Gates Industrial (GTES) 10-Q1 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 30, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
Document Transition Report	false
Entity File Number	001-38366
Entity Registrant Name	Gates Industrial Corporation plc
Entity Incorporation, Country Code	X0
Entity Tax Identification Number	98-1395184
Entity Address, Street Address	1144 Fifteenth Street
Entity Address, City	Denver
Entity Address, State	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	744-1911
Title of each class	Ordinary Shares, $0.01 par value per share
Trading Symbol(s)	GTES
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		261,380,261
Entity Central Index Key	0001718512
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Net sales	$ 862.6	$ 897.7
Cost of sales	532.6	572.6
Gross profit	330	325.1
Selling, general and administrative expenses	211.7	232.1
Transaction-related expenses	0.4	0.2
Restructuring expenses	1.2	5.5
Operating income from continuing operations	116.7	87.3
Interest expense	37.5	40.8
Other (income) expenses	(1.5)	0.3
Income from continuing operations before taxes	80.7	46.2
Income tax expense	34.5	15.3
Net income from continuing operations	46.2	30.9
Loss on disposal of discontinued operations, net of tax, respectively, of $0 and $0	0.1	0.3
Net income	46.1	30.6
Less: non-controlling interests	6.1	4.2
Net income attributable to shareholders	$ 40	$ 26.4
Basic
Earnings per share from continuing operations (in usd per share)	$ 0.15	$ 0.09
Earnings per share from discontinued operations (in usd per share)	0	0
Earnings per share (in usd per share)	0.15	0.09
Diluted
Earnings per share from continuing operations (in usd per share)	0.15	0.09
Earnings per share from discontinued operations (in usd per share)	0	0
Earnings per share (in usd per share)	$ 0.15	$ 0.09

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Loss on disposal of discontinued operations, net of tax	$ 0	$ 0

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Net income	$ 46.1	$ 30.6
Foreign currency translation:
—Net translation (loss) gain on foreign operations, net of tax benefit (expense), respectively, of $3.1 and $(2.0)	(69.4)	82.1
—Gain (loss) on net investment hedges, net of tax (expense) benefit, respectively, of $(3.0) and $1.7	16	(10.5)
Total foreign currency translation movements	(53.4)	71.6
Cash flow hedges (interest rate derivatives):
—Gain (loss) arising in the period, net of tax (expense) benefit, respectively, of $(3.4) and $2.5	10.2	(7.5)
—Reclassification to net income, net of tax benefit, respectively, of $2.2 and $0.6	(6.8)	(1.8)
Total cash flow hedges movements	3.4	(9.3)
Post-retirement benefits:
—Reclassification of prior year actuarial movements to net income, net of tax benefit, respectively, of $0.2 and $0.2	(0.4)	(0.7)
Total post-retirement benefits movements	(0.4)	(0.7)
Other comprehensive (loss) income	(50.4)	61.6
Comprehensive (loss) income for the period	(4.3)	92.2
Comprehensive income attributable to shareholders:
Comprehensive income (loss) attributable to parent	2.6	87.2
Comprehensive (loss) income attributable to non-controlling interests	(6.9)	5
—Income arising from continuing operations
Comprehensive income attributable to shareholders:
Comprehensive income (loss) attributable to parent	2.7	87.5
—Loss arising from discontinued operations
Comprehensive income attributable to shareholders:
Comprehensive income (loss) attributable to parent	$ (0.1)	$ (0.3)

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Foreign currency translation:
Net translation (loss) gain on foreign operations, tax	$ 3.1	$ (2)
Gain (loss) on net investment hedges, tax	(3)	1.7
Cash flow hedges (interest rate derivatives):
(Loss) gain arising in the period, tax expense	(3.4)	2.5
Reclassification to net income, tax expense	2.2	0.6
Post-retirement benefits:
Reclassification of prior year actuarial movements to net income, net of tax benefit	$ 0.2	$ 0.2

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Current assets
Cash and cash equivalents	$ 522.2	$ 720.6
Trade accounts receivable, net	797.7	768.2
Inventories	677.2	647.2
Taxes receivable	44.2	30.4
Prepaid expenses and other assets	245.8	234.9
Total current assets	2,287.1	2,401.3
Non-current assets
Property, plant and equipment, net	619.2	630
Goodwill	2,012.5	2,038.7
Pension surplus	8.4	8.6
Intangible assets, net	1,347	1,386.1
Right-of-use assets	120.9	120.1
Taxes receivable	18.3	18.5
Deferred income taxes	607.4	622.4
Other non-current assets	25.1	28.8
Total assets	7,045.9	7,254.5
Current liabilities
Debt, current portion	27.9	36.5
Trade accounts payable	451.4	457.7
Taxes payable	44.9	36.6
Accrued expenses and other current liabilities	223.7	248.5
Total current liabilities	747.9	779.3
Non-current liabilities
Debt, less current portion	2,313.1	2,415
Post-retirement benefit obligations	81.6	83.8
Lease liabilities	112	110.6
Taxes payable	83.3	79.4
Deferred income taxes	114.3	119.4
Other non-current liabilities	98.3	123.1
Total liabilities	3,550.5	3,710.6
Commitments and contingencies (Note 18)
Shareholders’ equity
—Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 261,244,776 (December 30, 2023: authorized shares: 3,000,000,000; outstanding shares: 264,259,788)	2.6	2.6
—Additional paid-in capital	2,590.1	2,583.8
—Accumulated other comprehensive loss	(865.9)	(828.5)
—Retained earnings	1,451.8	1,462.3
Total shareholders’ equity	3,178.6	3,220.2
Non-controlling interests	316.8	323.7
Total equity	3,495.4	3,543.9
Total liabilities and equity	$ 7,045.9	$ 7,254.5

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 30, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Par value (in usd per share)	$ 0.01	$ 0.01
Authorized shares (in shares)	3,000,000,000	3,000,000,000
Outstanding shares ( in shares)	261,244,776	264,259,788

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities
Net income	$ 46.1	$ 30.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54.6	54.5
Foreign exchange and other non-cash financing (income) expenses	(11.1)	9.7
Share-based compensation expense	8.6	9.5
Decrease in post-employment benefit obligations, net	(2.2)	(3)
Deferred income taxes	(1.1)	(3.1)
Other operating activities	(4.8)	1
Changes in operating assets and liabilities:
—Accounts receivable	(38.7)	(27.7)
—Inventories	(36.9)	6.5
—Accounts payable	(0.4)	(22.6)
—Prepaid expenses and other assets	3.7	4.8
—Taxes payable	(2.3)	(9.2)
—Other liabilities	(36.5)	1.5
Net cash (used in) provided by operating activities	(21)	52.5
Cash flows from investing activities
Purchases of property, plant and equipment	(16)	(11.8)
Purchases of intangible assets	(2.1)	(2.8)
Cash paid under company-owned life insurance policies	(4.1)	(17)
Cash received under company-owned life insurance policies	2.7	1.5
Proceeds from the sale of property, plant and equipment	0	0.2
Net cash used in investing activities	(19.5)	(29.9)
Cash flows from financing activities
Issuance of shares	2.5	11.3
Repurchase of shares	(50.3)	0
Payments of long-term debt	(104.9)	(4.9)
Debt issuance costs paid	0	(0.3)
Other financing activities	3.8	(8.2)
Net cash used in financing activities	(148.9)	(2.1)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(8.9)	(4.1)
Net (decrease) increase in cash and cash equivalents and restricted cash	(198.3)	16.4
Cash and cash equivalents and restricted cash at the beginning of the period	724	581.4
Cash and cash equivalents and restricted cash at the end of the period	525.7	597.8
Supplemental schedule of cash flow information
Interest paid	45.5	45.9
Income taxes paid	36.5	27.3
Accrued capital expenditures	$ 1.6	$ 2

Unaudited Condensed Consolida_8

Unaudited Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Millions	Total	Total shareholders’ equity	Share capital	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Non- controlling interests
Beginning balance at Dec. 31, 2022	$ 3,443.6	$ 3,110	$ 2.8	$ 2,542.1	$ (917.8)	$ 1,482.9	$ 333.6
Increase (Decrease) in Stockholders' Equity
Net income	30.6	26.4				26.4	4.2
Other comprehensive income	61.6	60.8			60.8		0.8
Total comprehensive (loss) income	92.2	87.2	0	0	60.8	26.4	5
—Issuance of shares	11.3	11.3		11.3
—Shares withheld for employee taxes	(1.6)	(1.6)		(1.6)
—Share-based compensation	8.1	8.1		8.1			0
Ending balance at Apr. 01, 2023	3,553.6	3,215	2.8	2,559.9	(857)	1,509.3	338.6
Beginning balance at Dec. 30, 2023	3,543.9	3,220.2	2.6	2,583.8	(828.5)	1,462.3	323.7
Increase (Decrease) in Stockholders' Equity
Net income	46.1	40				40	6.1
Other comprehensive income	(50.4)	(37.4)			(37.4)		(13)
Total comprehensive (loss) income	(4.3)	2.6	0	0	(37.4)	40	(6.9)
—Issuance of shares	2.5	2.5		2.5
—Shares withheld for employee taxes	(2.4)	(2.4)		(2.4)
—Repurchase and cancellation of shares	(50.5)	(50.5)				(50.5)
—Share-based compensation	6.2	6.2		6.2			0
Ending balance at Mar. 30, 2024	$ 3,495.4	$ 3,178.6	$ 2.6	$ 2,590.1	$ (865.9)	$ 1,451.8	$ 316.8

Introduction

Introduction	3 Months Ended
Introduction	Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction	Introduction A. Background Gates Industrial Corporation plc (the “Company”) is a public limited company that was registered in England and Wales on September 25, 2017. In these condensed consolidated financial statements and related notes, all references to “Gates,” “we,” “us,” and “our” refer, unless the context requires otherwise, to the Company and its consolidated subsidiaries. B. Accounting periods The Company prepares its annual consolidated financial statements for the period ending on the Saturday nearest December 31. Accordingly, the condensed consolidated balance sheet is presented as of March 30, 2024 and December 30, 2023 and the related condensed consolidated statements of operations, comprehensive income, cash flows, and shareholders’ equity are presented, where relevant, for the 91 day period from December 31, 2023 to March 30, 2024, with comparative information for the 91 day period from January 1, 2023 to April 1, 2023. C. Basis of preparation The condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars unless otherwise indicated. The condensed consolidated financial statements and related notes contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company’s financial position as of March 30, 2024 and the results of its operations and cash flows for the periods ended March 30, 2024 and April 1, 2023. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. The preparation of consolidated financial statements under U.S. GAAP requires us to make assumptions and estimates concerning the future that affect the reported amounts of assets, liabilities, revenue and expenses. Estimates and assumptions are particularly important in accounting for items such as revenue, rebates, impairment of long-lived assets, intangible assets and goodwill, inventory valuation, financial instruments, expected credit losses, product warranties, income taxes and post-retirement benefits. Estimates and assumptions used are based on factors such as historical experience, observance of trends in the industries in which we operate and information available from our customers and other outside sources. These condensed consolidated financial statements are unaudited and have been prepared on substantially the same basis as Gates’ audited annual consolidated financial statements and related notes for the year ended December 30, 2023. The condensed consolidated balance sheet as of December 30, 2023 has been derived from those audited financial statements. During 2021, the Company implemented a program with an unrelated third party under which we may periodically sell trade accounts receivable from one of our aftermarket customers with whom we have extended payment terms as part of a commercial agreement. The purpose of using this program is to generally offset the working capital impact resulting from this terms extension. All eligible accounts receivable from this customer are covered by the program, and any factoring is solely at our option. Following the factoring of a qualifying receivable, because we maintain no continuing involvement in the underlying receivable, and collectability risk is fully transferred to the unrelated third party, we account for these transactions as a sale of a financial asset and derecognize the asset. Cash received under the program is classified as operating cash inflows in the consolidated statement of cash flows. As of March 30, 2024, the collection of $119.3 million of our trade accounts receivable had been accelerated under this program, compared to the accelerated collection of $112.4 million as of December 30, 2023. During the three months ended March 30, 2024, we incurred costs in respect of this program of $3.2 million, which are recorded under other (income) expenses. During the three months ended April 1, 2023 we incurred costs in respect of this program of $1.4 million. These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes for the year ended December 30, 2023 included in the Company’s Annual Report on Form 10-K.

Recent accounting pronouncement

Recent accounting pronouncements not yet adopted	3 Months Ended
Recent accounting pronouncements not yet adopted	Mar. 30, 2024
Accounting Policies [Abstract]
Recent accounting pronouncements not yet adopted	Recent accounting pronouncements not yet adopted None.

