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Segment and Disaggregated Revenue Information
 6 Months Ended
Jun. 28, 2025
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 Materials Group reportable segment is attributed to geographic areas based on the location from which products are shipped. Revenue from our Solutions Group reportable segment is shown by product group.
Three Months EndedSix Months Ended
(In millions)
June 28, 2025(2)
June 29, 2024
June 28, 2025(2)
June 29, 2024
Net sales to unaffiliated customers(1)
Materials Group:
North America
$496.3 $483.2 $986.5 $960.3 
Europe, the Middle East and North Africa
548.3 549.9 1,065.9 1,084.6 
Asia Pacific
385.6 386.7 744.1 750.8 
Latin America120.0 127.0 233.8 247.6 
Total Materials Group
1,550.2 1,546.8 3,030.3 3,043.3 
Solutions Group:
Apparel and other
431.6 476.5 886.4 936.4 
Identification Solutions and Vestcom238.7 212.0 452.1 406.9 
Total Solutions Group
670.3 688.5 1,338.5 1,343.3 
Net sales to unaffiliated customers$2,220.5 $2,235.3 $4,368.8 $4,386.6 
(1)Certain prior-period amounts have been reclassified to conform to the current-year presentation.
(2)Beginning in the first quarter of 2025 and to better align with our growth strategy, revenues for certain radio-frequency identification products were reflected in the Materials Group reportable segment; in prior years, these revenues were reflected in the Solutions Group reportable segment. Prior-year amounts were not material.
Segment Information
During the fourth quarter of 2024, we modified our segment performance measure to exclude other expense (income), net. These changes align with how our chief operating decision maker evaluates segment performance and allocates resources. Prior-year periods have been conformed to the current period presentation. Segment adjusted operating income is defined as income before taxes adjusted for other expense (income), net; interest expense; other non-operating expense (income), net; and other items. Segment results and reconciliation to income before taxes are presented below.

Three Months EndedSix Months Ended
(In millions)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Materials Group
Net sales to unaffiliated customers
$1,550.2 $1,546.8 $3,030.3 $3,043.3 
Segment expense(1)
1,307.7 1,302.3 2,557.5 2,558.3 
Segment adjusted operating income$242.5 $244.5 $472.8 $485.0 
Solutions Group
Net sales to unaffiliated customers
$670.3 $688.5 $1,338.5 $1,343.3 
Segment expense(1)
603.3618.7 1,203.3 1,212.6 
Segment adjusted operating income$67.0 $69.8 $135.2 $130.7 
(1)Segment expense included cost of products sold and marketing, general and administrative expense and excluded other expense (income), net, and other items.
Three Months EndedSix Months Ended
(In millions)
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Segment adjusted operating income
Materials Group$242.5 $244.5 $472.8 $485.0 
Solutions Group67.0 69.8 135.2 130.7 
Total
309.5 314.3 608.0 615.7 
Corporate expense(22.8)(25.5)(46.8)(53.2)
Other expense (income), net and other items
(.5)(27.0)(20.4)(46.3)
Interest expense(34.0)(29.2)(64.9)(57.8)
Other non-operating expense (income), net3.3 5.8 6.6 14.4 
Income before taxes$255.5 $238.4 $482.5 $472.8 
Additional Segment Information
Additional financial information by reportable segment is shown below.
Three Months Ended Six Months Ended
(In millions)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Intersegment sales
Materials Group$46.0 $38.3 $89.9 $85.3 
Solutions Group12.5 15.4 25.7 26.3 
Intersegment sales$58.5 $53.7 $115.6 $111.6 
Capital expenditures(1)(2)
Materials Group$18.4 $21.2 $32.0 $41.7 
Solutions Group17.6 32.2 35.0 53.2 
Capital expenditures
$36.0 $53.4 $67.0 $94.9 
Depreciation and amortization expense(1)
Materials Group$33.0 $32.8 $64.5 $65.6 
Solutions Group47.8 45.8 94.2 90.3 
Depreciation and amortization expense$80.8 $78.6 $158.7 $155.9 
(1)Corporate capital expenditures and depreciation and amortization expense are allocated to our 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 was as follows:
Three Months Ended Six Months Ended
(In millions)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Other expense (income), net, by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals
$7.9 $6.3 $12.6 $11.2 
Asset impairment and lease cancellation charges
.1 .9 .3 2.0 
Other items:
(Gain) loss on venture and other investments1.8 15.0 16.1 17.2 
Losses from Argentine peso remeasurement and Blue Chip Swap transactions
1.8 4.1 2.5 15.4 
(Gain) loss on sales of assets
(11.1)— (11.1)— 
Outcomes of legal matters and settlements, net— .4 — (6.5)
Transaction and related costs— .3 — .3 
Other expense (income), net$.5 $27.0 $20.4 $39.6