Financial Analysis

"BUSINESS ACQUISITIONS 2025 Business Acquisition On October 20, 2025, we completed our business acquisition of W.F. Taylor Holdings, Inc. (""Taylor Adhesives""), a Georgia-based flooring adhesives business, for the purchase price of approximately $390 million. This acquisition expanded the high-value category portfolio in our Materials Group reportable segment. We funded the Taylor Adhesives acquisition using cash and proceeds from our issuance of senior notes in September 2025. The final allocations of purchase consideration to assets and liabilities are ongoing as we continue to evaluate certain balances, estimates and assumptions during the measurement period (up to one year from the acquisition date). Our valuation of certain acquired assets and liabilities is currently pending finalization within the allowable time to complete our assessment. The Taylor Adhesives acquisition was not material to the Consolidated Financial Statements. 2023 Business Acquisitions On November 23, 2023, we completed our business acquisition of Silver Crystal Group (""Silver Crystal""), a Canada-based provider of sports apparel customization and application solutions across in-venue, direct-to-business and e-commerce platforms. On May 22, 2023, we completed our business acquisition of LG Group, Inc. (""Lion Brothers""), a Maryland-based designer and manufacturer of apparel brand embellishments. On March 6, 2023, we completed our business acquisition of Thermopatch, Inc. (""Thermopatch""), a New …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT Short-Term Borrowings We had $101.5 million in outstanding borrowings from U.S. commercial paper as of December 31, 2025 with a weighted average interest rate of 3.93% and no outstanding borrowings from U.S. commercial paper as of December 28, 2024. We have a Euro-Commercial Paper Program under which we may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million. Proceeds from issuances under this program may be used for general corporate purposes. The maturities of the notes vary, but may not exceed 364 days from the date of issuance. Our payment obligations with respect to any notes issued under this program are backed by our revolving credit facility (the Revolver). There are no financial covenants under this program. Under this program, we had a $415.5 million outstanding balance as of December 31, 2025 with a weighted average interest rate of 2.19% and no outstanding balance as of December 28, 2024. Short-Term Credit Facilities In June 2024, we entered into a Credit Agreement (the ""Credit Agreement"") related to the Revolver to borrow up to an aggregate of $1.2 billion through its maturity date of June 26, 2029. The Revolver refinanced the prior revolving credit facility under the Fifth Amended and Restated Credit Agreement dated as of February 13, 2020, as amended. Pursuant to the Credit Agreement, the commitments under the Revolver may be increased by up to $600 million, subject to lender approvals and customary requir …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements Assets and liabilities carried at fair value, measured on a recurring basis, as of December 31, 2025 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 $ 49.1 $ 24.1 $ 25.0 $ Derivative assets 7.2 7.2 Bank drafts 7.5 7.5 Liabilities Derivative liabilities $ 18.0 $ .3 $ 17.7 $ Contingent consideration liabilities 2.7 2.7 Assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2024 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 $ 48.0 $ 24.2 $ 23.8 $ Derivative assets 41.2 .4 40.8 Bank drafts 5.2 5.2 Liabilities Derivative liabilities $ 41.5 $ .4 $ 41.1 $ Contingent consideration liabilities 4.8 4.8 Investments included 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 NAV. As of December 31, 2025, investments of $1.1 million, $46.9 million, and $1.1 million were included in Cash and cash equivalents, Other current assets, and ""Other assets,"" respectively, in the Consolidated Balance Sheets. As of December 28 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS Goodwill Results from our annual goodwill impairment test in the fourth quarter of 2025 indicated that no impairment occurred during 2025. The assumptions used in our assessment were primarily based on Level 3 inputs. Changes in the net carrying amount of goodwill for 2025 and 2024 by reportable segment are shown below. (In millions) Materials Group Solutions Group Total Goodwill as of December 30, 2023 $ 630.7 $ 1,382.9 $ 2,013.6 Acquisition adjustments (1) (2.7) (2.7) Translation adjustments (24.6) (10.1) (34.7) Goodwill as of December 28, 2024 606.1 1,370.1 1,976.2 Acquisition (2) 237.6 237.6 Translation adjustments 42.3 16.4 58.7 Goodwill as of December 31, 2025 $ 886.0 $ 1,386.5 $ 2,272.5 (1) Measurement period adjustments related to the finalization of the purchase price allocation for our 2023 Acquisitions. (2) Goodwill acquired related to our 2025 acquisition of Taylor Adhesives. We expect nearly all of the recognized goodwill related to this acquisition not to be deductible for income tax purposes. The carrying amounts of goodwill at December 31, 2025 and December 28, 2024 were net of accumulated impairment losses of approximately $820 million recognized in fiscal year 2009 by our Solutions Group reportable segment. Indefinite-Lived Intangible Assets In