our total company revenue by geographic area is shown below. Revenue is attributed to geographic areas based on the location from which products are shipped.
(In millions)202320222021
Net sales to unaffiliated customers
U.S.$2,578.3 $2,565.9 $2,065.2 
Europe, the Middle East and North Africa
2,306.7 2,683.6 2,541.4 
Asia2,545.2 2,817.2 2,914.5 
Latin America582.3 605.7 537.6 
Other
351.8 366.9 349.6 
Net sales to unaffiliated customers$8,364.3 $9,039.3 $8,408.3 
Net sales to unaffiliated customers in Asia included sales in China (including Hong Kong) of $1.30 billion in 2023, $1.50 billion in 2022 and $1.68 billion in 2021.
No single customer represented 10% or more of our net sales in year-end 2023, 2022 or 2021. Our ten largest customers by net sales in the aggregate represented approximately 16% of our net sales during 2023, 2022 and 2021.
Additional Segment Information
Additional financial information by reportable segment and Corporate is shown below.
(In millions)202320222021
Intersegment sales
Materials Group
$157.1 $137.1 $105.8 
Solutions Group35.5 37.4 37.3 
Intersegment sales$192.6 $174.5 $143.1 
Income before taxes
Materials Group
$700.9 $859.3 $883.3 
Solutions Group165.7 302.3 257.2 
Corporate expense(83.7)(87.6)(81.8)
Interest expense(119.0)(84.1)(70.2)
Other non-operating expense (income), net30.8 9.4 4.1 
Income before taxes$694.7 $999.3 $992.6 
Capital expenditures(1)(2)
Materials Group
$117.8 $153.5 $170.3 
Solutions Group148.7 144.0 96.3 
Capital expenditures$266.5 $297.5 $266.6 
Depreciation and amortization expense(1)
Materials Group
$127.8 $135.8 $141.9 
Solutions Group170.6 154.9 102.2 
Depreciation and amortization expense$298.4 $290.7 $244.1 
Other expense (income), net by reportable segment
Materials Group
$88.3 $(13.4)$(25.7)
Solutions Group86.3 7.8 36.6 
Corporate6.3 5.0 (5.3)
Other expense (income), net$180.9 $(.6)$5.6 
(1)
Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their percentage of consolidated net sales.
(2)
Capital expenditures for property, plant and equipment included accruals.
Other expense (income), net by type were as follows:
(In millions)202320222021
Other expense (income), net by type
Restructuring charges:
Severance and related costs$70.8 $7.6 $10.5 
Asset impairment charges and lease cancellation costs8.6 .1 3.1 
Other items:
Outcomes of legal proceedings, net(1)
64.3 6.3 (.4)
Argentine peso remeasurement loss(2)
29.9 — — 
Transaction and related costs5.3 .3 20.9 
(Gain) loss on venture investments
1.5 (13.5)(23.0)
(Gain) loss on sales of assets
.5 (1.4).2 
Gain on sale of product line— — (5.7)
Other expense (income), net$180.9 $(.6)$5.6 
(1)
Amount for 2023 included an additional contingent liability related to the Adasa litigation in the amount of $56.3 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation.
Amount for 2021 included an indirect tax credit based on a Brazilian Federal Supreme Court ruling in the amount of $29.1 million, partially offset by a contingent liability related to the Adasa litigation in the amount of $26.6 million. Refer to Note 8, “Contingencies” for more information regarding the Adasa litigation.
(2)
The impact of the Argentine peso remeasurement loss prior to the third quarter of 2023 was not material.
Property, plant and equipment, net, in our U.S. and non-U.S. operations were as follows:
(In millions)202320222021
Property, plant and equipment, net
U.S.$621.2 $589.0 $524.0 
Non-U.S.1,004.6 951.2 953.7 
Property, plant and equipment, net$1,625.8 $1,540.2 $1,477.7 
Property, plant and equipment, net, located in China (including Hong Kong) was approximately $247 million in 2023, $259 million in 2022 and $290 million in 2021.