Segment information

Segment information	3 Months Ended
Segment information	Mar. 30, 2024
Segment Reporting [Abstract]
Segment information	Segment information A. Background The segment information provided in these condensed consolidated financial statements reflects the information that is used by the chief operating decision maker for the purposes of making decisions about allocating resources and in assessing the performance of each segment. The chief executive officer (“CEO”) of Gates serves as the chief operating decision maker. These decisions are based principally on net sales and Adjusted EBITDA (defined below). B. Operating segments and segment assets Gates manufactures a wide range of power transmission and fluid power products and components for a large variety of industrial and automotive applications, both in the aftermarket and first-fit channels, throughout the world. Our reportable segments are identified on the basis of our primary product lines, as this is the basis on which information is provided to the CEO for the purposes of allocating resources and assessing the performance of Gates’ businesses. Our operating and reporting segments are therefore Power Transmission and Fluid Power. Segment asset information is not provided to the chief operating decision maker and therefore segment asset information has not been presented. Due to the nature of Gates’ operations, cash generation and profitability are viewed as the key measures rather than an asset-based measure. C. Segment net sales and disaggregated net sales Sales between reporting segments and the impact of such sales on Adjusted EBITDA for each segment are not included in internal reports presented to the CEO and have therefore not been included below. Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Power Transmission $ 532.8 $ 548.1 Fluid Power 329.8 349.6 Continuing operations $ 862.6 $ 897.7 Our commercial function is organized by region and therefore, in addition to reviewing net sales by our reporting segments, the CEO also reviews net sales information disaggregated by region, including between emerging and developed markets. The following table summarizes our net sales by key geographic region of origin: Three months ended March 30, 2024 Three months ended April 1, 2023 (dollars in millions) Power Transmission Fluid Power Power Transmission Fluid Power U.S. $ 141.0 $ 172.0 $ 144.8 $ 181.8 North America, excluding U.S. 63.1 50.5 54.8 51.8 United Kingdom (“U.K.”) 10.6 15.8 10.5 20.4 EMEA (1) , excluding U.K. 153.0 52.0 167.7 53.9 East Asia and India 68.6 19.9 74.0 19.8 Greater China 68.7 10.4 70.0 11.3 South America 27.8 9.2 26.3 10.6 Net sales $ 532.8 $ 329.8 $ 548.1 $ 349.6 (1) Europe, Middle East and Africa (“EMEA”). The following table su mmarizes our net sales into emerging and developed markets: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Developed $ 557.0 $ 581.2 Emerging 305.6 316.5 Net sales $ 862.6 $ 897.7 D. Measure of segment profit or loss The CEO uses Adjusted EBITDA, as defined below, to measure the profitability of each segment. Adjusted EBITDA is, therefore, the measure of segment profit or loss presented in Gates’ segment disclosures. “EBITDA” represents net income from continuing operations for the period before net interest and other (income) expense, income taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, the items excluded from EBITDA in computing Adjusted EBITDA primarily included: • non-cash charges in relation to share-based compensation; • transaction-related expenses incurred in relation to major corporate transactions, including the acquisition of businesses and related integration activities, and equity and debt transactions; • restructuring expenses, including severance-related expenses; • credit loss related to a customer bankruptcy; • cybersecurity incident expenses; and • inventory adjustments related to certain inventories accounted for on a Last-in First-out (“LIFO”) basis. Adjusted EBITDA by segment was as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Power Transmission $ 119.0 $ 107.7 Fluid Power 76.6 66.8 Continuing operations $ 195.6 $ 174.5 Reconciliation of net income from continuing operations to Adjusted EBITDA: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Net income from continuing operations $ 46.2 $ 30.9 Income tax expense 34.5 15.3 Income from continuing operations before taxes 80.7 46.2 Interest expense 37.5 40.8 Other (income) expenses (1.5) 0.3 Operating income from continuing operations 116.7 87.3 Depreciation and amortization 54.6 54.5 Transaction-related expenses (1) 0.4 0.2 Restructuring expenses 1.2 5.5 Share-based compensation expense 8.6 9.5 Inventory impairments and adjustments (included in cost of sales) (2) 13.9 0.6 Severance expenses (included in cost of sales) — 0.5 Severance expenses (included in SG&A) 0.1 0.6 Credit loss related to customer bankruptcy (included in SG&A) (3) 0.1 10.7 Cybersecurity incident expenses (4) — 5.1 Adjusted EBITDA $ 195.6 $ 174.5 (1) Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. (2) Inventory impairments and adjustments include the reversal of the adjustment to remeasure certain inventories on a LIFO basis. (3) On January 31, 2023, one of our customers filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In connection with the bankruptcy proceedings, we preliminarily evaluated our potential risk and exposure relating to our outstanding pre-petition accounts receivable balance from the customer and recorded an initial pre-tax charge to reflect our estimated recovery. Based on further developments in the bankruptcy proceedings, we recorded an additional $0.1 million pre-tax charge during the three months ended March 30, 2024. We will continue to monitor the circumstances surrounding the bankruptcy in determining whether adjustments to this recovery estimate are necessary. (4)

Restructuring and other strateg

Restructuring and other strategic initiatives	3 Months Ended
Restructuring and other strategic initiatives	Mar. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and other strategic initiatives	Restructuring and other strategic initiatives Gates continues to undertake various restructuring and other strategic initiatives to drive increased productivity in all aspects of our operations. These actions include efforts to consolidate our manufacturing and distribution footprint, scale operations to current demand levels, streamline our selling, general and administrative (“SG&A”) back-office functions and relocate certain operations to lower cost locations. Overall costs associated with our restructuring and other strategic initiatives have been recognized in the condensed consolidated statements as set forth below. Expenses incurred in relation to certain of these actions qualify as restructuring expenses under U.S. GAAP. Three months ended (dollars in millions) March 30, April 1, Restructuring expenses: —Severance (income) expense $ (0.6) $ 4.1 —Non-severance labor and benefit expenses — 0.3 —Consulting expenses 1.0 0.5 —Other net restructuring expenses 0.8 0.6 Total restructuring expenses $ 1.2 $ 5.5 Expenses related to other strategic initiatives: —Severance expenses included in cost of sales $ — $ 0.5 —Severance expenses included in SG&A 0.1 0.6 Total expenses related to other strategic initiatives $ 0.1 $ 1.1 Restructuring and other strategic initiatives during the three months ended March 30, 2024 related to legal and consulting expenses, relocation of certain production activities in Mexico, and other restructuring costs associated with prior period facility closures or relocations in several countries. Restructuring and other strategic initiatives during the three months ended April 1, 2023 related primarily to severance and other non-labor costs related to relocating certain production activities in China, Mexico and Europe. Restructuring activities As indicated above, restructuring expenses, as defined under U.S. GAAP, form a subset of our total expenses related to restructuring and other strategic initiatives. These expenses include the impairment of inventory, which is recognized in cost of sales. Analyzed by segment, our restructuring expenses were as follows: Three months ended (dollars in millions) March 30, April 1, Power Transmission $ 0.3 $ 4.7 Fluid Power 0.9 0.8 Continuing operations $ 1.2 $ 5.5 The following summarizes the reserve for restructuring expenses for the three months ended March 30, 2024 and April 1, 2023, respectively: Three months ended (dollars in millions) March 30, April 1, Balance as of the beginning of the period $ 5.1 $ 7.5 Utilized during the period (2.7) (6.7) Charge for the period 1.9 5.6 Released during the period (0.7) (0.1) Foreign currency translation (0.1) — Balance as of the end of the period $ 3.5 $ 6.3 Restructuring reserves, which are expected to be utilized during 2024, are included in the condensed consolidated balance sheet within the accrued expenses and other current liabilities line.

Income taxes

Income taxes	3 Months Ended
Income taxes	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes We compute the year-to-date income tax provision by applying our estimated annual effective tax rate to our year-to-date pre-tax income and adjust for discrete tax items in the period in which they occur. For the three months ended March 30, 2024, we had an income tax expense of $34.5 million on pre-tax income of $80.7 million, which resulted in an effective tax rate of 42.8%, compared to an income tax expense of $15.3 million on pre-tax income of $46.2 million, which resulted in an effective tax rate of 33.1% for the three months ended April 1, 2023. For the three months ended March 30, 2024, the effective tax rate was driven primarily by the jurisdictional mix of earnings and by discrete tax expenses of $11.7 million, of which $9.1 million related to changes in the realizability of certain deferred tax assets, $1.4 million related to net unrecognized tax benefits, and $1.2 million related to other net discrete expenses. For the three months ended April 1, 2023, the effective tax rate was driven primarily by discrete tax expenses of $6.4 million, of which $2.6 million related to the impacts of tax law changes primarily in Turkey and Belgium, $1.9 million related to undistributed foreign earnings, and $2.9 million related to other net discrete expenses, partially offset by $1.0 million of net unrecognized tax benefits. Deferred Tax Assets and Liabilities We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under U.S. GAAP and their respective tax bases, and for net operating loss carryforwards and tax credit carryforwards. We evaluate the recoverability of our deferred tax assets, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. As of each reporting date, we consider new evidence, both positive and negative, that could impact our view with regard to the future realization of deferred tax assets. We maintain our positions with regard to future realization of deferred tax assets, including those with respect to which we continue maintaining valuation allowances, until there is sufficient new evidence to support a change in expectations. Such a change in expectations could arise due to many factors, including those impacting our forecasts of future earnings, as well as changes in the international tax laws under which we operate and tax planning. It is not reasonably possible to forecast any such changes at the present time, but it is possible that, should they arise, our view of their effect on the future realization of deferred tax assets may materially impact our financial statements. After weighing all of the evidence, giving more weight to the evidence that was objectively verifiable, we determined that, as of March 30, 2024, it is more likely than not that deferred tax assets in the U.S, Germany, and China totaling $12.3 million are not realizable. Accordingly, we discretely recognized $9.1 million expense from deferred tax assets that are no longer realizable, while the remaining $3.2 million expense will be recognized during the year through the effective tax rate. As a result of changes in our Sponsor’s ownership in us and estimates of future taxable profits against which net operating losses and foreign tax credits can be utilized, our position and judgment regarding the realizability of these deferred tax assets changed.

Earnings per share

Earnings per share	3 Months Ended
Earnings per share	Mar. 30, 2024
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic earnings per share represents net income attributable to shareholders divided by the weighted average number of shares outstanding during the period. Diluted earnings per share considers the dilutive effect of potential shares, unless the inclusion of the potential shares would have an anti-dilutive effect. The treasury stock method is used to determine the potential dilutive shares resulting from assumed exercises of equity-related instruments. The computation of earnings per share is presented below: Three months ended (dollars in millions, except share numbers and per share amounts) March 30, April 1, Net income attributable to shareholders $ 40.0 $ 26.4 Weighted average number of shares outstanding 262,674,227 283,520,302 Dilutive effect of share-based awards 4,761,304 4,358,113 Diluted weighted average number of shares outstanding 267,435,531 287,878,415 Number of anti-dilutive shares excluded from diluted earnings per share calculation 4,034,246 4,544,378 Basic earnings per share $ 0.15 $ 0.09 Diluted earnings per share $ 0.15 $ 0.09

Inventories

Inventories	3 Months Ended
Inventories	Mar. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories (dollars in millions) As of March 30, 2024 As of December 30, 2023 Raw materials and supplies $ 187.3 $ 168.2 Work in progress 50.1 43.3 Finished goods 439.8 435.7 Total inventories $ 677.2 $ 647.2

Goodwill

Goodwill	3 Months Ended
Goodwill	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill (dollars in millions) Power Fluid Total Cost and carrying amount As of December 30, 2023 $ 1,338.5 $ 700.2 $ 2,038.7 Foreign currency translation (23.9) (2.3) (26.2) As of March 30, 2024 $ 1,314.6 $ 697.9 $ 2,012.5

Intangible assets

Intangible assets	3 Months Ended
Intangible assets	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets As of March 30, 2024 As of December 30, 2023 (dollars in millions) Cost Accumulated Net Cost Accumulated Net Finite-lived: —Customer relationships $ 1,983.8 $ (1,145.9) $ 837.9 $ 2,003.6 $ (1,127.7) $ 875.9 —Technology 90.5 (90.4) 0.1 90.6 (90.3) 0.3 —Capitalized software 118.8 (79.2) 39.6 117.3 (76.8) 40.5 2,193.1 (1,315.5) 877.6 2,211.5 (1,294.8) 916.7 Indefinite-lived: —Brands and trade names 513.4 (44.0) 469.4 513.4 (44.0) 469.4 Total intangible assets $ 2,706.5 $ (1,359.5) $ 1,347.0 $ 2,724.9 $ (1,338.8) $ 1,386.1 During the three months ended March 30, 2024, the amortization expense recognized in respect of intangible assets was $32.5 million, compared to $32.1 million for the three months ended April 1, 2023. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $8.8 million for the three months ended March 30, 2024, compared to an increase of $9.2 million for the three months ended April 1, 2023.

Derivative financial instrument

Derivative financial instruments	3 Months Ended
Derivative financial instruments	Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative financial instruments	Derivative financial instruments We are exposed to certain financial risks relating to our ongoing business operations. From time to time, we use derivative financial instruments, principally foreign currency swaps, forward foreign currency contracts, interest rate caps (options) and interest rate swaps, to reduce our exposure to foreign currency risk and interest rate risk. We do not hold or issue derivatives for speculative purposes and monitor closely the credit quality of the institutions with which we transact. We recognize derivative instruments as either assets or liabilities in the condensed consolidated balance sheet. We designate certain of our currency swaps as net investment hedges and designate our interest rate caps and interest rate swaps as cash flow hedges. The gain or loss on the designated derivative instrument is recognized in other comprehensive income (“OCI”) and reclassified into net income in the same period or periods during which the hedged transaction affects earnings. Derivative instruments that have not been designated in an effective hedging relationship are considered economic hedges, and their change in fair value is recognized in net income in each period. The period end fair values of derivative financial instruments were as follows: As of March 30, 2024 As of December 30, 2023 (dollars in millions) Prepaid expenses and other assets Other non- Accrued expenses and other Other Net Prepaid expenses and other assets Other non- Accrued expenses and other Other Net Derivatives designated as hedging instruments: —Currency swaps $ 9.9 $ — $ — $ (60.1) $ (50.2) $ 8.5 $ — $ — $ (77.7) $ (69.2) —Interest rate swaps 32.4 8.6 (10.0) (5.8) 25.2 29.9 11.8 (9.9) (13.6) 18.2 Derivatives not designated as hedging instruments: —Currency forward contracts 2.7 — (0.6) — 2.1 3.9 — (1.8) — 2.1 $ 45.0 $ 8.6 $ (10.6) $ (65.9) $ (22.9) $ 42.3 $ 11.8 $ (11.7) $ (91.3) $ (48.9) A. Instruments designated as net investment hedges We hold cross currency swaps that have been designated as net investment hedges of certain of our European and Chinese operations. In November 2023, we executed a USD to Chinese Yuan fixed-to-fixed cross currency swap with a notional principal amount of ¥1,784.0 million with a contract term from November 30, 2023 to November 30, 2026. This has been designated as a net investment hedge of certain of our Chinese operations. In May 2023, we amended our existing cross currency swaps to transition from a floating rate based on the London Interbank Offered Rate (“LIBOR”) to a floating rate based on a term secured overnight financing rate (“Term SOFR”). During November 2022, we executed additional cross currency swaps that have been designated as net investment hedges of certain of our European operations, with the notional principal amount of €501.6 million and contract term from November 16, 2022 to November 16, 2027. During March 2022, we extended our cross currency swaps existing at that time, which originally matured in March 2022, to now mature on March 31, 2027. As of both March 30, 2024 and December 30, 2023, the aggregated notional principal amounts of the cross currency swaps we re €756.1 million and ¥1,784.0 million. The fair value gain (loss) before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Net fair value gain (loss) recognized in OCI in relation to: —Designated cross currency swaps $ 19.0 $ (12.2) Total net fair value gain (loss) $ 19.0 $ (12.2) During the three months ended March 30, 2024, a net gain of $3.2 million was recognized in interest expense in relation to our cross currency swaps that have been designated as net investment hedges, compared to a net gain of $3.0 million during the three months ended April 1, 2023. B. Instruments designated as cash flow hedges We use interest rate swaps and interest rate caps as part of our interest rate risk management strategy to add stability to interest expense and to manage our exposure to interest rate movements. These instruments are all designated as cash flow hedges. As of both March 30, 2024 and December 30, 2023, we held pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $1,255.0 million. Interest rate swaps with a notional amount of $870.0 million have a contract term from June 30, 2020 through June 30, 2025, while interest rate swaps with a notional amount of $385.0 million have a contract term from November 16, 2022 to November 16, 2027. The movements before tax recognized in OCI in relation to our cash flow hedges were as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Movement recognized in OCI in relation to: —Fair value gain (loss) on cash flow hedges $ 13.6 $ (10.0) —Amortization to net income of prior period fair value losses — 4.5 —Reclassification from OCI to net income (9.0) (6.9) Total movement $ 4.6 $ (12.4) C. Derivative instruments not designated as hedging instruments We do not designate our currency forward contracts, which are used primarily in respect of operational currency exposures related to payables, receivables and material procurement, or the currency swap contracts that are used to manage the currency profile of Gates’ cash, as hedging instruments for the purposes of hedge accounting. As of March 30, 2024 and December 30, 2023, there were no outstanding currency swaps. As of March 30, 2024, the notional amount of outstanding currency forward contracts that are used to manage operational foreign exchange exposures was $164.1 million, compared to $140.8 million as of December 30, 2023. The fair value gain recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Fair value gain recognized in relation to: —Currency forward contracts recognized in SG&A $ 2.1 $ 1.2 Total $ 2.1 $ 1.2