connection with our acquisition of Taylor Adhesives, we acquired $18.7 million of identifiable indefinite lived intangible assets, consisting of trad …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"TAXES BASED ON INCOME Taxes based on income were as follows: (In millions) 2025 2024 2023 Current: U.S. federal tax $ 45.9 $ 36.0 $ 42.5 State taxes 11.0 10.6 9.0 Foreign taxes 205.3 214.9 160.8 262.2 261.5 212.3 Deferred: U.S. federal tax (17.2) (8.7) (29.0) State taxes (1.3) (3.3) (3.5) Foreign taxes (6.6) (.9) 11.9 (25.1) (12.9) (20.6) Provision for income taxes $ 237.1 $ 248.6 $ 191.7 A reconciliation of our provision for income taxes to the amount computed by multiplying the U.S. federal statutory tax rate to income before taxes for the year ended December 31, 2025 is provided below: 2025 (In millions, except percentages) Amount Percent U.S. federal statutory tax rate $ 194.3 21.0 % State and local income taxes, net of federal income tax effect (1) 7.7 .8 % Foreign tax effects China 18.0 1.9 % The Netherlands Nontaxable or nondeductible items (9.9) (1.1) % Other 5.4 .6 % Germany Changes in valuation allowances (10.6) (1.1) % Other 2.5 .3 % Other foreign jurisdictions 44.9 4.9 % Effect of cross-border tax laws (18.1) (2.0) % Tax credits (8.8) (1.0) % Changes in valuation allowances 8.3 .9 % Nontaxable or nondeductible items 2.9 .3 % Changes in unrecognized tax benefits .5 .1 % Provision for income taxes and effective tax rate $ 237.1 25.6 % (1) State taxes in California, Illinois, Pennsylvania, Wisconsin, New York and New Jersey made up the majority of the tax effect in this category. A reconciliation of our provision for income taxes to the amount computed by multiplyin …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND LEASES Supplemental cost information related to leases is shown below. (In millions) 2025 2024 2023 Operating lease costs $ 77.7 $ 75.1 $ 73.6 Lease costs related to finance leases were not material in 2025, 2024 or 2023. Supplemental balance sheet information related to leases is shown below. (In millions) Balance Sheet Location 2025 2024 Assets Operating Other assets $ 215.8 $ 227.5 Finance (1) Property, plant and equipment, net 15.9 32.5 Total leased assets $ 231.7 $ 260.0 Liabilities Current: Operating Other current liabilities $ 53.1 $ 49.6 Finance Short-term borrowings and current portion of long-term debt and finance leases 5.2 4.3 Non-current: Operating Long-term retirement benefits and other liabilities 167.6 176.1 Finance Long-term debt and finance leases 11.0 9.1 Total lease liabilities $ 236.9 $ 239.1 (1) Finance lease assets are net of accumulated amortization of $16.0 million and $18.7 million as of year-end 2025 and 2024, respectively. Supplemental cash flow information related to leases is shown below. (In millions) 2025 2024 2023 Cash paid for amounts included in measurement of operating lease liabilities $ 63.8 $ 61.0 $ 55.8 Operating lease assets obtained in exchange for operating lease liabilities 47.6 93.0 92.4 Cash flows related to finance leases were not material in 2025, 2024 or 2023. Weighted average remaining lease term and discount rate information related to leases as of December 31, 2025 and December 28, 2024 is shown below. 2025 2 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting Guidance Updates Crypto Assets In the first quarter of 2025, we adopted guidance related to the accounting for and disclosure of crypto assets that requires crypto assets to be measured at fair value, which resulted in an adjustment to reflect the difference between the carrying value of our crypto assets and their fair value as of the beginning of 2025. The impact of our adoption of this guidance was not material to our financial statements or disclosures. Income Taxes In the fourth quarter of 2025, we prospectively adopted guidance that requires additional disclosures in the income tax rate reconciliation and income taxes paid. See Note 14, Taxes Based on Income, for more information. Recent Accounting Requirements In September 2025, the Financial Accounting Standards Board (FASB) issued guidance changing the capitalization criteria for internal-use software, eliminating references to project stages and requiring that projects meet completion probability before costs can be capitalized. This guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the impact of adopting this guidance on our consolidated financial statements. In November 2024, the FASB issued guidance expanding the disclosure requirements for certain expenses in notes to consolidated financial statements. The guidance is effective for annual reporting periods beginning afte …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 employees compensation during the course of his or her employment with our company. We are also obligated to pay unfunded termination indemnity benefits to certain employees outside the U.S., which are subject to applicable agreements, laws and regulations. No costs related to these benefits have been included in the disclosures below because they have not been significant. Plan Assets Assets in our non-U.S. plans are invested in accordance with locally accepted practices and primarily include equity securities, fixed income securities, insurance contracts and cash. Asset allocations and investments vary by country and plan. Our target plan asset