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SEGMENT AND DISAGGREGATED REVENUE INFORMATION
 12 Months Ended
Dec. 31, 2025
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 (including label materials with RFID inlays), 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.
Our President and Chief Executive Officer is the chief operating decision maker ("CODM") and is responsible for the allocation of resources and evaluation of performance of our reportable segments. The CODM's oversight includes establishing performance targets to advance our long-term strategy and increase stockholder value, allocating capital to our reportable segments to achieve those targets, developing compensation programs to incentivize segment leaders to achieve those targets, and analyzing key performance metrics to track progress against those targets. The CODM reviews the performance of each segment by comparing each reportable segment’s current period results with its annual operating plan targets, its most recent quarterly forecast, and the prior year to assess how segment results impacted our company’s overall results.
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)
2025(2)
20242023
Net sales to unaffiliated customers(1)
Materials Group:
 North America $1,943.1 $1,879.6 $1,846.3 
 Europe, the Middle East and North Africa 2,146.4 2,091.0 2,007.1 
 Asia 1,534.3 1,552.7 1,483.7 
 Latin America 469.5 489.7 474.2 
Total Materials Group6,093.3 6,013.0 5,811.3 
Solutions Group:
Apparel and other
1,811.8 1,876.8 1,662.9 
Identification Solutions and Vestcom950.4 865.9 890.1 
Total Solutions Group2,762.2 2,742.7 2,553.0 
Net sales to unaffiliated customers$8,855.5 $8,755.7 $8,364.3 
(1) Certain prior-year 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, revenue 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.
Revenue from our Materials Group reportable segment by product group is shown below.
(In millions)202520242023
Net sales to unaffiliated customers(1)
Materials Group:
Labels, graphics and reflectives
$5,332.2 $5,266.0 $5,076.8 
 Performance materials(2)
547.2 516.6 522.8 
 Other 213.9 230.4 211.7 
Total Materials Group$6,093.3 $6,013.0 $5,811.3 
(1) Certain prior-year amounts have been reclassified to conform to the current-year presentation.
(2) Performance materials includes industrial and medical tapes, trade adhesives and Taylor Adhesives.
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)202520242023
Net sales to unaffiliated customers
U.S.$2,751.0 $2,613.4 $2,578.3 
Europe, the Middle East and North Africa2,457.1 2,418.6 2,306.7 
Asia2,726.8 2,763.1 2,545.2 
Latin America567.3 599.8 582.3 
Other353.3 360.8 351.8 
Net sales to unaffiliated customers$8,855.5 $8,755.7 $8,364.3 
Net sales to unaffiliated customers in Asia included sales in China (including Hong Kong) of $1.35 billion in 2025, $1.40 billion in 2024 and $1.30 billion in 2023.
No single customer represented 10% or more of our net sales in year-end 2025, 2024 or 2023. Our ten largest customers, which include apparel retailers and brand owners, in the aggregate represented approximately 17% of our net sales during 2025 and approximately 16% of our net sales during 2024 and 2023.
Segment Information
Our CODM uses segment adjusted operating income to evaluate segment performance and allocate resources. 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.
(In millions)202520242023
Materials Group
Net sales to unaffiliated customers
$6,093.3 $6,013.0 $5,811.3 
Segment expense(1)
5,171.1 5,088.3 5,022.1 
Segment adjusted operating income$922.2 $924.7 $789.2 
Solutions Group
Net sales to unaffiliated customers
$2,762.2 $2,742.7 $2,553.0 
Segment expense(1)
2,475.9 2,453.4 2,301.0 
Segment adjusted operating income$286.3 $289.3 $252.0 
(1) Segment expense included cost of products sold and marketing, general and administrative expense and excluded other expense (income), net, and other items.
(In millions)202520242023
Segment adjusted operating income
Materials Group
$922.2 $924.7 $789.2 
Solutions Group286.3 289.3 252.0 
Total1,208.5 1,214.0 1,041.2 
Corporate expense(84.7)(91.9)(77.4)
Other expense (income), net and other items(77.5)(78.3)(180.9)
Interest expense(135.4)(117.0)(119.0)
Other non-operating expense (income), net14.2 26.7 30.8 
Income before taxes$925.1 $953.5 $694.7 
Additional Segment Information
Additional financial information by reportable segment is shown below.
Intersegment sales are recorded at or near market prices and are eliminated in determining consolidated net sales. 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.
(In millions)202520242023
Intersegment sales
Materials Group
$174.0 $162.8 $157.1 
Solutions Group55.1 52.3 35.5 
Intersegment sales$229.1 $215.1 $192.6 
Capital expenditures(1)(2)
Materials Group
$96.2 $96.3 $117.8 
Solutions Group75.1 120.8 148.7 
Capital expenditures$171.3 $217.1 $266.5 
Depreciation and amortization expense(1)
Materials Group
$137.4 $130.9 $127.8 
Solutions Group190.8 181.3 170.6 
Depreciation and amortization expense$328.2 $312.2 $298.4 
(1) Corporate capital expenditures and depreciation and amortization expense are allocated to the reportable segments based on their respective percentage of consolidated net sales.
(2) Capital expenditures for property, plant and equipment included accruals.
Entity-wide Information
Other expense (income), net, by type were as follows:
(In millions)202520242023
Other expense (income), net, by type
Restructuring charges, net of reversals:
Severance and related costs, net of reversals
$43.2 $35.4 $70.8 
Asset impairment and lease cancellation charges
4.0 6.5 8.6 
Other items:
(Gain) loss on venture and other investments, net23.3 19.2 1.5 
Losses from Argentine peso remeasurement and Blue Chip Swap transactions5.6 16.4 29.9 
Transaction and related costs5.1 .3 5.3 
Outcomes of legal matters and settlements, net(1)
9.2 (6.2)64.3 
(Gain) loss on sales of assets
(12.9)— .5 
Other expense (income), net$77.5 $71.6 $180.9 
(1) Amount for 2023 included an additional contingent liability of $56.3 million related to the Adasa litigation. Refer to Note 8, “Contingencies” for more information.
Long-lived assets (including property, plant and equipment, net, and operating lease assets) in our U.S. and non-U.S. operations were as follows:
(In millions)20252024
Long-lived assets
U.S.$615.6 $642.7 
Non-U.S.
1,207.9 1,171.5 
Long-lived assets
$1,823.5 $1,814.2 
Long-lived assets located in China (including Hong Kong) were approximately $273 million and $288 million in 2025 and 2024, respectively.