Fair value measurement

Fair value measurement	3 Months Ended
Fair value measurement	Mar. 30, 2024
Fair Value Disclosures [Abstract]
Fair value measurement	Fair value measurement A. Fair value hierarchy We account for certain assets and liabilities at fair value. Topic 820 “ Fair Value Measurements and Disclosures ” establishes the following hierarchy for the inputs that are used in fair value measurement: • “Level 1” inputs are unadjusted quoted prices in active markets for identical assets or liabilities; • “Level 2” inputs are those other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • “Level 3” inputs are not based on observable market data (unobservable inputs). Assets and liabilities that are measured at fair value are categorized in one of the three levels on the basis of the lowest-level input that is significant to its valuation. B. Financial instruments not held at fair value Certain financial assets and liabilities are not measured at fair value; however, items such as cash and cash equivalents, restricted cash, drawings under revolving credit facilities and bank overdrafts generally attract interest at floating rates and accordingly their carrying amounts are considered to approximate fair value. Due to their short maturities, the carrying amounts of accounts receivable and accounts payable are also considered to approximate their fair values. The carrying amount and fair value of our debt are set out below: As of March 30, 2024 As of December 30, 2023 (dollars in millions) Carrying amount Fair value Carrying amount Fair value Current $ 27.9 $ 27.8 $ 36.5 $ 36.5 Non-current 2,313.1 2,340.0 2,415.0 2,444.7 $ 2,341.0 $ 2,367.8 $ 2,451.5 $ 2,481.2 Debt is comprised principally of borrowings under the secured credit facilities and the unsecured senior notes. The two dollar term loans under the secured credit facilities pay interest at floating rates, subject to a 0.75% and 0.50% Term SOFR floor as further described in Note 12. The fair values of the term loans are derived from a market price, discounted for illiquidity. The unsecured senior notes have fixed interest rates, are traded by “Qualified Institutional Buyers” and certain other eligible investors, and their fair value is derived from their quoted market price. C. Assets and liabilities measured at fair value on a recurring basis The following table categorizes the assets and liabilities that are measured at fair value on a recurring basis: (dollars in millions) Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Total As of March 30, 2024 Derivative assets $ — $ 53.6 $ 53.6 Derivative liabilities $ — $ (76.5) $ (76.5) Cash equivalents $ 21.3 $ 34.0 $ 55.3 As of December 30, 2023 Derivative assets $ — $ 54.1 $ 54.1 Derivative liabilities $ — $ (103.0) $ (103.0) Cash equivalents $ 76.2 $ 52.8 $ 129.0 Derivative assets and liabilities included in Level 2 represent foreign currency exchange forward and swap contracts, and interest rate derivative contracts. Cash equivalents included in Level 1 represent treasury bills and money market funds, while Level 2 represent certificates of deposit and commercial paper. We value our foreign currency exchange derivatives using models consistent with those used by a market participant that maximize the use of market observable inputs including forward prices for currencies. We value our interest rate derivative contracts using a widely accepted discounted cash flow valuation methodology that reflects the contractual terms of each derivative, including the period to maturity. The methodology derives the fair values of the derivatives using the market standard methodology of netting the discounted future cash payments and the discounted expected receipts. The inputs used in the calculation are based on observable market-based inputs, including interest rate curves, implied volatilities and credit spreads. We incorporate credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Transfers between levels of the fair value hierarchy During the periods presented, there were no transfers between Levels 1 and 2, and Gates had no assets or liabilities measured at fair value on a recurring basis using Level 3 inputs. D. Assets measured at fair value on a non-recurring basis

Debt

Debt	3 Months Ended
Debt	Mar. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt (dollars in millions) As of March 30, 2024 As of December 30, 2023 Secured debt: —Dollar Term Loans $ 1,799.0 $ 1,903.9 Unsecured debt: —6.25% Dollar Senior Notes due 2026 568.0 568.0 Total principal of debt 2,367.0 2,471.9 Deferred issuance costs (34.4) (37.4) Accrued interest 8.4 17.0 Total carrying value of debt 2,341.0 2,451.5 Debt, current portion 27.9 36.5 Debt, less current portion $ 2,313.1 $ 2,415.0 Gates’ secured debt is jointly and severally, irrevocably and fully and unconditionally guaranteed by certain of its subsidiaries and is secured by liens on substantially all of their assets. Gates is subject to covenants, representations and warranties under certain of its debt facilities. During the periods covered by these condensed consolidated financial statements, we were in compliance with the applicable financial covenants. Also under the agreements governing our debt facilities, our ability to engage in activities such as incurring certain additional indebtedness, making certain investments and paying certain dividends is dependent, in part, on our ability to satisfy tests based on measures determined under those agreements. Debt issuances and redemptions During February 2024, we made a voluntary principal debt repayment of $100.0 million against our Existing Dollar Term Loans (as defined below). As a result of this repayment, we accelerated the recognition of $1.0 million of deferred issuance costs (recognized in interest expense). During May 2023, we drew $100.0 million under our asset-backed revolving credit facility to partially fund the purchase of shares under our 2023 share repurchase program. During Fiscal 2023, we paid down the borrowings on the asset-backed revolver and had no outstanding borrowings as of March 30, 2024 and December 30, 2023. Dollar Term Loans Our secured credit facilities consist of two loans (collectively, the “Dollar Term Loans”), one of which was originally drawn on July 3, 2014 and refinanced on February 24, 2021 (the “Existing Dollar Term Loans”), and a new $575.0 million tranche of dollar denominated term loans (the “New Dollar Term Loans”) drawn on November 16, 2022. These term loan facilities bear interest at a floating rate, which for U.S. dollar debt can be either a base rate as defined in the credit agreement plus an applicable margin, or at our option, Term SOFR plus an applicable margin. The Existing Dollar Term Loans mature on March 31, 2027, while the New Dollar Term Loans mature on November 16, 2029. The Existing Dollar Term Loans’ interest rate is currently Adjusted Term SOFR, subject to a floor of 0.75%, plus a margin of 2.60%, and as of March 30, 2024, borrowings under this facility bore interest at a rate of 7.93% per annum. On March 1, 2023, Gates amended the Existing Dollar Term Loans’ reference rate from LIBOR to Term SOFR, with a credit spread adjustment of 0.10%. The Existing Dollar Term Loans interest rate is currently re-set on the last business day of each month based on the election of one month interest periods. The New Dollar Term Loans’ interest rate is currently Term SOFR, subject to a floor of 0.50%, plus a margin of 3.00%, and as of March 30, 2024, borrowings under this facility bore interest at a rate of 8.33% per annum. The New Dollar Term Loans’ interest rate is currently re-set on the last business day of each month based on the election of one month interest periods. On October 10, 2023, we amended the New Dollar Term Loans’ interest rate to be, at our option, either Term SOFR, subject to a floor of 0.50%, plus a margin of 3.00% per annum, or the base rate, subject to a 1.50% per annum floor, plus 2.00% per annum Both Dollar Term Loans are subject to quarterly amortization payments of 0.25%, based on the original principal amount less certain repayments with the balance payable on maturity. During the three months ended March 30, 2024, we made amortization payments against the Existing Dollar Term Loans and New Dollar Term Loans of $3.5 million and $1.4 million, respectively. Under the terms of the credit agreement, we are obliged to offer annually to the term loan lenders an “excess cash flow” amount as defined under the agreement, based on the preceding year’s final results. Based on our 2023 results, the leverage ratio as defined under the credit agreement was below the threshold above which payments are required, and therefore no excess cash flow payment is required to be made in 2024. A wholly-owned U.S. subsidiary of Gates Global LLC is the principal obligor under the Dollar Term Loans for U.S. federal income tax purposes and makes the payments due on this tranche of debt. As a result, interest received by lenders of this tranche of debt is U.S. source income. Unsecured Senior Notes As of March 30, 2024, we had $568.0 million of Dollar Senior Notes outstanding that were issued in November 2019. These notes are scheduled to mature on January 15, 2026 and bear interest at an annual fixed rate of 6.25% with semi-annual interest payments. As of January 15, 2024, we may redeem the Dollar Senior Notes, at our option, in whole at any time or in part from time to time, at 100% of the principal amount, plus accrued and unpaid interest to the redemption date. Upon the occurrence of a change of control or a certain qualifying asset sale, the holders of the notes will have the right to require us to make an offer to repurchase each holder's notes at a price equal to 101% (in the case of a change of control) or 100% (in the case of an asset sale) of their principal amount, plus accrued and unpaid interest. Revolving credit facility We have a secured revolving credit facility that provides for multi-currency revolving loans. On November 18, 2021, we amended the credit agreement governing this facility to, among other things, increase the size of the facility from $185.0 million to $250.0 million, extend the maturity date from January 29, 2023 to November 18, 2026 (subject to certain springing maturities related to our Unsecured Senior Notes if more than $500.0 million is outstanding 91 days prior to its maturity), and increase the letter of credit sub-facility from $20.0 million to $75.0 million. As of both March 30, 2024 and December 30, 2023, there were no drawings for cash under the revolving credit facility and there were no letters of credit outstanding. Debt under the revolving credit facility bears interest at a floating rate, which can be either a base rate as defined in the credit agreement plus an applicable margin or, at our option, the reference rate, plus an applicable margin. On March 1, 2023, Gates amended the secured revolving credit facility reference rate for borrowing in dollars from LIBOR to Term SOFR. Asset-backed revolver We also have a revolving credit facility backed by certain of our assets in North America. On November 18, 2021, we amended the credit agreement governing this facility to, among other things, reduce the maximum facility size from $325.0 million to $250.0 million ($250.0 million as of March 30, 2024 and December 30, 2023, based on the values of the secured assets on those dates), and extended the maturity date from January 29, 2023 to November 18, 2026 (subject to certain springing maturities related to our Unsecured Senior Notes if more than $500.0 million is outstanding 91 days prior to its maturity). The facility also allows for a letter of credit sub-facility of $150.0 million within the $250.0 million maximum. As of March 30, 2024, there were no drawings for cash under this facility. The letters of credit outstanding under this facility were $28.6 million and $29.7 million as of March 30, 2024 and December 30, 2023, respectively.

Post-retirement benefits

Post-retirement benefits	3 Months Ended
Post-retirement benefits	Mar. 30, 2024
Postemployment Benefits [Abstract]
Post-retirement benefits	Post-retirement benefits Gates provides defined benefit pension plans in certain of the countries in which it operates, in particular, in the U.S. and U.K. All of the defined benefit pension plans are closed to new entrants. In addition to the funded defined benefit pension plans, Gates has unfunded defined benefit obligations to certain current and former employees. Gates also provides other post-retirement benefits, principally health and life insurance coverage, on an unfunded basis to certain of its employees in the U.S. and Canada. Net periodic benefit cost The components of the net periodic benefit cost for pensions and other post-retirement benefits were as follows: Three Months Ended March 30, 2024 Three Months Ended April 1, 2023 (dollars in millions) Pensions Other post-retirement benefits Total Pensions Other post-retirement benefits Total Reported in operating income: —Employer service cost $ 1.0 $ — $ 1.0 $ 1.0 $ — $ 1.0 Reported outside of operating income: —Interest cost 6.1 0.3 6.4 6.2 0.4 6.6 —Expected return on plan assets (6.5) — (6.5) (6.4) — (6.4) —Net amortization of prior period losses (gains) 0.2 (0.8) (0.6) — (0.9) (0.9) Net periodic benefit cost $ 0.8 $ (0.5) $ 0.3 $ 0.8 $ (0.5) $ 0.3 Cash Contributions $ 1.6 $ 1.0 $ 2.6 $ 2.1 $ 1.1 $ 3.2 The components of the above net periodic benefit cost for pensions and other post-retirement benefits that are reported outside of operating income are all included in the other (income) expense line in the condensed consolidated statement of operations. For 2024 as a whole, we expect to contribute approximately $7.3 million to our defined benefit pension plans and approximately $3.0 million to our other post-retirement benefit plans.

Share-based compensation

Share-based compensation	3 Months Ended
Share-based compensation	Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation The Company operates a share-based incentive plan over its shares to provide incentives to Gates’ senior executives and other eligible employees. During the three months ended March 30, 2024, we recognized a charge of $8.6 million, compared to $9.5 million in the three months ended April 1, 2023. Awards issued under the 2014 Omaha Topco Ltd. Stock Incentive Plan (the “2014 Plan”) Gates has a number of share-based incentive awards issued under the 2014 Plan, which was assumed by the Company and renamed the Gates Industrial Corporation plc Stock Incentive Plan in connection with our initial public offering in January 2018 (our “IPO”). No new awards have been granted under this plan since 2017. The options granted prior to our IPO were split equally into four tiers, each with specific vesting conditions. Tier I options vest evenly over 5 years from the grant date, subject to the participant continuing to provide service to Gates on the vesting date. Tier II, III and IV options vest on achievement of specified investment returns by certain investment funds affiliated with Blackstone Inc. (“Blackstone” or our “Sponsor”) at the time of a defined liquidity event, which is also subject to the participant’s continued provision of service to Gates on the vesting date. The performance conditions associated with Tiers II, III and IV must have been achieved on or prior to July 3, 2022 in order for vesting to occur. All the options expire ten years after the date of grant. During March 2022, a liquidity event as defined occurred following the sale by Blackstone of a certain portion of their interest in Gates and the Tier II and IV options vested as the specified investment returns related to these options had been met. On July 3, 2022, the performance period for the Tier III options expired and, as the specified investment returns were not achieved, all Tier III awards expired during Fiscal 2022. Due to Chinese regulatory restrictions on foreign stock ownership, awards granted under this plan to Chinese employees have been issued as stock appreciation rights (“SARs”). The terms of these SARs are identical to those of the options described above with the exception that no share is issued on exercise; instead, cash equivalent to the increase in the value of the shares from the date of grant to the date of exercise is paid to the employee. These awards are therefore treated as liability awards under Topic 718 “ Compensation - Stock Compensation ” and are revalued to their fair value at each period end. The SARs include option awards with the same vesting terms as the Tier II, III and IV option awards described above, and, due to the vesting event described above. All Tier III SARs expired on July 3, 2022 as the specific performance hurdle was not achieved. Changes in the awards granted under this plan are summarized in the tables below. Awards issued under the Gates Industrial Corporation plc 2018 Omnibus Incentive Plan (the “2018 Plan”) In conjunction with the initial public offering in January 2018, Gates adopted the 2018 Plan, which is a market-based long-term incentive program that allows for the issue of a variety of equity-based and cash-based awards, including stock options, SARs and restricted stock units (“RSUs”). The SARs issued under this plan take the form of options, except that no share is issued on exercise; instead, cash equivalent to the increase in the value of the shares from the date of grant to the date of exercise is paid to the employee. These awards are therefore treated as liability awards under Topic 718 “ Compensation - Stock Compensation ” and are revalued to their fair value at each period end. The SARs and the majority of the share options issued under this plan vest evenly over either three years or four years from the grant date. The remainder of the options, the premium-priced options, vest evenly over a three-year period, starting two years from the grant date. All options vest subject to the participant’s continued employment by Gates on the vesting date and expire ten years after the date of grant. The RSUs issued under the plan consist of time-vesting RSUs and performance-based RSUs (“PRSUs”). The time-vesting RSUs vest evenly over either one New awards and movements in existing awards granted under this plan are summarized in the tables below. Summary of movements in options outstanding Three Months Ended March 30, 2024 Plan Number of Weighted average exercise price Outstanding at the beginning of the period: —Tier I 2014 Plan 1,828,327 $ 6.98 —Tier II 2014 Plan 1,996,017 $ 7.01 —Tier IV 2014 Plan 1,986,416 $ 10.52 —SARs Both plans 735,221 $ 10.47 —Share options 2018 Plan 2,345,520 $ 14.90 —Premium-priced options 2018 Plan 835,469 $ 18.88 9,726,970 $ 10.90 Granted during the period: —SARs 2018 Plan 22,100 $ 14.87 22,100 $ 14.87 Forfeited during the period: —SARs 2018 Plan (3,001) $ 13.40 (3,001) $ 13.40 Expired during the period: —Share options 2018 Plan (15,000) $ 14.99 (15,000) $ 14.99 Exercised during the period: —Tier I 2014 Plan (95,237) $ 6.80 —Tier II 2014 Plan (84,642) $ 6.88 —Tier IV 2014 Plan (71,783) $ 10.32 —SARs Both Plans (134,766) $ 9.23 —Share options 2018 Plan (37,081) $ 14.05 (423,509) $ 8.82 Outstanding at the end of the period: —Tier I 2014 Plan 1,733,090 $ 6.99 —Tier II 2014 Plan 1,911,375 $ 7.02 —Tier IV 2014 Plan 1,914,633 $ 10.53 —SARs Both plans 619,554 $ 10.88 —Share options 2018 Plan 2,293,439 $ 14.91 —Premium-priced options 2018 Plan 835,469 $ 18.88 9,307,560 $ 11.00 Exercisable at the end of the period 9,215,590 $ 10.96 Vested and expected to vest at the end of the period 9,295,189 $ 10.99 As of March 30, 2024, the aggregate intrinsic value of options that were exercisable was $63.3 million, and these options had a weighted average remaining contractual term of 2.9 years. As of March 30, 2024, the aggregate intrinsic value of options that were vested or expected to vest was $63.6 million, and these options had a weighted average remaining contractual term of 2.9 years. As of March 30, 2024, the unrecognized compensation charge relating to the nonvested options was $0.5 million, which is expected to be recognized over a weighted-average period of 2.2 years. During the three months ended March 30, 2024, cash of $2.5 million was received in relation to the exercise of vested options, respectively, compared to $11.3 million during the three months ended April 1, 2023. The aggregate intrinsic value of options exercised during the three months ended March 30, 2024 was $1.8 million, compared to $4.0 million during the three months ended April 1, 2023. Summary of movements in RSUs and PRSUs outstanding Three Months Ended March 30, 2024 Number of Weighted average Outstanding at the beginning of the period: —RSUs 3,032,230 $ 13.78 —PRSUs 917,661 $ 16.77 3,949,891 $ 14.47 Granted during the period: —RSUs 1,151,752 $ 14.87 —PRSUs 426,607 $ 16.37 1,578,359 $ 15.27 Forfeited during the period: —RSUs (15,201) $ 14.63 —PRSUs (86,680) $ 15.26 (101,881) $ 15.16 Vested during the period: —RSUs (862,708) $ 14.84 —PRSUs (154,274) 15.00 (1,016,982) $ 14.86 Outstanding at the end of the period: —RSUs 3,306,073 $ 13.88 —PRSUs 1,103,314 $ 16.98 4,409,387 $ 14.66 As of March 30, 2024, the unrecognized compensation charge relating to unvested RSUs and PRSUs was $28.0 million, which is expected to be recognized over a weighted average period of 2.0 years, subject, where relevant, to the achievement of the performance conditions described above. The total fair value of RSUs and PRSUs vested during the three months ended March 30, 2024 was $15.1 million, compared to $14.7 million during the three months ended April 1, 2023. Valuation of awards granted during the period The grant date fair value of the SARs are measured using a Black-Scholes valuation model. RSUs are valued at the share price on the date of grant. The Relative TSR component of the PRSUs were valued using Monte Carlo simulations. As Gates only has volatility data for its shares for the period since its IPO, this volatility has, where necessary, been weighted with the debt-levered volatility of a peer group of public companies in order to determine the expected volatility over the expected option life. The expected option life represents the period of time for which the options are expected to be outstanding and is based on consideration of the contractual life of the option, option vesting period, and historical exercise patterns. The weighted average fair values and relevant assumptions were as follows: Three months ended March 30, April 1, Weighted average grant date fair value: —SARs $ 6.95 $ 6.71 —RSUs $ 14.87 $ 14.06 —PRSUs $ 16.37 $ 15.88 Inputs to the model: —Expected volatility — SARs 41.7 % 43.4 % —Expected volatility — PRSUs 31.6 % 37.7 % —Expected option life for SARs (years) 6.0 6.0 —Risk-free interest rate: SARs 4.2 % 4.1 % PRSUs 4.4 % 4.6 %

Equity

Equity	3 Months Ended
Equity	Mar. 30, 2024
Equity [Abstract]
Equity	Equity Movements in the Company’s number of shares in issue for the three months ended March 30, 2024 and April 1, 2023, respectively, were as follows: Three months ended (number of shares) March 30, April 1, Balance as of the beginning of the period 264,259,788 282,578,917 Exercise of share options 288,743 1,398,001 Vesting of restricted stock units, net of withholding taxes 847,345 915,083 Shares repurchased and cancelled (4,151,100) — Balance as of the end of the period 261,244,776 284,892,001 The Company has one class of authorized and issued shares, with a par value of $0.01, and each share has equal voting rights. On February 7, 2024, the Company’s Board approved another share repurchase program for up to $100 million in authorized share repurchases, which expires on October 6, 2024. On February 12, 2024, the Company, certain selling shareholders affiliated with Blackstone, and the representatives of the several underwriters entered into an underwriting agreement pursuant to which the selling shareholders agreed to sell to the underwriters 17,500,000 ordinary shares of the Company at a price of $12.045 per ordinary share (the “February 2024 Offering”). The selling shareholders also granted the underwriters an option to purchase up to 2,625,000 additional ordinary shares of the Company; this option was exercised in full on February 16, 2024. The Company did not receive any proceeds from the sale of ordinary shares in the February 2024 Offering, which closed on February 16, 2024. In connection with the February 2024 Offering, the Company repurchased 4,151,100 ordinary shares through Citigroup Global Markets Inc. from the same selling shareholders at a price of $12.045 per ordinary share for an aggregate consideration of approximately $50.0 million (the “2024 Repurchase”), plus costs paid directly related to the transaction of $0.3 million. This repurchase was funded by cash on hand. All shares repurchased pursuant to the 2024 Repurchase have been cancelled.

Analysis of accumulated other c

Analysis of accumulated other comprehensive (loss) income	3 Months Ended
Analysis of accumulated other comprehensive (loss) income	Mar. 30, 2024
Equity [Abstract]
Analysis of accumulated other comprehensive (loss) income	Analysis of accumulated other comprehensive (loss) income Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows: (dollars in millions) Post- retirement benefits Cumulative translation adjustment Cash flow hedges Accumulated OCI attributable to shareholders Non-controlling interests Accumulated OCI As of December 30, 2023 $ (15.3) $ (832.3) $ 19.1 $ (828.5) $ (78.4) $ (906.9) Foreign currency translation 0.1 (40.5) — (40.4) (13.0) (53.4) Cash flow hedges movements — — 3.4 3.4 — 3.4 Post-retirement benefit movements (0.4) — — (0.4) — (0.4) Other comprehensive (loss) income (0.3) (40.5) 3.4 (37.4) (13.0) (50.4) As of March 30, 2024 $ (15.6) $ (872.8) $ 22.5 $ (865.9) $ (91.4) $ (957.3) (dollars in millions) Post- retirement benefits Cumulative translation adjustment Cash flow hedges Accumulated OCI attributable to shareholders Non-controlling interests Accumulated OCI As of December 31, 2022 $ 0.6 $ (950.0) $ 31.6 $ (917.8) $ (64.6) $ (982.4) Foreign currency translation (1.6) 72.4 — 70.8 0.8 71.6 Cash flow hedges movements — — (9.3) (9.3) — (9.3) Post-retirement benefit movements (0.7) — — (0.7) — (0.7) Other comprehensive (loss) income (2.3) 72.4 (9.3) 60.8 0.8 61.6 As of April 1, 2023 $ (1.7) $ (877.6) $ 22.3 $ (857.0) $ (63.8) $ (920.8)

Related party transactions

Related party transactions	3 Months Ended
Related party transactions	Mar. 30, 2024
Related Party Transactions [Abstract]
Related party transactions	Related party transactions A. Entities affiliated with Blackstone In connection with the initial public offering of Gates, we entered into a Support and Services Agreement with Blackstone Management Partners L.L.C. (“BMP”) under which the Company and certain of its direct and indirect subsidiaries reimburse BMP for customary support services provided by Blackstone’s portfolio operations group to the Company at BMP’s direction. BMP will invoice the Company for such services based on the time spent by the relevant personnel providing such services during the applicable period and Blackstone’s allocated costs of such personnel. During the periods presented, no amounts were paid or were outstanding under this agreement. This agreement terminates on the date our Sponsor beneficially owns less than 5% of our ordinary shares and such shares have a fair market value of less than $25.0 million, or such earlier date as may be chosen by Blackstone. As described in Note 15, in February 2024, the Company repurchased 4,151,100 ordinary shares through Citigroup Global Markets Inc. from certain shareholders affiliated with Blackstone for an aggregate consideration of $50.0 million, plus costs paid directly related to the transaction of $0.3 million. B. Equity method investees Purchases from equity method investees were as follows: Three months ended (dollars in millions) March 30, April 1, Purchases $ (4.0) $ (5.1) Amounts outstanding in respect of these transactions were payables of $1.1 million as of March 30, 2024, compared to payables of $0.2 million as of December 30, 2023. No dividends were received from our equity method investees during the periods presented. C. Non-Gates entities controlled by non-controlling shareholders Sales to and purchases from non-Gates entities controlled by non-controlling shareholders were as follows: Three months ended (dollars in millions) March 30, April 1, Sales $ 9.6 $ 13.3 Purchases $ (3.7) $ (4.4) Amounts outstanding in respect of these transactions were as follows: (dollars in millions) As of March 30, 2024 As of December 30, 2023 Receivables $ 3.8 $ 3.2 Payables $ (2.8) $ (3.2)

Commitments and contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies A. Performance bonds, letters of credit and bank guarantees As of March 30, 2024, letters of credit totaling $28.6 million were outstanding against the asset-backed revolving facility, compared to $29.7 million as of December 30, 2023. Gates had additional outstanding performance bonds, letters of credit and bank guarantees amounting t o $8.6 million as of March 30, 2024, compared to $8.4 million as of December 30, 2023. B. Contingencies Gates is, from time to time, party to general legal proceedings and claims, which arise in the ordinary course of business. Gates is also, from time to time, party to legal proceedings and claims in respect of environmental obligations, product liability, intellectual property, commercial and contractual disputes, employment matters and other matters which arise in the ordinary course of business and against which management believes Gates has meritorious defenses available. When appropriate, management consults with legal counsel and other appropriate experts to assess claims. If, in management’s opinion, we have incurred a probable loss as set forth by U.S. GAAP, an estimate is made of the loss and the appropriate accrual is reflected in our consolidated financial statements. Currently, there are no material amounts accrued. While it is not possible to quantify the financial impact or predict the outcome of all pending claims and litigation, management does not anticipate that the outcome of any current proceedings or known claims, either individually or in aggregate, will materially affect Gates’ financial position, results of operations or cash flows. C. Warranties The following summarizes the movements in the warranty liability for the three months ended March 30, 2024 and April 1, 2023, respectively: Three months ended (dollars in millions) March 30, April 1, Balance as of the beginning of the period $ 15.9 $ 17.6 Charge for the period 2.4 1.9 Payments made (2.4) (2.2) Foreign currency translation (0.2) — Balance as of the end of the period $ 15.7 $ 17.3

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net income attributable to shareholders	$ 40	$ 26.4

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Introduction (Policies)

Introduction (Policies)	3 Months Ended
Introduction (Policies)	Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background Gates Industrial Corporation plc (the “Company”) is a public limited company that was registered in England and Wales on September 25, 2017. In these condensed consolidated financial statements and related notes, all references to “Gates,” “we,” “us,” and “our” refer, unless the context requires otherwise, to the Company and its consolidated subsidiaries.
Accounting periods	Accounting periods The Company prepares its annual consolidated financial statements for the period ending on the Saturday nearest December 31. Accordingly, the condensed consolidated balance sheet is presented as of March 30, 2024 and December 30, 2023 and the related condensed consolidated statements of operations, comprehensive income, cash flows, and shareholders’ equity are presented, where relevant, for the 91 day period from December 31, 2023 to March 30, 2024, with comparative information for the 91 day period from January 1, 2023 to April 1, 2023.
Basis of preparation	Basis of preparation The condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars unless otherwise indicated. The condensed consolidated financial statements and related notes contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company’s financial position as of March 30, 2024 and the results of its operations and cash flows for the periods ended March 30, 2024 and April 1, 2023. Interim period results are not necessarily indicative of the results to be expected for the full fiscal year. The preparation of consolidated financial statements under U.S. GAAP requires us to make assumptions and estimates concerning the future that affect the reported amounts of assets, liabilities, revenue and expenses. Estimates and assumptions are particularly important in accounting for items such as revenue, rebates, impairment of long-lived assets, intangible assets and goodwill, inventory valuation, financial instruments, expected credit losses, product warranties, income taxes and post-retirement benefits. Estimates and assumptions used are based on factors such as historical experience, observance of trends in the industries in which we operate and information available from our customers and other outside sources. These condensed consolidated financial statements are unaudited and have been prepared on substantially the same basis as Gates’ audited annual consolidated financial statements and related notes for the year ended December 30, 2023. The condensed consolidated balance sheet as of December 30, 2023 has been derived from those audited financial statements. During 2021, the Company implemented a program with an unrelated third party under which we may periodically sell trade accounts receivable from one of our aftermarket customers with whom we have extended payment terms as part of a commercial agreement. The purpose of using this program is to generally offset the working capital impact resulting from this terms extension. All eligible accounts receivable from this customer are covered by the program, and any factoring is solely at our option. Following the factoring of a qualifying receivable, because we maintain no continuing involvement in the underlying receivable, and collectability risk is fully transferred to the unrelated third party, we account for these transactions as a sale of a financial asset and derecognize the asset. Cash received under the program is classified as operating cash inflows in the consolidated statement of cash flows. As of March 30, 2024, the collection of $119.3 million of our trade accounts receivable had been accelerated under this program, compared to the accelerated collection of $112.4 million as of December 30, 2023. During the three months ended March 30, 2024, we incurred costs in respect of this program of $3.2 million, which are recorded under other (income) expenses. During the three months ended April 1, 2023 we incurred costs in respect of this program of $1.4 million. These condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes for the year ended December 30, 2023 included in the Company’s Annual Report on Form 10-K. The accounting policies used in preparing these condensed consolidated financial statements are the same as those applied in the prior year.

Segment information (Tables)

Segment information (Tables)	3 Months Ended
Segment information (Tables)	Mar. 30, 2024
Segment Reporting [Abstract]
Schedule of Net Sales by Operating Segment	Sales between reporting segments and the impact of such sales on Adjusted EBITDA for each segment are not included in internal reports presented to the CEO and have therefore not been included below. Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Power Transmission $ 532.8 $ 548.1 Fluid Power 329.8 349.6 Continuing operations $ 862.6 $ 897.7 Adjusted EBITDA by segment was as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Power Transmission $ 119.0 $ 107.7 Fluid Power 76.6 66.8 Continuing operations $ 195.6 $ 174.5
Schedule of Net sales by Key Geographic Regions and Markets	The following table summarizes our net sales by key geographic region of origin: Three months ended March 30, 2024 Three months ended April 1, 2023 (dollars in millions) Power Transmission Fluid Power Power Transmission Fluid Power U.S. $ 141.0 $ 172.0 $ 144.8 $ 181.8 North America, excluding U.S. 63.1 50.5 54.8 51.8 United Kingdom (“U.K.”) 10.6 15.8 10.5 20.4 EMEA (1) , excluding U.K. 153.0 52.0 167.7 53.9 East Asia and India 68.6 19.9 74.0 19.8 Greater China 68.7 10.4 70.0 11.3 South America 27.8 9.2 26.3 10.6 Net sales $ 532.8 $ 329.8 $ 548.1 $ 349.6 (1) Europe, Middle East and Africa (“EMEA”). The following table su mmarizes our net sales into emerging and developed markets: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Developed $ 557.0 $ 581.2 Emerging 305.6 316.5 Net sales $ 862.6 $ 897.7
Schedule of Reconciliation of Adjusted EBITDA to Net Income from Continuing Operations	Reconciliation of net income from continuing operations to Adjusted EBITDA: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Net income from continuing operations $ 46.2 $ 30.9 Income tax expense 34.5 15.3 Income from continuing operations before taxes 80.7 46.2 Interest expense 37.5 40.8 Other (income) expenses (1.5) 0.3 Operating income from continuing operations 116.7 87.3 Depreciation and amortization 54.6 54.5 Transaction-related expenses (1) 0.4 0.2 Restructuring expenses 1.2 5.5 Share-based compensation expense 8.6 9.5 Inventory impairments and adjustments (included in cost of sales) (2) 13.9 0.6 Severance expenses (included in cost of sales) — 0.5 Severance expenses (included in SG&A) 0.1 0.6 Credit loss related to customer bankruptcy (included in SG&A) (3) 0.1 10.7 Cybersecurity incident expenses (4) — 5.1 Adjusted EBITDA $ 195.6 $ 174.5 (1) Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. (2) Inventory impairments and adjustments include the reversal of the adjustment to remeasure certain inventories on a LIFO basis. (3) On January 31, 2023, one of our customers filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In connection with the bankruptcy proceedings, we preliminarily evaluated our potential risk and exposure relating to our outstanding pre-petition accounts receivable balance from the customer and recorded an initial pre-tax charge to reflect our estimated recovery. Based on further developments in the bankruptcy proceedings, we recorded an additional $0.1 million pre-tax charge during the three months ended March 30, 2024. We will continue to monitor the circumstances surrounding the bankruptcy in determining whether adjustments to this recovery estimate are necessary. (4)

Restructuring and other strat_2

Restructuring and other strategic initiatives (Tables)	3 Months Ended
Restructuring and other strategic initiatives (Tables)	Mar. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs	Overall costs associated with our restructuring and other strategic initiatives have been recognized in the condensed consolidated statements as set forth below. Expenses incurred in relation to certain of these actions qualify as restructuring expenses under U.S. GAAP. Three months ended (dollars in millions) March 30, April 1, Restructuring expenses: —Severance (income) expense $ (0.6) $ 4.1 —Non-severance labor and benefit expenses — 0.3 —Consulting expenses 1.0 0.5 —Other net restructuring expenses 0.8 0.6 Total restructuring expenses $ 1.2 $ 5.5 Expenses related to other strategic initiatives: —Severance expenses included in cost of sales $ — $ 0.5 —Severance expenses included in SG&A 0.1 0.6 Total expenses related to other strategic initiatives $ 0.1 $ 1.1 Three months ended (dollars in millions) March 30, April 1, Power Transmission $ 0.3 $ 4.7 Fluid Power 0.9 0.8 Continuing operations $ 1.2 $ 5.5
Schedule of Restructuring Reserves Activity	The following summarizes the reserve for restructuring expenses for the three months ended March 30, 2024 and April 1, 2023, respectively: Three months ended (dollars in millions) March 30, April 1, Balance as of the beginning of the period $ 5.1 $ 7.5 Utilized during the period (2.7) (6.7) Charge for the period 1.9 5.6 Released during the period (0.7) (0.1) Foreign currency translation (0.1) — Balance as of the end of the period $ 3.5 $ 6.3

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
Earnings per share (Tables)	Mar. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Net Income Per Share	The computation of earnings per share is presented below: Three months ended (dollars in millions, except share numbers and per share amounts) March 30, April 1, Net income attributable to shareholders $ 40.0 $ 26.4 Weighted average number of shares outstanding 262,674,227 283,520,302 Dilutive effect of share-based awards 4,761,304 4,358,113 Diluted weighted average number of shares outstanding 267,435,531 287,878,415 Number of anti-dilutive shares excluded from diluted earnings per share calculation 4,034,246 4,544,378 Basic earnings per share $ 0.15 $ 0.09 Diluted earnings per share $ 0.15 $ 0.09

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	(dollars in millions) As of March 30, 2024 As of December 30, 2023 Raw materials and supplies $ 187.3 $ 168.2 Work in progress 50.1 43.3 Finished goods 439.8 435.7 Total inventories $ 677.2 $ 647.2

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
Goodwill (Tables)	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	(dollars in millions) Power Fluid Total Cost and carrying amount As of December 30, 2023 $ 1,338.5 $ 700.2 $ 2,038.7 Foreign currency translation (23.9) (2.3) (26.2) As of March 30, 2024 $ 1,314.6 $ 697.9 $ 2,012.5

Intangible assets (Tables)

Intangible assets (Tables)	3 Months Ended
Intangible assets (Tables)	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	As of March 30, 2024 As of December 30, 2023 (dollars in millions) Cost Accumulated Net Cost Accumulated Net Finite-lived: —Customer relationships $ 1,983.8 $ (1,145.9) $ 837.9 $ 2,003.6 $ (1,127.7) $ 875.9 —Technology 90.5 (90.4) 0.1 90.6 (90.3) 0.3 —Capitalized software 118.8 (79.2) 39.6 117.3 (76.8) 40.5 2,193.1 (1,315.5) 877.6 2,211.5 (1,294.8) 916.7 Indefinite-lived: —Brands and trade names 513.4 (44.0) 469.4 513.4 (44.0) 469.4 Total intangible assets $ 2,706.5 $ (1,359.5) $ 1,347.0 $ 2,724.9 $ (1,338.8) $ 1,386.1
Schedule of Indefinite-Lived Intangible Assets	As of March 30, 2024 As of December 30, 2023 (dollars in millions) Cost Accumulated Net Cost Accumulated Net Finite-lived: —Customer relationships $ 1,983.8 $ (1,145.9) $ 837.9 $ 2,003.6 $ (1,127.7) $ 875.9 —Technology 90.5 (90.4) 0.1 90.6 (90.3) 0.3 —Capitalized software 118.8 (79.2) 39.6 117.3 (76.8) 40.5 2,193.1 (1,315.5) 877.6 2,211.5 (1,294.8) 916.7 Indefinite-lived: —Brands and trade names 513.4 (44.0) 469.4 513.4 (44.0) 469.4 Total intangible assets $ 2,706.5 $ (1,359.5) $ 1,347.0 $ 2,724.9 $ (1,338.8) $ 1,386.1

Derivative financial instrume_2

Derivative financial instruments (Tables)	3 Months Ended
Derivative financial instruments (Tables)	Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Financial Instruments	The period end fair values of derivative financial instruments were as follows: As of March 30, 2024 As of December 30, 2023 (dollars in millions) Prepaid expenses and other assets Other non- Accrued expenses and other Other Net Prepaid expenses and other assets Other non- Accrued expenses and other Other Net Derivatives designated as hedging instruments: —Currency swaps $ 9.9 $ — $ — $ (60.1) $ (50.2) $ 8.5 $ — $ — $ (77.7) $ (69.2) —Interest rate swaps 32.4 8.6 (10.0) (5.8) 25.2 29.9 11.8 (9.9) (13.6) 18.2 Derivatives not designated as hedging instruments: —Currency forward contracts 2.7 — (0.6) — 2.1 3.9 — (1.8) — 2.1 $ 45.0 $ 8.6 $ (10.6) $ (65.9) $ (22.9) $ 42.3 $ 11.8 $ (11.7) $ (91.3) $ (48.9)
Schedule of Derivative Effect on OCI	The fair value gain (loss) before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Net fair value gain (loss) recognized in OCI in relation to: —Designated cross currency swaps $ 19.0 $ (12.2) Total net fair value gain (loss) $ 19.0 $ (12.2) The movements before tax recognized in OCI in relation to our cash flow hedges were as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Movement recognized in OCI in relation to: —Fair value gain (loss) on cash flow hedges $ 13.6 $ (10.0) —Amortization to net income of prior period fair value losses — 4.5 —Reclassification from OCI to net income (9.0) (6.9) Total movement $ 4.6 $ (12.4)
Schedule of Gain Recognized from Derivative Instruments	The fair value gain recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows: Three months ended (dollars in millions) March 30, 2024 April 1, 2023 Fair value gain recognized in relation to: —Currency forward contracts recognized in SG&A $ 2.1 $ 1.2 Total $ 2.1 $ 1.2

Fair value measurement (Tables)

Fair value measurement (Tables)	3 Months Ended
Fair value measurement (Tables)	Mar. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Fair Value of Debt	The carrying amount and fair value of our debt are set out below: As of March 30, 2024 As of December 30, 2023 (dollars in millions) Carrying amount Fair value Carrying amount Fair value Current $ 27.9 $ 27.8 $ 36.5 $ 36.5 Non-current 2,313.1 2,340.0 2,415.0 2,444.7 $ 2,341.0 $ 2,367.8 $ 2,451.5 $ 2,481.2
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table categorizes the assets and liabilities that are measured at fair value on a recurring basis: (dollars in millions) Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Total As of March 30, 2024 Derivative assets $ — $ 53.6 $ 53.6 Derivative liabilities $ — $ (76.5) $ (76.5) Cash equivalents $ 21.3 $ 34.0 $ 55.3 As of December 30, 2023 Derivative assets $ — $ 54.1 $ 54.1 Derivative liabilities $ — $ (103.0) $ (103.0) Cash equivalents $ 76.2 $ 52.8 $ 129.0

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	(dollars in millions) As of March 30, 2024 As of December 30, 2023 Secured debt: —Dollar Term Loans $ 1,799.0 $ 1,903.9 Unsecured debt: —6.25% Dollar Senior Notes due 2026 568.0 568.0 Total principal of debt 2,367.0 2,471.9 Deferred issuance costs (34.4) (37.4) Accrued interest 8.4 17.0 Total carrying value of debt 2,341.0 2,451.5 Debt, current portion 27.9 36.5 Debt, less current portion $ 2,313.1 $ 2,415.0

Post-retirement benefits (Table

Post-retirement benefits (Tables)	3 Months Ended
Post-retirement benefits (Tables)	Mar. 30, 2024
Postemployment Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Income for Pensions and Other Post-Retirement Benefits	The components of the net periodic benefit cost for pensions and other post-retirement benefits were as follows: Three Months Ended March 30, 2024 Three Months Ended April 1, 2023 (dollars in millions) Pensions Other post-retirement benefits Total Pensions Other post-retirement benefits Total Reported in operating income: —Employer service cost $ 1.0 $ — $ 1.0 $ 1.0 $ — $ 1.0 Reported outside of operating income: —Interest cost 6.1 0.3 6.4 6.2 0.4 6.6 —Expected return on plan assets (6.5) — (6.5) (6.4) — (6.4) —Net amortization of prior period losses (gains) 0.2 (0.8) (0.6) — (0.9) (0.9) Net periodic benefit cost $ 0.8 $ (0.5) $ 0.3 $ 0.8 $ (0.5) $ 0.3 Cash Contributions $ 1.6 $ 1.0 $ 2.6 $ 2.1 $ 1.1 $ 3.2

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
Share-based compensation (Tables)	Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	New awards and movements in existing awards granted under this plan are summarized in the tables below. Summary of movements in options outstanding Three Months Ended March 30, 2024 Plan Number of Weighted average exercise price Outstanding at the beginning of the period: —Tier I 2014 Plan 1,828,327 $ 6.98 —Tier II 2014 Plan 1,996,017 $ 7.01 —Tier IV 2014 Plan 1,986,416 $ 10.52 —SARs Both plans 735,221 $ 10.47 —Share options 2018 Plan 2,345,520 $ 14.90 —Premium-priced options 2018 Plan 835,469 $ 18.88 9,726,970 $ 10.90 Granted during the period: —SARs 2018 Plan 22,100 $ 14.87 22,100 $ 14.87 Forfeited during the period: —SARs 2018 Plan (3,001) $ 13.40 (3,001) $ 13.40 Expired during the period: —Share options 2018 Plan (15,000) $ 14.99 (15,000) $ 14.99 Exercised during the period: —Tier I 2014 Plan (95,237) $ 6.80 —Tier II 2014 Plan (84,642) $ 6.88 —Tier IV 2014 Plan (71,783) $ 10.32 —SARs Both Plans (134,766) $ 9.23 —Share options 2018 Plan (37,081) $ 14.05 (423,509) $ 8.82 Outstanding at the end of the period: —Tier I 2014 Plan 1,733,090 $ 6.99 —Tier II 2014 Plan 1,911,375 $ 7.02 —Tier IV 2014 Plan 1,914,633 $ 10.53 —SARs Both plans 619,554 $ 10.88 —Share options 2018 Plan 2,293,439 $ 14.91 —Premium-priced options 2018 Plan 835,469 $ 18.88 9,307,560 $ 11.00 Exercisable at the end of the period 9,215,590 $ 10.96 Vested and expected to vest at the end of the period 9,295,189 $ 10.99
Schedule of RSU and PRSU Activity	Summary of movements in RSUs and PRSUs outstanding Three Months Ended March 30, 2024 Number of Weighted average Outstanding at the beginning of the period: —RSUs 3,032,230 $ 13.78 —PRSUs 917,661 $ 16.77 3,949,891 $ 14.47 Granted during the period: —RSUs 1,151,752 $ 14.87 —PRSUs 426,607 $ 16.37 1,578,359 $ 15.27 Forfeited during the period: —RSUs (15,201) $ 14.63 —PRSUs (86,680) $ 15.26 (101,881) $ 15.16 Vested during the period: —RSUs (862,708) $ 14.84 —PRSUs (154,274) 15.00 (1,016,982) $ 14.86 Outstanding at the end of the period: —RSUs 3,306,073 $ 13.88 —PRSUs 1,103,314 $ 16.98 4,409,387 $ 14.66
Schedule of Share Based Compensation Valuation Techniques	The weighted average fair values and relevant assumptions were as follows: Three months ended March 30, April 1, Weighted average grant date fair value: —SARs $ 6.95 $ 6.71 —RSUs $ 14.87 $ 14.06 —PRSUs $ 16.37 $ 15.88 Inputs to the model: —Expected volatility — SARs 41.7 % 43.4 % —Expected volatility — PRSUs 31.6 % 37.7 % —Expected option life for SARs (years) 6.0 6.0 —Risk-free interest rate: SARs 4.2 % 4.1 % PRSUs 4.4 % 4.6 %

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 30, 2024
Equity [Abstract]
Schedule of Movement in Number of Shares in Issue	Movements in the Company’s number of shares in issue for the three months ended March 30, 2024 and April 1, 2023, respectively, were as follows: Three months ended (number of shares) March 30, April 1, Balance as of the beginning of the period 264,259,788 282,578,917 Exercise of share options 288,743 1,398,001 Vesting of restricted stock units, net of withholding taxes 847,345 915,083 Shares repurchased and cancelled (4,151,100) — Balance as of the end of the period 261,244,776 284,892,001

Analysis of accumulated other_2

Analysis of accumulated other comprehensive (loss) income (Tables)	3 Months Ended
	Mar. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive (Loss) Income	Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows: (dollars in millions) Post- retirement benefits Cumulative translation adjustment Cash flow hedges Accumulated OCI attributable to shareholders Non-controlling interests Accumulated OCI As of December 30, 2023 $ (15.3) $ (832.3) $ 19.1 $ (828.5) $ (78.4) $ (906.9) Foreign currency translation 0.1 (40.5) — (40.4) (13.0) (53.4) Cash flow hedges movements — — 3.4 3.4 — 3.4 Post-retirement benefit movements (0.4) — — (0.4) — (0.4) Other comprehensive (loss) income (0.3) (40.5) 3.4 (37.4) (13.0) (50.4) As of March 30, 2024 $ (15.6) $ (872.8) $ 22.5 $ (865.9) $ (91.4) $ (957.3) (dollars in millions) Post- retirement benefits Cumulative translation adjustment Cash flow hedges Accumulated OCI attributable to shareholders Non-controlling interests Accumulated OCI As of December 31, 2022 $ 0.6 $ (950.0) $ 31.6 $ (917.8) $ (64.6) $ (982.4) Foreign currency translation (1.6) 72.4 — 70.8 0.8 71.6 Cash flow hedges movements — — (9.3) (9.3) — (9.3) Post-retirement benefit movements (0.7) — — (0.7) — (0.7) Other comprehensive (loss) income (2.3) 72.4 (9.3) 60.8 0.8 61.6 As of April 1, 2023 $ (1.7) $ (877.6) $ 22.3 $ (857.0) $ (63.8) $ (920.8)

Related party transactions (Tab

Related party transactions (Tables)	3 Months Ended
Related party transactions (Tables)	Mar. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Purchases from equity method investees were as follows: Three months ended (dollars in millions) March 30, April 1, Purchases $ (4.0) $ (5.1) Sales to and purchases from non-Gates entities controlled by non-controlling shareholders were as follows: Three months ended (dollars in millions) March 30, April 1, Sales $ 9.6 $ 13.3 Purchases $ (3.7) $ (4.4) Amounts outstanding in respect of these transactions were as follows: (dollars in millions) As of March 30, 2024 As of December 30, 2023 Receivables $ 3.8 $ 3.2 Payables $ (2.8) $ (3.2)

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
Commitments and contingencies (Tables)	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Warranty Liabilities	The following summarizes the movements in the warranty liability for the three months ended March 30, 2024 and April 1, 2023, respectively: Three months ended (dollars in millions) March 30, April 1, Balance as of the beginning of the period $ 15.9 $ 17.6 Charge for the period 2.4 1.9 Payments made (2.4) (2.2) Foreign currency translation (0.2) — Balance as of the end of the period $ 15.7 $ 17.3

Introduction (Details)

Introduction (Details) - USD ($) $ in Millions	3 Months Ended
Introduction (Details) - USD ($) $ in Millions	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade account receivables held for sale	$ 119.3		$ 112.4
Expenses related to the reclassification of receivables	$ 3.2	$ 1.4

Segment information - Sales and

Segment information - Sales and Adjusted EBITDA by Reporting Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information
Net sales	$ 862.6	$ 897.7
Adjusted EBITDA	195.6	174.5
Power Transmission
Segment Reporting Information
Net sales	532.8	548.1
Adjusted EBITDA	119	107.7
Fluid Power
Segment Reporting Information
Net sales	329.8	349.6
Adjusted EBITDA	$ 76.6	$ 66.8

Segment information - Net Sales

Segment information - Net Sales by Geographic Regions and Markets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Revenues from External Customers and Long-Lived Assets
Net sales	$ 862.6	$ 897.7
Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	532.8	548.1
Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	329.8	349.6
U.S. \| Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	141	144.8
U.S. \| Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	172	181.8
North America, excluding U.S. \| Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	63.1	54.8
North America, excluding U.S. \| Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	50.5	51.8
United Kingdom (“U.K.”) \| Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	10.6	10.5
United Kingdom (“U.K.”) \| Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	15.8	20.4
EMEA, excluding U.K. \| Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	153	167.7
EMEA, excluding U.K. \| Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	52	53.9
East Asia and India \| Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	68.6	74
East Asia and India \| Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	19.9	19.8
Greater China \| Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	68.7	70
Greater China \| Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	10.4	11.3
South America \| Power Transmission
Revenues from External Customers and Long-Lived Assets
Net sales	27.8	26.3
South America \| Fluid Power
Revenues from External Customers and Long-Lived Assets
Net sales	9.2	10.6
Developed
Revenues from External Customers and Long-Lived Assets
Net sales	557	581.2
Emerging
Revenues from External Customers and Long-Lived Assets
Net sales	$ 305.6	$ 316.5

Segment information - Reconcili

Segment information - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information
Net income from continuing operations	$ 46.2	$ 30.9
Income tax expense	34.5	15.3
Income from continuing operations before taxes	80.7	46.2
Interest expense	37.5	40.8
Other (income) expenses	(1.5)	0.3
Operating income from continuing operations	116.7	87.3
Depreciation and amortization	54.6	54.5
Transaction-related expenses	0.4	0.2
Restructuring expenses	1.2	5.5
Share-based compensation expense	8.6	9.5
Inventory impairments and adjustments (included in cost of sales)	13.9	0.6
Credit loss related to customer bankruptcy (included in SG&A)	0.1	10.7
Cybersecurity incident expenses	0	5.1
Adjusted EBITDA	195.6	174.5
—Severance expenses included in cost of sales
Segment Reporting Information
Severance expenses	0	0.5
SG&A
Segment Reporting Information
Severance expenses	$ 0.1	$ 0.6

Restructuring and other strat_3

Restructuring and other strategic initiatives - Income Statement Location (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Restructuring Cost and Reserve
Total restructuring expenses	$ 1.2	$ 5.5
Total expenses related to other strategic initiatives	0.1	1.1
Restructuring expenses: \| —Severance (income) expense
Restructuring Cost and Reserve
Total restructuring expenses	(0.6)	4.1
Restructuring expenses: \| —Non-severance labor and benefit expenses
Restructuring Cost and Reserve
Total restructuring expenses	0	0.3
Restructuring expenses: \| —Consulting expenses
Restructuring Cost and Reserve
Total restructuring expenses	1	0.5
Restructuring expenses: \| —Other net restructuring expenses
Restructuring Cost and Reserve
Total restructuring expenses	0.8	0.6
—Severance expenses included in cost of sales
Restructuring Cost and Reserve
Severance expenses	0	0.5
—Severance expenses included in SG&A
Restructuring Cost and Reserve
Severance expenses	$ 0.1	$ 0.6

Restructuring and other strat_4

Restructuring and other strategic initiatives - Restructuring Costs by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Restructuring Cost and Reserve
Restructuring expenses	$ 1.2	$ 5.5
Power Transmission
Restructuring Cost and Reserve
Restructuring expenses	0.3	4.7
Fluid Power
Restructuring Cost and Reserve
Restructuring expenses	$ 0.9	$ 0.8

Restructuring and other strat_5

Restructuring and other strategic initiatives - Restructuring Reserve Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Restructuring reserves
Balance as of the beginning of the period	$ 5.1	$ 7.5
Utilized during the period	(2.7)	(6.7)
Charge for the period	1.9	5.6
Released during the period	(0.7)	(0.1)
Foreign currency translation	(0.1)	0
Balance as of the end of the period	$ 3.5	$ 6.3

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Mar. 30, 2024	Apr. 01, 2023
Operating Loss Carryforwards
Income tax expense	$ 34.5	$ 15.3
Income from continuing operations before taxes	$ 80.7	$ 46.2
Reported effective income tax rate ( as a percent)	42.80%	33.10%
Discrete tax benefit	$ 11.7	$ 6.4
Valuation allowance, deferred tax asset	9.1
Unrecognized tax benefits	1.4	1
Other net discrete expenses	1.2	2.9
Undistributed foreign earnings		1.9
Valuation allowance	12.3
Effective Income tax reconciliation adjustments	$ 3.2
Turkey And Belgium
Operating Loss Carryforwards
Discrete tax benefit		$ 2.6

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 40	$ 26.4
Weighted average number of shares outstanding (in shares)	262,674,227	283,520,302
Dilutive effect of share-based awards (in shares)	4,761,304	4,358,113
Diluted weighted average number of shares outstanding (in shares)	267,435,531	287,878,415
Number of anti-dilutive shares excluded from the diluted earnings per share calculation (in shares)	4,034,246	4,544,378
Basic earnings per share (in usd per share)	$ 0.15	$ 0.09
Diluted earnings per share (in usd per share)	$ 0.15	$ 0.09

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 187.3	$ 168.2
Work in progress	50.1	43.3
Finished goods	439.8	435.7
Total inventories	$ 677.2	$ 647.2

Goodwill (Details)

Goodwill (Details) $ in Millions	3 Months Ended
Goodwill (Details) $ in Millions	Mar. 30, 2024 USD ($)
Cost and carrying amount
Beginning balance	$ 2,038.7
Foreign currency translation	(26.2)
Ending balance	2,012.5
Power Transmission
Cost and carrying amount
Beginning balance	1,338.5
Foreign currency translation	(23.9)
Ending balance	1,314.6
Fluid Power
Cost and carrying amount
Beginning balance	700.2
Foreign currency translation	(2.3)
Ending balance	$ 697.9

Intangible assets - Finite-Live

Intangible assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Finite-Lived Intangible Assets
Finite-lived, cost	$ 2,193.1	$ 2,211.5
Finite-lived, accumulated amortization and impairment	(1,315.5)	(1,294.8)
Finite-lived, net	877.6	916.7
Indefinite-lived, cost	513.4	513.4
Indefinite-lived, accumulated amortization and impairment	(44)	(44)
Indefinite-lived, net	469.4	469.4
Cost	2,706.5	2,724.9
Accumulated amortization and impairment	(1,359.5)	(1,338.8)
Net	1,347	1,386.1
—Customer relationships
Finite-Lived Intangible Assets
Finite-lived, cost	1,983.8	2,003.6
Finite-lived, accumulated amortization and impairment	(1,145.9)	(1,127.7)
Finite-lived, net	837.9	875.9
—Technology
Finite-Lived Intangible Assets
Finite-lived, cost	90.5	90.6
Finite-lived, accumulated amortization and impairment	(90.4)	(90.3)
Finite-lived, net	0.1	0.3
—Capitalized software
Finite-Lived Intangible Assets
Finite-lived, cost	118.8	117.3
Finite-lived, accumulated amortization and impairment	(79.2)	(76.8)
Finite-lived, net	$ 39.6	$ 40.5

Intangible assets - Narratives

Intangible assets - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 32.5	$ 32.1
Intangible assets, foreign currency translation gain (loss)	$ (8.8)	$ 9.2

Derivative financial instrume_3

Derivative financial instruments - Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Derivatives, Fair Value
Net	$ (22.9)	$ (48.9)
—Currency swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Net	(50.2)	(69.2)
—Interest rate swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Net	25.2	18.2
—Currency forward contracts \| Derivatives not designated as hedging instruments:
Derivatives, Fair Value
Net	2.1	2.1
Prepaid expenses and other assets
Derivatives, Fair Value
Derivative assets	$ 45	$ 42.3
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets	Prepaid expenses and other assets
Prepaid expenses and other assets \| —Currency swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative assets	$ 9.9	$ 8.5
Prepaid expenses and other assets \| —Interest rate swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative assets	32.4	29.9
Prepaid expenses and other assets \| —Currency forward contracts \| Derivatives not designated as hedging instruments:
Derivatives, Fair Value
Derivative assets	2.7	3.9
Other non- current assets
Derivatives, Fair Value
Derivative assets	$ 8.6	$ 11.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other non-current assets	Other non-current assets
Other non- current assets \| —Currency swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative assets	$ 0	$ 0
Other non- current assets \| —Interest rate swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative assets	8.6	11.8
Other non- current assets \| —Currency forward contracts \| Derivatives not designated as hedging instruments:
Derivatives, Fair Value
Derivative assets	0	0
Accrued expenses and other current liabilities
Derivatives, Fair Value
Derivative liabilities	$ (10.6)	$ (11.7)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities \| —Currency swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative liabilities	$ 0	$ 0
Accrued expenses and other current liabilities \| —Interest rate swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative liabilities	(10)	(9.9)
Accrued expenses and other current liabilities \| —Currency forward contracts \| Derivatives not designated as hedging instruments:
Derivatives, Fair Value
Derivative liabilities	(0.6)	(1.8)
Other non- current liabilities
Derivatives, Fair Value
Derivative liabilities	$ (65.9)	$ (91.3)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other non-current liabilities	Other non-current liabilities
Other non- current liabilities \| —Currency swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative liabilities	$ (60.1)	$ (77.7)
Other non- current liabilities \| —Interest rate swaps \| Derivatives designated as hedging instruments:
Derivatives, Fair Value
Derivative liabilities	(5.8)	(13.6)
Other non- current liabilities \| —Currency forward contracts \| Derivatives not designated as hedging instruments:
Derivatives, Fair Value
Derivative liabilities	$ 0	$ 0

Derivative financial instrume_4

Derivative financial instruments - Narratives (Details)	3 Months Ended
Derivative financial instruments - Narratives (Details)	Mar. 30, 2024 USD ($)	Apr. 01, 2023 USD ($)	Mar. 30, 2024 EUR (€)	Mar. 30, 2024 USD ($)	Dec. 30, 2023 USD ($)	Nov. 30, 2023 CNY (¥)
Derivatives not designated as hedging instruments
Derivative
Gains on derivative, recognized in the income statement	$ 2,100,000	$ 1,200,000
Currency swap \| Derivatives not designated as hedging instruments
Derivative
Notional amount of derivative contracts			€ 756,100,000			¥ 1,784,000,000
Currency swap \| Net Investment Hedges \| Derivatives designated as hedging instruments
Derivative
Gains on derivative, recognized in the income statement	3,200,000	3,000,000
Interest rate swaps
Derivative
Notional amount of derivative contracts				$ 1,255,000,000	$ 1,255,000,000
Interest rate swaps due June 30, 2020 through June 30, 2025
Derivative
Notional amount of derivative contracts				870,000,000
Interest rate swaps due November 16, 2022 through November 16, 2027
Derivative
Notional amount of derivative contracts				385,000,000
Forward contracts \| Derivatives not designated as hedging instruments
Derivative
Notional amount of derivative contracts				164,100,000	140,800,000
—Currency forward contracts recognized in SG&A \| Derivatives not designated as hedging instruments
Derivative
Notional amount of derivative contracts				$ 0	$ 0
Gains on derivative, recognized in the income statement	$ 2,100,000	$ 1,200,000
Euro Term Loan \| Currency swap \| Derivatives not designated as hedging instruments
Derivative
Notional amount of derivative contracts \| €			€ 501,600,000

Derivative financial instrume_5

Derivative financial instruments - Net Investment Hedging Instruments in OCI (Details) - Net Investment Hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Derivative Instruments, Gain (Loss)
Total net fair value gain (loss)	$ 19	$ (12.2)
—Designated cross currency swaps
Derivative Instruments, Gain (Loss)
Total net fair value gain (loss)	$ 19	$ (12.2)

Derivative financial instrume_6

Derivative financial instruments - OCI Movement (Details) - Interest Rate Contract - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Movement recognized in OCI in relation to:
—Fair value gain (loss) on cash flow hedges	$ 13.6	$ (10)
—Amortization to net income of prior period fair value losses	0	4.5
—Reclassification from OCI to net income	(9)	(6.9)
Total movement	$ 4.6	$ (12.4)

Derivative financial instrume_7

Derivative financial instruments - Gains From Derivative Instruments Not Designated As Hedging Instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Derivative Instruments, Gain (Loss)
Gains on derivative, recognized in the income statement	$ 2.1	$ 1.2
—Currency forward contracts recognized in SG&A
Derivative Instruments, Gain (Loss)
Gains on derivative, recognized in the income statement	$ 2.1	$ 1.2

Fair value measurement - Carryi

Fair value measurement - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Current	$ 27.9	$ 36.5
Non-current	2,313.1	2,415
Fair value of debt	2,341	2,451.5
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Current	27.8	36.5
Non-current	2,340	2,444.7
Fair value of debt	$ 2,367.8	$ 2,481.2

Fair value measurement - Narrat

Fair value measurement - Narratives (Details)	3 Months Ended
Fair value measurement - Narratives (Details)	Mar. 30, 2024 loan
Secured Debt
Debt Instrument
Number of debt instruments	2
Secured Credit Facilities \| Secured Debt \| SOFR
Debt Instrument
Variable rate (as a percent)	0.75%
Two Dollar Term Loan \| Term loan \| SOFR
Debt Instrument
Variable rate (as a percent)	0.50%

Fair value measurement - Assets

Fair value measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	$ 53.6	$ 54.1
Derivative liabilities	(76.5)	(103)
Cash equivalents	55.3	129
Quoted prices in active markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	0	0
Derivative liabilities	0	0
Cash equivalents	21.3	76.2
Significant observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	53.6	54.1
Derivative liabilities	(76.5)	(103)
Cash equivalents	$ 34	$ 52.8

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument
Total principal of debt	$ 2,367	$ 2,471.9
Deferred issuance costs	(34.4)	(37.4)
Accrued interest	8.4	17
Total carrying value of debt	2,341	2,451.5
Debt, current portion	27.9	36.5
Debt, less current portion	2,313.1	2,415
—Dollar Term Loans \| Secured debt:
Debt Instrument
Total principal of debt	1,799	1,903.9
—6.25% Dollar Senior Notes due 2026 \| Unsecured debt:
Debt Instrument
Total principal of debt	$ 568	$ 568
Stated interest rate on debt (as a percent)	6.25%

Debt - Debt issuances and redem

Debt - Debt issuances and redemptions Narratives (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Feb. 29, 2024	May 31, 2023	Mar. 30, 2024	Apr. 01, 2023
Debt Instrument
Repayments of debt			$ 104.9	$ 4.9
Existing DollarTerm Loans \| Secured Debt
Debt Instrument
Repayments of debt	$ 100
Deferred financing cost recognized	$ 1
Revolving Credit Facility \| Asset-backed revolver
Debt Instrument
Proceeds from long-term debt		$ 100

Debt - Dollar and Term Loans Na

Debt - Dollar and Term Loans Narratives (Details) - Secured Debt		3 Months Ended
	Oct. 10, 2023	Mar. 30, 2024 USD ($)	Mar. 01, 2023	Nov. 16, 2022 USD ($)	Feb. 24, 2021 loan
New Dollar Term Loan
Debt Instrument
Debt instrument principal amount				$ 575,000,000
Stated interest rate on debt (as a percent)		8.33%
Quarterly amortization payment on debt		$ 1,400,000
New Dollar Term Loan \| SOFR \| Option One
Debt Instrument
Variable rate (as a percent)	3%	3%
New Dollar Term Loan \| SOFR \| Option One \| Minimum
Debt Instrument
Variable rate (as a percent)	0.50%	0.50%
New Dollar Term Loan \| Base Rate \| Option Two
Debt Instrument
Variable rate (as a percent)	2%
New Dollar Term Loan \| Base Rate \| Option Two \| Minimum
Debt Instrument
Variable rate (as a percent)	1.50%
Existing DollarTerm Loans
Debt Instrument
Stated interest rate on debt (as a percent)		2.60%
Credit spread adjustment (as a percent)			0.10%
Quarterly amortization payment on debt		$ 3,500,000
Existing DollarTerm Loans \| SOFR
Debt Instrument
Variable rate (as a percent)		0.75%
Dollar Term Loan
Debt Instrument
Number of loans (loan) \| loan					2
Interest rate during period on debt (as a percent)		7.93%
Quarterly amortization payment rate (as a percent)		0.25%

Debt - Unsecured Senior Notes N

Debt - Unsecured Senior Notes Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument
Principal amount of debt outstanding	$ 2,367	$ 2,471.9
Unsecured Debt
Debt Instrument
Redemption price in the event of change in control (as a percent)	101%
Redemption price in the event of sale (as a percent)	100%
Unsecured Debt \| 6.25% Dollar Senior Notes due 2026
Debt Instrument
Principal amount of debt outstanding	$ 568	$ 568
Stated interest rate on debt (as a percent)	6.25%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility Narratives (Details) - Secured Multi-Currency Facility - USD ($)	Mar. 30, 2024	Dec. 30, 2023	Nov. 18, 2021	Nov. 17, 2021
Line of Credit Facility
Outstanding debt trigger			$ 500,000,000
Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility			250,000,000	$ 185,000,000
Line of credit carrying value	$ 0	$ 0
Letter of Credit Sub-Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility			$ 75,000,000	$ 20,000,000
Line of credit carrying value	$ 0	$ 0

Debt - Asset-Backed Revolver Na

Debt - Asset-Backed Revolver Narratives (Details) - Asset-backed revolver - USD ($)	1 Months Ended
	May 31, 2023	Mar. 30, 2024	Dec. 30, 2023	Nov. 18, 2021	Nov. 17, 2021
Line of Credit Facility
Outstanding debt trigger				$ 500,000,000
Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility		$ 250,000,000		250,000,000	$ 325,000,000
Proceeds from long-term debt	$ 100,000,000
Line of credit carrying value		0
Letter of Credit Sub-Facility
Line of Credit Facility
Maximum borrowing capacity of credit facility				$ 150,000,000
Line of credit carrying value		$ 28,600,000	$ 29,700,000

Post-retirement benefits - Comp

Post-retirement benefits - Components of Net Periodic Benefit (Income) Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans
—Employer service cost	$ 1	$ 1
—Interest cost	6.4	6.6
—Expected return on plan assets	(6.5)	(6.4)
—Net amortization of prior period losses (gains)	(0.6)	(0.9)
Net periodic benefit cost	0.3	0.3
Cash Contributions	2.6	3.2
Pensions
Defined Benefit Plans and Other Postretirement Benefit Plans
—Employer service cost	1	1
—Interest cost	6.1	6.2
—Expected return on plan assets	(6.5)	(6.4)
—Net amortization of prior period losses (gains)	0.2	0
Net periodic benefit cost	0.8	0.8
Cash Contributions	1.6	2.1
Other post-retirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
—Employer service cost	0	0
—Interest cost	0.3	0.4
—Expected return on plan assets	0	0
—Net amortization of prior period losses (gains)	(0.8)	(0.9)
Net periodic benefit cost	(0.5)	(0.5)
Cash Contributions	$ 1	$ 1.1

Post-retirement benefits - Narr

Post-retirement benefits - Narratives (Details) $ in Millions	Mar. 30, 2024 USD ($)
Pensions
Defined Benefit Plan Disclosure
Expected future employer contributions in current fiscal year	$ 7.3
Other post-retirement benefits
Defined Benefit Plan Disclosure
Expected future employer contributions in current fiscal year	$ 3

Share-based compensation - Narr

Share-based compensation - Narratives (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 30, 2024	Apr. 01, 2023	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Share based compensation expense recognized			$ 8.6	$ 9.5
Proceeds from stock options exercised			2.5	11.3
Share options
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate intrinsic value of options exercisable			$ 63.3
Contractual term of options exercisable (in years)			2 years 10 months 24 days
Aggregate intrinsic value of options that were vested or expected to vest			$ 63.6
Contractual term of options that were vested or expect to vest (in years)			2 years 10 months 24 days
Unrecognized compensation relating to non-vested awards			$ 0.5
Unrecognized compensation relating to non-vested awards, recognition period (in years)			2 years 2 months 12 days
Aggregate intrinsic value of options exercised			$ 1.8	4
Share options \| Omaha Topco Ltd. Stock Incentive Plan \| Tier I
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			5 years
Term of award (in years)			10 years
Share options \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			3 years
Share options \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			4 years
Premium-priced options \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			3 years
Term of award (in years)			10 years
Post grant date start date (in years)			2 years
RSUs \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		1 year
RSUs \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		3 years
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation relating to non-vested awards other than option			$ 28
PRSUs \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of shares expected to vest upon achievement of average annual adjusted return on invested capital (as a percent)	75%				50%
Percentage of shares expected to vest upon achievement of certain relative shareholders return (as a percent)	25%				50%
Performance period (in years)					3 years
PRSUs \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		1 year
Total number of shares expected to vest at term of award arrangement (as a percent)	0%
PRSUs \| Gates Industrial Corporation Plc 2018 Omnibus Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)		3 years
Total number of shares expected to vest at term of award arrangement (as a percent)	200%
RSU's and PRSU's
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation relating to non-vested awards, recognition period (in years)			2 years
Unrecognized compensation relating to non-vested awards other than option			$ 28
Aggregate intrinsic value of non options vested			$ 15.1	$ 14.7

Share-based compensation - Stoc

Share-based compensation - Stock Option and SAR Rollforward (Details)	3 Months Ended
	Mar. 30, 2024 $ / shares shares
Number of options
Beginning balance (in shares) \| shares	9,726,970
Granted (in shares) \| shares	22,100
Forfeited (in shares) \| shares	(3,001)
Expired (in shares) \| shares	(15,000)
Exercised (in shares) \| shares	(423,509)
Ending balance (in shares) \| shares	9,307,560
Weighted average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 10.90
Granted (in usd per share) \| $ / shares	14.87
Forfeited (in usd per share) \| $ / shares	13.40
Expired (in usd per share) \| $ / shares	14.99
Exercised (in usd per share) \| $ / shares	8.82
Ending balance (in usd per share) \| $ / shares	$ 11
—SARs
Number of options
Beginning balance (in shares) \| shares	735,221
Granted (in shares) \| shares	22,100
Forfeited (in shares) \| shares	(3,001)
Exercised (in shares) \| shares	(134,766)
Ending balance (in shares) \| shares	619,554
Weighted average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 10.47
Granted (in usd per share) \| $ / shares	14.87
Forfeited (in usd per share) \| $ / shares	13.40
Exercised (in usd per share) \| $ / shares	9.23
Ending balance (in usd per share) \| $ / shares	$ 10.88
—Share options
Number of options
Beginning balance (in shares) \| shares	2,345,520
Expired (in shares) \| shares	(15,000)
Exercised (in shares) \| shares	(37,081)
Ending balance (in shares) \| shares	2,293,439
Weighted average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 14.90
Expired (in usd per share) \| $ / shares	14.99
Exercised (in usd per share) \| $ / shares	14.05
Ending balance (in usd per share) \| $ / shares	$ 14.91
Exercisable at the end of the period (in shares) \| shares	9,215,590
Exercisable at the end of the period (in usd per share) \| $ / shares	$ 10.96
Vested and expected to vest at the end of the period (in shares) \| shares	9,295,189
Vested and expected to vest at the end of the period (in usd per share) \| $ / shares	$ 10.99
—Premium-priced options
Number of options
Beginning balance (in shares) \| shares	835,469
Ending balance (in shares) \| shares	835,469
Weighted average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 18.88
Ending balance (in usd per share) \| $ / shares	$ 18.88
—Tier I \| —Share options
Number of options
Beginning balance (in shares) \| shares	1,828,327
Exercised (in shares) \| shares	(95,237)
Ending balance (in shares) \| shares	1,733,090
Weighted average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 6.98
Exercised (in usd per share) \| $ / shares	6.80
Ending balance (in usd per share) \| $ / shares	$ 6.99
—Tier II \| —Share options
Number of options
Beginning balance (in shares) \| shares	1,996,017
Exercised (in shares) \| shares	(84,642)
Ending balance (in shares) \| shares	1,911,375
Weighted average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 7.01
Exercised (in usd per share) \| $ / shares	6.88
Ending balance (in usd per share) \| $ / shares	$ 7.02
—Tier IV \| —Share options
Number of options
Beginning balance (in shares) \| shares	1,986,416
Exercised (in shares) \| shares	(71,783)
Ending balance (in shares) \| shares	1,914,633
Weighted average exercise price
Beginning balance (in usd per share) \| $ / shares	$ 10.52
Exercised (in usd per share) \| $ / shares	10.32
Ending balance (in usd per share) \| $ / shares	$ 10.53

Share-based compensation - RSU

Share-based compensation - RSU and PRSU Rollforward (Details)	3 Months Ended
	Mar. 30, 2024 $ / shares shares
Number of awards
Beginning balance (in shares) \| shares	3,949,891
Granted (in shares) \| shares	1,578,359
Forfeited (in shares) \| shares	(101,881)
Vested (in shares) \| shares	(1,016,982)
Ending balance (in shares) \| shares	4,409,387
Weighted average grant date fair value $
Beginning balance (in usd per share) \| $ / shares	$ 14.47
Granted (in usd per share) \| $ / shares	15.27
Forfeited (in usd per share) \| $ / shares	15.16
Vested (in usd per share) \| $ / shares	14.86
Ending balance (in usd per share) \| $ / shares	$ 14.66
—RSUs
Number of awards
Beginning balance (in shares) \| shares	3,032,230
Granted (in shares) \| shares	1,151,752
Forfeited (in shares) \| shares	(15,201)
Vested (in shares) \| shares	(862,708)
Ending balance (in shares) \| shares	3,306,073
Weighted average grant date fair value $
Beginning balance (in usd per share) \| $ / shares	$ 13.78
Granted (in usd per share) \| $ / shares	14.87
Forfeited (in usd per share) \| $ / shares	14.63
Vested (in usd per share) \| $ / shares	14.84
Ending balance (in usd per share) \| $ / shares	$ 13.88
—PRSUs
Number of awards
Beginning balance (in shares) \| shares	917,661
Granted (in shares) \| shares	426,607
Forfeited (in shares) \| shares	(86,680)
Vested (in shares) \| shares	(154,274)
Ending balance (in shares) \| shares	1,103,314
Weighted average grant date fair value $
Beginning balance (in usd per share) \| $ / shares	$ 16.77
Granted (in usd per share) \| $ / shares	16.37
Forfeited (in usd per share) \| $ / shares	15.26
Vested (in usd per share) \| $ / shares	15
Ending balance (in usd per share) \| $ / shares	$ 16.98

Share-based compensation - Fair

Share-based compensation - Fair Value and Valuation Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
—SARs
Share-based Compensation Arrangement by Share-based Payment Award
Assumed fair value exercise price (in usd per share)	$ 6.95	$ 6.71
Expected volatility (as a percent)	41.70%	43.40%
Expected option life (in years)	6 years	6 years
Risk-free interest rate (as a percent)	4.20%	4.10%
—RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Assumed fair value exercise price (in usd per share)	$ 14.87	$ 14.06
—PRSUs
Share-based Compensation Arrangement by Share-based Payment Award
Assumed fair value exercise price (in usd per share)	$ 16.37	$ 15.88
Expected volatility (as a percent)	31.60%	37.70%
Risk-free interest rate (as a percent)	4.40%	4.60%

Equity - Movement in Number of

Equity - Movement in Number of Shares in Issue (Details) - shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Increase (Decrease) in Stockholders' Equity
Balance as of the beginning of the period (in shares)	264,259,788	282,578,917
Exercise of share options (in shares)	288,743	1,398,001
Vesting of restricted stock units, net of withholding taxes (in shares)	847,345	915,083
Shares repurchased and cancelled (in shares)	(4,151,100)	0
Balance as of the end of the period (in shares)	261,244,776	284,892,001

Equity - Narratives (Details)

Equity - Narratives (Details)			1 Months Ended	3 Months Ended
Equity - Narratives (Details)	Feb. 16, 2024 USD ($) $ / shares shares	Feb. 12, 2024 shares	Feb. 29, 2024 USD ($) shares	Mar. 30, 2024 USD ($) class $ / shares shares	Apr. 01, 2023 USD ($) shares	Dec. 30, 2023 $ / shares	Feb. 07, 2023 USD ($)
Equity
Number of classes of stock (class) \| class				1
Par value (in usd per share) \| $ / shares				$ 0.01		$ 0.01
Repurchase program, authorized amount \| $							$ 100,000,000
Shares repurchased and cancelled (in shares) \| shares				4,151,100	0
Payments for repurchase of common stock \| $				$ 50,300,000	$ 0
Citigroup \| Affiliated Entity
Equity
Shares repurchased and cancelled (in shares) \| shares	4,151,100		4,151,100
Share price (in usd per share) \| $ / shares	$ 12.045
Payments for repurchase of common stock \| $	$ 50,000,000		$ 50,000,000
Debt instrument, cost related transaction amount \| $	$ 300,000		$ 300,000
Scenario, Plan \| Private Placement
Equity
Issuance of shares (in shares) \| shares		17,500,000
Share price (in usd per share) \| $ / shares	$ 12.045
Scenario, Plan \| Underwriters option
Equity
Issuance of shares (in shares) \| shares	2,625,000

Analysis of accumulated other_3

Analysis of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	$ 3,543.9	$ 3,443.6
Other comprehensive (loss) income, net of tax, attributable to parent	(40.4)	70.8
Other comprehensive income (loss)	(50.4)	61.6
Ending balance	3,495.4	3,553.6
Accumulated OCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(906.9)	(982.4)
Ending balance	(957.3)	(920.8)
Accumulated OCI attributable to shareholders
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(828.5)	(917.8)
Other comprehensive (loss) income, net of tax, attributable to parent	(37.4)	60.8
Other comprehensive income (loss)	(37.4)	60.8
Ending balance	(865.9)	(857)
Post- retirement benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(15.3)	0.6
Other comprehensive (loss) income, net of tax, attributable to parent	(0.3)	(2.3)
Other comprehensive income (loss)	(0.4)	(0.7)
Ending balance	(15.6)	(1.7)
Foreign currency translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive (loss) income, net of tax, attributable to parent	0.1	(1.6)
Post-retirement benefit movements
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive (loss) income, net of tax, attributable to parent	(0.4)	(0.7)
Cumulative translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(832.3)	(950)
Other comprehensive (loss) income, net of tax, attributable to parent	(40.5)	72.4
Other comprehensive (loss) income, net of tax, attributable to noncontrolling interest	(13)	0.8
Other comprehensive income (loss)	(53.4)	71.6
Ending balance	(872.8)	(877.6)
Cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	19.1	31.6
Other comprehensive (loss) income, net of tax, attributable to parent	3.4	(9.3)
Ending balance	22.5	22.3
Non-controlling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(78.4)	(64.6)
Other comprehensive (loss) income, net of tax, attributable to noncontrolling interest	(13)	0.8
Ending balance	$ (91.4)	$ (63.8)

Related party transactions - Na

Related party transactions - Narratives (Details) - USD ($)		1 Months Ended		3 Months Ended
Related party transactions - Narratives (Details) - USD ($)	Feb. 16, 2024	Feb. 29, 2024	Jan. 31, 2018	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Related Party Transaction
Shares repurchased and cancelled (in shares)				4,151,100	0
Payments for repurchase of common stock				$ 50,300,000	$ 0
Equity Method Investees
Related Party Transaction
Payables to related parties				1,100,000		$ 200,000
Dividends received from equity method investees				0
Affiliated Entity
Related Party Transaction
Payables to related parties				$ 2,800,000		$ 3,200,000
Affiliated Entity \| Citigroup
Related Party Transaction
Shares repurchased and cancelled (in shares)	4,151,100	4,151,100
Payments for repurchase of common stock	$ 50,000,000	$ 50,000,000
Debt instrument, cost related transaction amount	$ 300,000	$ 300,000
Support and Services Agreement \| Sponsor
Related Party Transaction
Related party transaction, ownership percentage threshold which terminates milestone payment (as a percent)			5%
Related party transaction, fair value of equity threshold which terminates milestone payment			$ 25,000,000

Related party transactions - Sa

Related party transactions - Sales and Purchases with Equity Method Investees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Related Party Transaction
Sales	$ 862.6	$ 897.7
Equity Method Investees
Related Party Transaction
Purchases	$ (4)	$ (5.1)

Related party transactions - Tr

Related party transactions - Transactions with Non-Gates Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Related Party Transaction
Net sales	$ 862.6	$ 897.7
Affiliated Entity
Related Party Transaction
Net sales	9.6	13.3
Purchases	(3.7)	$ (4.4)
Receivables	3.8		$ 3.2
Payables	$ (2.8)		$ (3.2)

Commitments and contingencies -

Commitments and contingencies - Narratives (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 28.6	$ 29.7
Bonds, letters of credit, and bank guarantees	$ 8.6	$ 8.4

Commitments and contingencies_2

Commitments and contingencies - Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Warranty reserves
Balance as of the beginning of the period	$ 15.9	$ 17.6
Charge for the period	2.4	1.9
Payments made	(2.4)	(2.2)
Foreign currency translation	(0.2)	0
Balance as of the end of the period	$ 15.7	$ 17.3