investment allocation for our non-U.S. plans in the aggregate is approximately 26% in equity securities, 58% in fixed income securities and cash, and 16% in insurance contracts and other investments, subject to periodic fluctuations among these asset classes. Fair Value Measurements The valuation methodologies we use for assets measured at fair value are described below. Cash is valued at nominal value. Cash equivalents and mutual funds are valued at fair value as determined by quoted market prices, based upon the net a …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"COST REDUCTION ACTIONS Restructuring Charges We have plans that provide eligible employees with severance benefits in the event of an involuntary termination. We calculate severance using the benefit formulas under the applicable plans. We record restructuring charges from qualifying cost reduction actions for severance and other exit costs (including asset impairment charges and lease and other contract cancellation costs) when they are probable and estimable. 2025 Actions During 2025, we recorded $48.8 million in restructuring charges, net of reversals, related to our 2025 actions. These charges consisted of severance and related costs for the reduction of approximately 1,200 positions, as well as asset impairment charges, at numerous locations across our company, as a result of actions taken to optimize our operational footprint. In the fourth quarter of 2024, we recorded $13.1 million in restructuring charges related to our 2025 actions. These charges consisted of severance and related costs for the reduction of approximately 90 positions, as well as asset impairment charges, reflecting actions at numerous locations in our Solutions Group reportable segment. 2023 Actions During 2024, we recorded $28.8 million in restructuring charges, net of reversals, related to these actions. These charges consisted of severance and related costs for the reduction of approximately 1,280 positions, as well as asset impairment charges, at numerous locations across our company. During 202 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"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 segments 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 companys overall results. Disaggregated Revenue Information Di …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations We are a global leader in materials science and digital identification solutions. We are Making Possible TM products and solutions that help advance the industries we serve, providing branding and information solutions that optimize labor and supply chain efficiency, reduce waste and mitigate loss, advance sustainability, circularity and transparency, and better connect brands and consumers. We design and develop labeling and functional materials, radio-frequency identification (""RFID"") inlays and tags, software applications that connect the physical and digital, and offerings that enhance branded packaging and carry or display information that improves the customer experience. We serve an array of industries worldwide, including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive. Principles of Consolidation Our Consolidated Financial Statements include the accounts of majority-owned and controlled subsidiaries. Intercompany accounts, transactions and profits are eliminated in consolidation. Fiscal Year In January 2025, the Audit Committee of our Board of Directors approved a change to our previous 52- or 53-week fiscal year generally ending on the Saturday closest to December 31 to a fiscal year coincident with the calendar year. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025, which resulted in four extra day …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"SUPPLEMENTAL EQUITY AND COMPREHENSIVE INCOME INFORMATION Common Stock and Share Repurchase Program Our Amended and Restated Certificate of Incorporation, as amended, authorizes five million shares of $1 par value preferred stock (of which no shares are outstanding), with respect to which our Board may fix the series and terms of issuance, and 400 million shares of $1 par value voting common stock. From time to time, our Board authorizes the repurchase of shares of our outstanding common stock. Repurchased shares may be reissued under our long-term incentive plan or used for other corporate purposes. In 2025, we repurchased approximately 3.2 million shares of our common stock at an aggregate cost of $575.6 million. In 2024, we repurchased approximately 1.2 million shares of our common stock at an aggregate cost of $247.5 million. In April 2025, 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. Shares of our common stock in the aggregate amount of $526.3 million remained authorized for repurchase under this Board authorization as of December 31, 2025. Board authorizations remain in effect until shares in the amount authorized thereunder have been repurchased. Treasury Shares Reissuance We fund a portion of our employee-related costs using shares of our common …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Recurring Fair Value Measurements Assets and liabilities carried at fair value, measured on a recurring basis, as of September 27, 2025 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 $ 52.6 $ 27.2 $ 25.4 $ Derivative assets 34.8 .4 34.4 Bank drafts 7.0 7.0 Liabilities Derivative liabilities $ 36.9 $ .8 $ 36.1 $ Contingent consideration liabilities 2.7 2.7 Assets and liabilities carried at fair value, measured on a recurring basis, as of December 28, 2024 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 $ 48.0 $ 24.2 $ 23.8 $ Derivative assets 41.2 .4 40.8 Bank drafts 5.2 5.2 Liabilities Derivative liabilities $ 41.5 $ .4 $ 41.1 $ Contingent consideration liabilities 4.8 4.8 Investments include fixed income securities (primarily U.S. government and corporate debt and equity securities) measured at fair value using quoted prices/bids and a money market fund measured at fair value using net asset value. As of September 27, 2025, investments of $1.9 million, $45.4 million and $5.3 million were included in Cash and cash equivalents, Other current assets and Other assets, respectively, in the unaudited Condensed Cons …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangibles Resulting from Business Acquisitions Changes in the net carrying amount of goodwill for the nine months ended September 27, 2025 by reportable segment are shown below. (In millions) Materials Group Solutions Group Total Goodwill as of December 28, 2024 $ 606.1 $ 1,370.1 $ 1,976.2 Translation adjustments 38.1 15.2 53.3 Goodwill as of September 27, 2025 $ 644.2 $ 1,385.3 $ 2,029.5 Amortization expense for finite-lived intangible assets resulting from business acquisitions was $22.2 million and $22.3 million for the three months ended September 27, 2025 and September 28, 2024, respectively, and $66.4 million and $67.0 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Estimated future amortization expense related to existing finite-lived intangible assets for the remainder of fiscal year 2025 and for each of the next four fiscal years and thereafter is shown below. (In millions) Estimated Amortization Expense 2025 (remainder of year) $ 22.2 2026 86.0 2027 85.6 2028 77.8 2029 62.4 2030 and thereafter 204.4

GoodwillAndIntangibleAssetsDisclosureTextBlock

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) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Income before taxes $ 234.8 $ 239.3 $ 717.3 $ 712.1 Provision for income taxes 68.5 57.6 195.7 181.2 Effective tax rate 29.2 % 24.1 % 27.3 % 25.4 % Our provision for income taxes for the three and nine months ended September 27, 2025 included $5.6 million and $14.0 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 these periods was also negatively affected by the recognition of uncertain tax positions in certain foreign jurisdictions. In addition, our provision for income taxes for these periods included a discrete benefit from a favorable ruling related to deductibility of interest expense in a foreign jurisdiction. During the third quarter of 2025, we decided to further appeal the court decision denying our application of incentive tax rates in a foreign jurisdiction for the 2016-2019 tax years. We do not expect the final resolution of this matter, even if unfavorable, to have an adverse impact on our provision for income taxes or cash flows as t …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Debt In the first quarter of 2025, we repaid our 500 million of senior notes at maturity using the net proceeds from the 500 million of senior notes we issued in the fourth quarter of 2024, cash flows from operations and commercial paper borrowings. In the second quarter of 2025, we repaid our $25 million of medium-term notes at maturity using cash flows from operations and commercial paper borrowings. In the third quarter of 2025, we repaid our $5 million of medium-term notes at maturity using cash flows from operations and commercial paper borrowings. In September 2025, we issued 500 million of senior notes, due September 11, 2035, which bear an interest rate of 4.000% per year, payable annually in arrears. Our net proceeds from this issuance, after deducting underwriting discounts and offering expenses, were approximately 494 million ($577 million), which we intend to use for general corporate purposes, including to finance acquisitions and repay existing indebtedness under our commercial paper program. Refer to Note 14, Subsequent Events, to the unaudited Condensed Consolidated Financial Statements for more information regarding our acquisition of W.F. Taylor Holdings, Inc. In September 2025, we entered into foreign currency forward contracts that we designated as fair value hedges to hedge the principal balance of our 500 million of senior notes due in 2035 that offset changes in the fair value of the hedged item attributable to foreign currency risk. During 2024, we ent …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Accounting Guidance Update In the first quarter of 2025, we adopted guidance related to the accounting for and disclosure of crypto assets. The impact of our adoption of this guidance was not material to our financial statements or disclosures. In September 2025, the Financial Accounting Standards Board issued guidance changing the capitalization criteria for internal-use software, eliminating references to project stages and requiring that projects meet completion probability before costs can be capitalized. This guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. We are currently assessing the impact of this guidance on our consolidated financial statements.

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Cost Reduction Actions 2025 Actions We recorded $22.8 million in restructuring charges, net of reversals, during the nine months ended September 27, 2025. These charges consisted of severance and related costs for the reduction of approximately 770 positions, as well as asset impairment charges, at various locations across our company. Our 2025 actions are primarily intended to optimize our operational footprint. During the nine months ended September 27, 2025, restructuring charges and payments were as follows: (In millions) Accrual at December 28, 2024 Charges, Net of Reversals Cash Payments Non-cash Impairment Foreign Currency Translation Accrual at September 27, 2025 2025 Actions Severance and related costs $ 10.0 $ 20.1 $ (27.1) $ $ $ 3.0 Asset impairment charges 1.7 (1.7) Lease cancellation charges 1.0 (1.0) Total $ 10.0 $ 22.8 $ (28.1) $ (1.7) $ $ 3.0 Accruals for severance and related costs, as well as lease cancellation charges, were included in Other current liabilities and Long-term retirement benefits and other liabilities in the unaudited Condensed Consolidated Balance Sheets. Asset impairment charges were based on the estimated market value of the assets, less selling costs, if applicable. Restructuring charges were included in Other expense (income), net in the unaudited Condensed Consolidated Statements of Income. The table below shows the amount of restructuring charges, net of reversals, incurred by reportable segment and Corporate. Three Months Ended Nine M …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

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 Ended Nine Months Ended (In millions) September 27, 2025 (2) September 28, 2024 September 27, 2025 (2) September 28, 2024 Net sales to unaffiliated customers (1) Materials Group: North America $ 481.6 $ 478.1 $ 1,468.1 $ 1,438.4 Europe, the Middle East and North Africa 520.2 498.5 1,586.1 1,583.1 Asia Pacific 391.4 396.7 1,135.5 1,147.5 Latin America 122.8 124.4 356.6 372.0 Total Materials Group 1,516.0 1,497.7 4,546.3 4,541.0 Solutions Group: Apparel and other 464.6 464.3 1,351.0 1,400.7 Identification Solutions and Vestcom 234.9 221.4 687.0 628.3 Total Solutions Group 699.5 685.7 2,038.0 2,029.0 Net sales to unaffiliated customers $ 2,215.5 $ 2,183.4 $ 6,584.3 $ 6,570.0 (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 p …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Supplemental Equity and Comprehensive Income Information Consolidated Changes in Shareholders Equity Three Months Ended Nine Months Ended (In millions) September 27, 2025 September 28, 2024 September 27, 2025 September 28, 2024 Common stock issued, $1 par value per share $ 124.1 $ 124.1 $ 124.1 $ 124.1 Capital in excess of par value Beginning balance $ 821.9 $ 833.1 $ 840.6 $ 854.5 Issuance of shares under stock-based compensation plans (1) 7.7 6.7 (11.0) (14.7) Ending balance $ 829.6 $ 839.8 $ 829.6 $ 839.8 Retained earnings Beginning balance $ 5,399.3 $ 4,922.2 $ 5,151.2 $ 4,691.8 Cumulative-effect adjustment upon adoption of accounting standard update (2) 10.2 Net income 166.3 181.7 521.6 530.9 Issuance of shares under stock-based compensation plans (1) .1 3.2 12.8 7.3 Contribution of shares to 401(k) plan (1) 5.7 6.5 18.5 19.8 Dividends (73.1) (70.9) (216.0) (207.1) Ending balance $ 5,498.3 $ 5,042.7 $ 5,498.3 $ 5,042.7 Treasury stock at cost Beginning balance $ (3,693.7) $ (3,154.6) $ (3,347.5) $ (3,134.4) Repurchase of shares for treasury (93.6) (66.8) (453.6) (107.5) Issuance of shares under stock-based compensation plans (1) 7.1 8.3 23.4 Contribution of shares to 401(k) plan (1) 2.6 2.0 8.1 6.2 Ending balance $ (3,784.7) $ (3,212.3) $ (3,784.7) $ (3,212.3) Accumulated other comprehensive loss Beginning balance $ (450.0) $ (437.7) $ (456.1) $ (408.1) Other comprehensive income (loss), net of tax (6.3) 37.3 (.2) 7.7 Ending balance $ (456.3) $ (400.4) $ (456.3) $ (400.4) …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On October 20, 2025, we completed our business acquisition of W.F. Taylor Holdings, Inc., a Georgia-based flooring adhesives business, for the purchase price of $390 million. This acquisition is expected to expand the product portfolio in our Materials Group reportable segment. We funded this acquisition using a combination of cash and proceeds from an issuance of senior notes in September 2025. Refer to Note 3,Debt, to the unaudited Condensed Consolidated Financial Statements for more information. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing