GATES INDUSTRIAL CORP PLC, 10-Q filed on 10/29/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 27, 2025
Oct. 27, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 27, 2025  
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, $0.01 par value per share  
Trading Symbol(s) GTES  
Name of each exchange on which registered NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   258,280,391
Entity Central Index Key 0001718512  
Current Fiscal Year End Date --12-28  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Statement [Abstract]        
Net sales $ 855.7 $ 830.7 $ 2,587.0 $ 2,578.8
Cost of sales 514.1 494.9 1,540.6 1,555.6
Gross profit 341.6 335.8 1,046.4 1,023.2
Selling, general and administrative expenses 219.2 217.2 666.6 653.5
Transaction-related expenses 0.1 0.5 0.5 2.1
Asset impairments 0.4 0.0 1.2 0.0
Restructuring expenses 6.5 2.2 21.1 5.0
Other operating expenses 0.0 0.0 0.0 0.1
Operating income from continuing operations 115.4 115.9 357.0 362.5
Interest expense 34.9 35.1 93.3 121.7
Loss on deconsolidation of Russian subsidiary 0.0 12.8 0.0 12.8
Other income (14.3) (1.2) (5.1) (12.1)
Income from continuing operations before taxes 94.8 69.2 268.8 240.1
Income tax expense 6.1 14.0 48.1 60.8
Net income from continuing operations 88.7 55.2 220.7 179.3
Loss on disposal of discontinued operations, net of tax, respectively, of $0, $0, $0 and $0 0.1 0.1 0.7 0.5
Net income 88.6 55.1 220.0 178.8
Less: non-controlling interests 7.0 7.5 19.9 20.5
Net income attributable to shareholders $ 81.6 $ 47.6 $ 200.1 $ 158.3
Basic        
Earnings per share from continuing operations (in usd per share) $ 0.32 $ 0.18 $ 0.78 $ 0.61
Earnings per share from discontinued operations (in usd per share) 0 0 0 0
Earnings per share (in usd per share) 0.32 0.18 0.78 0.61
Diluted        
Earnings per share from continuing operations (in usd per share) 0.31 0.18 0.77 0.60
Earnings per share from discontinued operations (in usd per share) 0 0 0 0
Earnings per share (in usd per share) $ 0.31 $ 0.18 $ 0.77 $ 0.60
v3.25.3
Unaudited Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Statement [Abstract]        
Loss on disposal of discontinued operations, net of tax $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.25.3
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Net income $ 88.6 $ 55.1 $ 220.0 $ 178.8
Foreign currency translation:        
—Net translation (loss) gain on foreign operations, net of tax (expense) benefit, respectively, of $(0.4), $0.3, $(0.4) and $3.6 (5.7) 101.1 312.1 (59.5)
—Gain (loss) on net investment hedges, net of tax (expense) benefit, respectively, of $(2.7), $0.3, $1.9 and $(3.6) 17.8 (49.8) (130.5) (27.8)
Total foreign currency translation movements 12.1 51.3 181.6 (87.3)
Cash flow hedges (interest rate and currency forward derivatives):        
— (Loss) gain arising in the period, net of tax benefit (expense), respectively, of $0.3, $4.3, $2.1 and $(0.1) (1.8) (12.7) (7.0) 0.3
—Reclassification to net income, net of tax benefit, respectively, of $0.0, $2.3, $3.4 and $6.8 0.0 (6.7) (10.2) (20.2)
Total cash flow hedges movements (1.8) (19.4) (17.2) (19.9)
Post-retirement benefits:        
—Reclassification of prior year actuarial movements to net income, net of tax benefit, respectively, of $0.0, $0.1, $0.2 and $0.4 (0.2) (0.5) (0.5) (1.4)
Total post-retirement benefits movements (0.2) (0.5) (0.5) (1.4)
Other comprehensive income (loss) 10.1 31.4 163.9 (108.6)
Comprehensive income for the period 98.7 86.5 383.9 70.2
Comprehensive income attributable to shareholders:        
Comprehensive (loss) income attributable to shareholders 93.3 54.6 349.0 44.8
Comprehensive income attributable to non-controlling interests 5.4 31.9 34.9 25.4
Comprehensive income for the period 98.7 86.5 383.9 70.2
—Income arising from continuing operations        
Comprehensive income attributable to shareholders:        
Comprehensive (loss) income attributable to shareholders 93.4 54.7 349.7 45.3
—Loss arising from discontinued operations        
Comprehensive income attributable to shareholders:        
Comprehensive (loss) income attributable to shareholders $ (0.1) $ (0.1) $ (0.7) $ (0.5)
v3.25.3
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Foreign currency translation:        
Net translation (loss) gain on foreign operations, tax $ (0.4) $ 0.3 $ (0.4) $ 3.6
Gain (loss) on net investment hedges, tax (2.7) 0.3 1.9 (3.6)
Cash flow hedges (interest rate and currency forward derivatives):        
Gain arising in the period, tax expense (benefit) 0.3 4.3 2.1 (0.1)
Reclassification to net income, net of tax benefit (0.0) 2.3 3.4 6.8
Post-retirement benefits:        
Reclassification of prior year actuarial movements to net income, net of tax benefit $ (0.0) $ 0.1 $ 0.2 $ 0.4
v3.25.3
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 28, 2024
Current assets    
Cash and cash equivalents $ 689.4 $ 682.0
Trade accounts receivable, net 833.3 722.7
Inventories 718.1 676.0
Taxes receivable 46.4 28.6
Prepaid expenses and other assets 197.8 196.7
Total current assets 2,485.0 2,306.0
Non-current assets    
Property, plant and equipment, net 609.3 579.5
Goodwill 2,019.8 1,908.9
Pension surplus 5.6 5.7
Intangible assets, net 1,207.0 1,248.6
Right-of-use assets 142.0 139.4
Taxes receivable 16.5 20.7
Deferred income taxes 627.1 553.5
Other non-current assets 37.4 24.0
Total assets 7,149.7 6,786.3
Current liabilities    
Debt, current portion 30.5 39.1
Trade accounts payable 385.3 408.2
Taxes payable 26.5 22.9
Accrued expenses and other current liabilities 263.1 251.3
Total current liabilities 705.4 721.5
Non-current liabilities    
Debt, less current portion 2,204.3 2,311.5
Post-retirement benefit obligations 68.0 78.0
Lease liabilities 126.3 127.3
Taxes payable 60.0 82.2
Deferred income taxes 58.1 56.8
Other non-current liabilities 212.5 68.7
Total liabilities 3,434.6 3,446.0
Commitments and contingencies (Note 18)
Shareholders’ equity    
—Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 258,249,123 (December 28, 2024: authorized shares: 3,000,000,000; outstanding shares: 255,203,987) 2.6 2.6
—Additional paid-in capital 2,628.7 2,618.6
—Accumulated other comprehensive loss (928.3) (1,077.2)
—Retained earnings 1,667.0 1,479.6
Total shareholders’ equity 3,370.0 3,023.6
Non-controlling interests 345.1 316.7
Total equity 3,715.1 3,340.3
Total liabilities and equity $ 7,149.7 $ 6,786.3
v3.25.3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 27, 2025
Dec. 28, 2024
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) 258,249,123 255,203,987
v3.25.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Cash flows from operating activities    
Net income $ 220.0 $ 178.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 159.1 162.8
Foreign exchange and other non-cash financing income (20.3) (26.2)
Share-based compensation expense 22.4 20.2
Decrease in post-employment benefit obligations, net (13.1) (6.6)
Deferred income taxes (6.3) (25.1)
Asset impairments 1.2 0.0
Loss on deconsolidation of Russian subsidiary 0.0 12.8
Loss (gain) on disposal of property, plant and equipment 0.2 (7.2)
Other operating activities 4.7 (1.5)
Changes in operating assets and liabilities:    
—Accounts receivable (71.4) (46.1)
—Inventories (6.7) (84.0)
—Accounts payable (40.9) (25.0)
—Prepaid expenses and other assets 0.9 18.2
—Taxes payable (30.7) (2.6)
—Other liabilities (10.8) 20.2
Net cash provided by operating activities 208.3 188.7
Cash flows from investing activities    
Purchases of property, plant and equipment (54.4) (59.8)
Purchases of intangible assets (26.0) (13.5)
Purchases of investments 0.0 (11.3)
Cash paid under company-owned life insurance policies (10.4) (5.4)
Cash received under company-owned life insurance policies 2.4 11.2
Proceeds from the sale of property, plant and equipment 2.2 11.0
Cash deconsolidated from previously controlled subsidiary 0.0 (12.5)
Other investing activities (0.7) 0.0
Net cash used in investing activities (86.9) (80.3)
Cash flows from financing activities    
Issuance of shares 9.8 10.0
Repurchase of shares (13.0) (176.1)
Proceeds from long-term debt 0.0 1,840.0
Payments of long-term debt (114.1) (1,917.0)
Debt issuance costs paid 0.0 (20.5)
Employee taxes paid from shares withheld (20.1) (4.7)
Dividends paid to non-controlling interests (6.5) (1.7)
Other financing activities 9.0 16.5
Net cash used in financing activities (134.9) (253.5)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 21.0 (1.4)
Net increase (decrease) in cash and cash equivalents and restricted cash 7.5 (146.5)
Cash and cash equivalents and restricted cash at the beginning of the period 684.8 724.0
Cash and cash equivalents and restricted cash at the end of the period 692.3 577.5
Supplemental schedule of cash flow information    
Interest paid 95.9 104.7
Income taxes paid 84.4 88.5
Accrued capital expenditures $ 2.2 $ 1.0
v3.25.3
Unaudited Condensed Consolidated Statements of Shareholders’ Equity - USD ($)
$ in Millions
Total
Total shareholders’ equity
Share capital
Additional paid-in capital
Treasury Shares
Accumulated other comprehensive loss
Retained earnings
Non- controlling interests
Beginning balance at Dec. 30, 2023 $ 3,543.9 $ 3,220.2 $ 2.6 $ 2,583.8 $ 0.0 $ (828.5) $ 1,462.3 $ 323.7
Increase (Decrease) in Stockholders' Equity                
Net income 178.8 158.3         158.3 20.5
Other comprehensive (loss) income (108.6) (113.5)       (113.5)   4.9
Total comprehensive (loss) income 70.2 44.8 0.0 0.0 0.0 (113.5) 158.3 25.4
—Issuance of shares 10.0 10.0   10.0        
—Shares withheld for employee taxes (4.7) (4.7)   (4.7)        
—Buy-back and cancellation of shares (177.7) (177.7) (0.1)   (127.1)   (50.5)  
—Share-based compensation 17.9 17.7   17.7       0.2
—Dividends paid to non-controlling interests (1.7)             (1.7)
Ending balance at Sep. 28, 2024 3,457.9 3,110.3 2.5 2,606.8 (127.1) (942.0) 1,570.1 347.6
Beginning balance at Jun. 29, 2024 3,494.3 3,177.0 2.6 2,600.9 0.0 (949.0) 1,522.5 317.3
Increase (Decrease) in Stockholders' Equity                
Net income 55.1 47.6         47.6 7.5
Other comprehensive (loss) income 31.4 7.0       7.0   24.4
Total comprehensive (loss) income 86.5 54.6 0.0 0.0 0.0 7.0 47.6 31.9
—Issuance of shares 2.9 2.9   2.9        
—Shares withheld for employee taxes (2.3) (2.3)   (2.3)        
—Buy-back of shares (127.2) (127.2) (0.1)   (127.1)   0.0  
—Share-based compensation 5.4 5.3   5.3       0.1
—Dividends paid to non-controlling interests (1.7)             (1.7)
Ending balance at Sep. 28, 2024 3,457.9 3,110.3 2.5 2,606.8 (127.1) (942.0) 1,570.1 347.6
Beginning balance at Dec. 28, 2024 3,340.3 3,023.6 2.6 2,618.6 0.0 (1,077.2) 1,479.6 316.7
Increase (Decrease) in Stockholders' Equity                
Net income 220.0 200.1         200.1 19.9
Other comprehensive (loss) income 163.9 148.9       148.9   15.0
Total comprehensive (loss) income 383.9 349.0 0.0 0.0 0.0 148.9 200.1 34.9
—Issuance of shares 9.8 9.8   9.8        
—Shares withheld for employee taxes (20.1) (20.1)   (20.1)        
—Buy-back and cancellation of shares (12.7) (12.7)         (12.7)  
—Share-based compensation 20.4 20.4   20.4      
—Dividends paid to non-controlling interests (6.5)             (6.5)
Ending balance at Sep. 27, 2025 3,715.1 3,370.0 2.6 2,628.7 0.0 (928.3) 1,667.0 345.1
Beginning balance at Jun. 28, 2025 3,611.7 3,269.0 2.6 2,621.0 0.0 (940.0) 1,585.4 342.7
Increase (Decrease) in Stockholders' Equity                
Net income 88.6 81.6         81.6 7.0
Other comprehensive (loss) income 10.1 11.7       11.7   (1.6)
Total comprehensive (loss) income 98.7 93.3 0.0 0.0 0.0 11.7 81.6 5.4
—Issuance of shares 5.1 5.1   5.1        
—Shares withheld for employee taxes (3.2) (3.2)   (3.2)        
—Share-based compensation 5.8 5.8   5.8        
—Dividends paid to non-controlling interests (3.0)             (3.0)
Ending balance at Sep. 27, 2025 $ 3,715.1 $ 3,370.0 $ 2.6 $ 2,628.7 $ 0.0 $ (928.3) $ 1,667.0 $ 345.1
v3.25.3
Introduction
 9 Months Ended
Sep. 27, 2025
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 has historically prepared its annual consolidated financial statements for the period ending on the Saturday nearest December 31. Accordingly, the condensed consolidated balance sheets as of September 27, 2025 and December 28, 2024, 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 June 29, 2025 to September 27, 2025, with comparative information for the 91-day period from June 30, 2024 to September 28, 2024 and for the 273-day period from December 29, 2024 to September 27, 2025, with comparative information for the 273-day period from December 31, 2023 to September 28, 2024.
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 September 27, 2025 and the results of its operations and cash flows for the periods ended September 27, 2025 and September 28, 2024. 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 28, 2024 included in the Company’s Annual Report on Form 10-K and should be read in conjunction therewith. The condensed consolidated balance sheet as of December 28, 2024 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 September 27, 2025, the collection of $146.5 million of our trade accounts receivable had been accelerated under this program, compared to the accelerated collection of $148.6 million as of December 28, 2024. During the three and nine months ended September 27, 2025, we incurred costs in respect of this program of $2.1 million and $6.5 million. During the three and nine months ended September 28, 2024, we incurred costs in respect of this program of $2.2 million and $6.6 million.
In 2022, as a result of the conflict between Russia and Ukraine, the Company began exiting substantially all its activities in Russia with only residual cash and de minimis administrative costs remaining in 2024. During the three months ended September 28, 2024, the Company concluded that the inability to repatriate remaining cash coupled with the significant government regulations and restrictions currently in place, which are expected to continue or worsen, severely limits its ability to manage and control its Russian subsidiary. As a result, the Company's Russian subsidiary was deconsolidated as of September 28, 2024. The impact of the deconsolidation was a $12.8 million loss included in the results of operations for the three and nine months ended September 28, 2024.
The accounting policies used in preparing these condensed consolidated financial statements are the same as those applied in the prior year. During the nine months ended September 27, 2025, we reclassified foreign currency transaction loss of $2.2 million from Selling, general and administrative expenses to Other expenses (income) within the statements of operations. In addition, we have reclassified the amounts relating to prior period results to conform to current period presentation. The results of reclassification did not impact net income and are not considered material.
v3.25.3
Recent accounting pronouncements not yet adopted
 9 Months Ended
Sep. 27, 2025
Accounting Policies [Abstract]  
Recent accounting pronouncements not yet adopted Recent accounting pronouncements not yet adopted
The following accounting pronouncements are relevant to Gates’ operations but have not yet been adopted.
•Accounting Standards Update (“ASU”) 2025-6 “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40)”
In September 2025, the Financial Accounting Standards Board (“FASB”) issued an ASU to modernize the accounting for software costs. The amendment removes all references to prescriptive and sequential software development stages (referred to as “project stages”) for capitalization throughout Subtopic 350-40 and introduces a principles-based capitalization model. Under the new guidance, an entity is required to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendment also introduces the concept of significant development uncertainty, which precludes capitalization until such uncertainty is resolved. The updated standard is effective for our annual periods beginning in fiscal year 2028 and interim periods beginning in the first quarter of fiscal year 2028, with early adoption permitted. We are currently evaluating the impact the updated standard will have on our consolidated financial statements and disclosures.
•ASU 2024-03 “Income Statement - Reporting Comprehensive Income: Expense Disaggregation Disclosures”
In November 2024, the FASB issued an ASU to require disclosure of specified information about certain expense amounts comprising of Cost of sales, and Selling, general and administrative expenses, as well as qualitative description of the remaining expense amounts. The amendments in this update are intended to provide investors with additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The updated standard is effective for our annual periods beginning in fiscal year 2027 and interim periods beginning in the first quarter of fiscal year 2028, with early adoption permitted. We are currently evaluating the impact the updated standard will have on our consolidated financial statements and disclosures.
•ASU 2023-06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”
In October 2023, the FASB issued an ASU to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification (“ASC”). These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K as promulgated by the Securities and Exchange Commission (“SEC”). The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. We do not expect the application of this standard to have a material impact on our consolidated financial statements and disclosures.
•ASU 2023-09 “Income Taxes” (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued an ASU that requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updated standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The updated standard is effective for our annual periods beginning in fiscal year 2025 and interim periods beginning in the first quarter of fiscal year 2026, with early adoption permitted. We are currently evaluating the impact the updated standard will have on our financial statement disclosures.
v3.25.3
Segment information
 9 Months Ended
Sep. 27, 2025
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 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 original equipment manufacturer (“OEM”) 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 reportable 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 reportable 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 endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Power Transmission$533.3 $513.4 $1,610.6 $1,588.1 
Fluid Power322.4 317.3 976.4 990.7 
Net sales$855.7 $830.7 $2,587.0 $2,578.8 
Our commercial function is organized by region and therefore, in addition to reviewing net sales by our reportable segments, the CEO also reviews net sales information disaggregated by region and by channels.
The following tables summarize our net sales by key geographic region:
Three months ended
September 27,
2025		September 28,
2024
(dollars in millions)
Power Transmission
Fluid Power
Power Transmission
Fluid Power
U.S.$149.4 $170.8 $140.9 $168.1 
North America, excluding the U.S.54.7 40.9 56.6 49.2 
South America24.4 11.3 26.3 10.6 
United Kingdom ("U.K.")8.2 16.7 9.1 16.0 
Luxembourg61.4 23.8 63.8 21.0 
EMEA(1), excluding the U.K. and Luxembourg
88.4 26.4 73.7 25.1 
East Asia and India71.3 21.3 70.4 18.5 
Greater China75.5 11.2 72.6 8.8 
Net sales$533.3 $322.4 $513.4 $317.3 
Nine months ended
September 27,
2025		September 28,
2024
(dollars in millions)
Power Transmission
Fluid Power
Power Transmission
Fluid Power
U.S.$458.3 $522.6 $425.8 $524.1 
North America, excluding the U.S.161.1 127.3 182.0153.0
South America68.5 31.8 81.329.4
U.K.30.6 49.0 29.650.7
Luxembourg201.2 70.0 191.3 64.8 
EMEA(1), excluding the U.K. and Luxembourg
260.4 79.5 257.880.1
East Asia and India211.1 62.9 205.658.3
Greater China219.4 33.3 214.730.3
Net Sales$1,610.6 $976.4 $1,588.1 $990.7 
(1)    Europe, Middle East and Africa (“EMEA”).
The following tables summarize our segment net sales into OEM and Replacement channels:
For the three months ended
September 27, 2025September 28, 2024
(dollars in millions)Power TransmissionFluid PowerPower TransmissionFluid Power
Replacement$353.1 $235.4 $339.5 $225.4 
OEM180.2 87.0 173.9 91.9 
Net sales$533.3 $322.4 $513.4 $317.3 
For the nine months ended
September 27, 2025September 28, 2024
(dollars in millions)Power TransmissionFluid PowerPower TransmissionFluid Power
Replacement$1,069.5 $702.4 $1,049.3 $684.1 
OEM541.1 274.0 538.8 306.6 
Net sales$1,610.6 $976.4 $1,588.1 $990.7 
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 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;
•inventory adjustments related to certain inventories accounted for on a LIFO basis;
•transaction-related expenses incurred in relation to major corporate transactions, including the acquisition of businesses and related integration activities, and equity and debt transactions;
•asset impairments;
•restructuring expenses, including severance and restructuring-related expenses;
•loss on deconsolidation of Russian subsidiary;
•credit loss related to a customer bankruptcy; and
•other expenses (income), excluding foreign currency transaction gain or loss and insurance recoveries.
Adjusted EBITDA by segment was as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Power Transmission$122.1 $113.0 $361.6 $355.8 
Fluid Power 73.7 69.5 220.7 224.5 
Adjusted EBITDA$195.8 $182.5 $582.3 $580.3 
The table below represents the segment profit or loss provided to the CEO on a quarterly basis:
Three months ended
September 27, 2025September 28, 2024
Power TransmissionFluid PowerTotalPower TransmissionFluid PowerTotal
Net sales$533.3 $322.4 $855.7 $513.4 $317.3 $830.7 
Adjusted cost of sales (1)
(313.4)(196.0)(509.4)(299.5)(190.2)(489.7)
Adjusted selling, general and administrative expenses ("SG&A") (2)
(113.4)(65.6)(179.0)(111.9)(68.1)(180.0)
Depreciation and software amortization12.8 11.0 23.8 12.9 11.5 24.4 
Other adjustments(3)
2.8 1.9 4.7 (1.9)(1.0)(2.9)
Adjusted EBITDA$122.1 $73.7 $195.8 $113.0 $69.5 $182.5 

Nine months ended
September 27, 2025September 28, 2024
Power TransmissionFluid PowerTotalPower TransmissionFluid PowerTotal
Net sales$1,610.6 $976.4 $2,587.0 $1,588.1 $990.7 $2,578.8 
Adjusted cost of sales (1)
(942.2)(588.3)(1,530.5)(934.1)(598.9)(1,533.0)
Adjusted selling, general and administrative expenses (2)
(346.8)(201.1)(547.9)(339.0)(204.2)(543.2)
Depreciation and software amortization38.5 32.6 71.1 38.7 35.5 74.2 
Other adjustments (3)
1.5 1.1 2.6 2.1 1.4 3.5 
Adjusted EBITDA$361.6 $220.7 $582.3 $355.8 $224.5 $580.3 
(1)    Adjusted cost of sales excluded inventory impairments and adjustments primarily related to the reversal of the adjustment to remeasure certain inventories on a LIFO basis, and restructuring-related expenses (included in cost of sales).
(2)    Adjusted selling, general and administrative expenses excluded acquired intangible assets amortization, share-based compensation expense, and restructuring-related expenses (included in SG&A).
(3)    Other adjustments primarily relates to net foreign currency transaction (loss) gain and insurance recoveries.
Reconciliation of net income from continuing operations before taxes to Adjusted EBITDA:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Net income from continuing operations before taxes$94.8 $69.2 $268.8 $240.1 
Interest expense34.9 35.1 93.3 121.7 
Depreciation and amortization53.6 53.7 159.1 162.8 
Loss on deconsolidation of Russian subsidiary (1)
— 12.8 — 12.8 
Share-based compensation expense6.7 6.4 22.4 20.2 
Transaction-related expense (2)
0.1 0.5 0.5 2.1 
Inventory write-offs and adjustments (3) (included in cost of sales)
2.6 4.4 5.6 21.7 
Restructuring expenses6.5 2.2 21.1 5.0 
Restructuring-related expenses (included in cost of sales)2.1 0.9 4.5 0.9 
Restructuring-related expenses (included in SG&A)3.7 1.4 8.3 1.5 
Asset impairments0.4 — 1.2 — 
Credit gain related to customer bankruptcy (included in SG&A)— (0.2)— (0.1)
Other (income) expenses, excluding foreign currency transaction gain or loss and insurance recoveries (4)
(4.4)(3.9)2.7 (8.5)
Cybersecurity incident insurance recovery (5)
(5.2)— (5.2)— 
Other items not directly related to current operations— — — 0.1 
Adjusted EBITDA
$195.8 $182.5 $582.3 $580.3 
(1)    In July 2022, as a result of the conflict between Russia and Ukraine, Gates suspended our operations in Russia. As of September 28, 2024, we deconsolidated the Russian subsidiary upon loss of control and recognized a deconsolidation loss.
(2)    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.
(3)    Inventory write-offs and adjustments include the reversal of the adjustment to remeasure certain inventories on a LIFO basis.
(4)    Other (income) expenses excludes foreign currency transaction losses and insurance recoveries of $9.9 million and $7.8 million during the three and nine months ended September 27, 2025, respectively, and foreign currency transaction loss of $2.7 million and $3.6 million gain during the three and nine months ended September 28, 2024, respectively.
(5)    In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023 for which we previously excluded $5.2 million of expenses from Adjusted EBITDA.
v3.25.3
Restructuring and restructuring-related expenses
 9 Months Ended
Sep. 27, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and restructuring-related expenses Restructuring and restructuring-related expenses
Gates continues to undertake various restructuring and restructuring-related 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 SG&A back-office functions and relocate certain operations to lower cost locations.
Overall costs associated with our restructuring and other restructuring-related 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 endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Restructuring expenses:
—Severance and related benefit expense6.2 0.8 19.2 0.4 
—Professional service fees0.1 1.1 1.4 2.6 
—Other net restructuring expenses 0.2 0.3 0.5 2.0 
Total restructuring expenses6.5 2.2 21.1 5.0 
—Asset impairments related to restructuring0.4 — 1.2 — 
Total restructuring expenses and asset impairments$6.9 $2.2 $22.3 $5.0 
Other restructuring-related expenses:
—Severance and restructuring-related expenses included in cost of sales2.1 0.9 4.5 0.9 
—Severance and restructuring-related expenses included in SG&A3.7 1.4 8.3 1.5 
Total restructuring-related expenses$5.8 $2.3 $12.8 $2.4 
Restructuring expenses during the three and nine months ended September 27, 2025 included $0.3 million and $12.9 million, respectively, of severance and related benefits expense related to a global cost reduction effort. In addition, during the three and nine months ended September 27, 2025, we incurred restructuring expenses of $4.7 million related to a manufacturing reduction in force in the Americas. Other restructuring expenses incurred during the three and nine months ended September 27, 2025 were related to professional service fees, severance and related benefit costs for the relocation of production activities to Mexico. Other restructuring-related expenses incurred during the three and nine months ended September 27, 2025 were primarily costs related to general severance and related benefits, and professional service fees.
Restructuring and other restructuring-related expenses during the three and nine months ended September 28, 2024 included $1.0 million and $2.5 million, respectively, of costs related to the relocation of certain production activities in Mexico. During the three months ended September 28, 2024, we also incurred severance costs of $1.0 million related to the consolidation of production activities across certain North American plants. Other restructuring costs incurred during the three and nine months ended September 28, 2024 included legal and consulting expenses, and costs associated with prior period facility closures or relocations in several countries.
Restructuring activities
As indicated above, restructuring expenses form a subset of our total expenses related to restructuring and other restructuring-related initiatives. Analyzed by segment, our restructuring expenses and restructuring-related asset impairments were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Power Transmission$4.2 $0.6 $14.2 $1.4 
Fluid Power2.7 1.6 8.1 3.6 
Total restructuring expenses and asset impairments$6.9 $2.2 $22.3 $5.0 
The following summarizes the reserve for restructuring expenses for the nine months ended September 27, 2025 and September 28, 2024, respectively:
Nine months ended
(dollars in millions)
September 27,
2025		September 28,
2024
Balance as of the beginning of the period$2.8 $5.1 
Utilized during the period(7.6)(6.3)
Charge for the period21.6 5.7 
Released during the period(0.5)(0.7)
Foreign currency translation0.4 — 
Balance as of the end of the period$16.7 $3.8 
Restructuring reserves are included in the condensed consolidated balance sheet within the accrued expenses and other current liabilities line.
v3.25.3
Income taxes
 9 Months Ended
Sep. 27, 2025
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 September 27, 2025, we had an income tax expense of $6.1 million on pre-tax income of $94.8 million, which resulted in an effective tax rate of 6.4%, compared to an income tax expense of $14.0 million on pre-tax income of $69.2 million, which resulted in an effective tax rate of 20.2%, for the three months ended September 28, 2024.
For the three months ended September 27, 2025, the effective tax rate was driven primarily by net discrete tax benefits of $13.5 million, of which $12.6 million related to uncertain tax benefits primarily due to audit settlements, $5.0 million primarily related to prior year adjustments in the U.S. and Luxembourg in which returns were filed, and $2.2 million related to changes in undistributed foreign earnings primarily in Türkiye, offset by $2.1 million related to insurance recovery, $2.0 million related to tax law changes in the U.S. and Germany, and $2.2 million of other net discrete tax expenses. For the three months ended September 28, 2024, the effective tax rate was driven primarily by net discrete tax benefits of $7.8 million, of which $6.5 million related to changes in the realizability of certain deferred tax assets, primarily related to U.S. foreign tax credit carryforwards, and $3.2 million related to the loss on deconsolidation of Russian subsidiary, offset by $1.9 million of other net discrete tax expenses.
For the nine months ended September 27, 2025, we had an income tax expense of $48.1 million on pre-tax income of $268.8 million, which resulted in an effective tax rate of 17.9%, compared to an income tax expense of $60.8 million on pre-tax income of $240.1 million, which resulted in an effective tax rate of 25.3%, for the nine months ended September 28, 2024.
For the nine months ended September 27, 2025, the effective tax rate was driven primarily by net discrete tax benefits of $20.6 million, of which $10.5 million related to uncertain tax benefits primarily due to audit settlements, $9.2 million related to excess tax benefits on stock option exercises, $8.2 million related to prior year adjustments primarily from the U.S. and various foreign jurisdictions in which returns were filed, and $2.3 million related to changes in undistributed foreign earnings, offset by $5.8 million related to changes in the realizability of certain deferred tax assets, $2.1 million related to insurance recovery, and $1.7 million related to tax law changes primarily in the U.S., Germany and Italy. For the nine months ended September 28, 2024, we had net discrete tax benefits of $8.3 million, of which $13.8 million related to unrecognized tax benefits due to audit closures and $3.2 million related to a loss on deconsolidation of Russian subsidiary, offset by $3.4 million of uncertain tax benefit interest accrual, $4.2 million of net discrete expense related to changes in the realizability of certain deferred tax assets and $1.1 million of other net discrete tax expenses.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. Beginning in 2025, OBBBA reinstates an immediate deduction for domestic research and development expenses, makes permanent 100% bonus depreciation on domestic fixed assets, and modifies the business interest limitation calculation to exclude the impact of foreign earnings and domestic depreciation and amortization costs. Beginning in 2026, OBBBA also makes extensive reforms to the U.S. international tax regime. Based on current expectations in 2025, the impacts of the OBBBA are reflected in our results for the quarter ended September 27, 2025 and $3.2 million income tax expense related to OBBBA will be recognized during the year through the effective tax rate. We will continue to evaluate the full impact of OBBBA as additional guidance becomes available.
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 will 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.
v3.25.3
Earnings per share
 9 Months Ended
Sep. 27, 2025
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 endedNine months ended
(dollars in millions, except share numbers and per share amounts)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Net income attributable to shareholders$81.6 $47.6 $200.1 $158.3 
Weighted average number of shares outstanding257,905,020 258,889,598 256,968,631 261,001,362 
Dilutive effect of share-based awards3,650,235 4,551,974 4,115,546 4,853,706 
Diluted weighted average number of shares outstanding261,555,255 263,441,572 261,084,177 265,855,068 
Number of anti-dilutive shares excluded from the diluted
earnings per share calculation		56,878 5,410,122 1,241,225 2,785,491 
Basic earnings per share$0.32 $0.18 $0.78 $0.61 
Diluted earnings per share$0.31 $0.18 $0.77 $0.60 
v3.25.3
Inventories
 9 Months Ended
Sep. 27, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
(dollars in millions)
As of
September 27, 2025
As of
December 28, 2024
Raw materials and supplies$197.7 $194.3 
Work in progress43.2 43.1 
Finished goods477.2 438.6 
Total inventories$718.1 $676.0 
v3.25.3
Goodwill
 9 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
(dollars in millions)
Power
Transmission		Fluid
Power		Total
Cost and carrying amount
As of December 28, 2024$1,257.5 $651.4 $1,908.9 
Foreign currency translation76.9 34.0 110.9 
As of September 27, 2025$1,334.4 $685.4 $2,019.8 
v3.25.3
Intangible assets
 9 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets Intangible assets
As of September 27, 2025As of December 28, 2024
(dollars in millions)
CostAccumulated
amortization and
impairment		NetCostAccumulated
amortization and
impairment		Net
Finite-lived:
—Customer relationships
$1,995.2 $(1,330.7)$664.5 $1,921.5 $(1,194.7)$726.8 
—Technology
90.8 (90.8)— 90.5 (90.5)— 
—Capitalized software
169.2 (96.1)73.1 138.2 (85.8)52.4 
2,255.2 (1,517.6)737.6 2,150.2 (1,371.0)779.2 
Indefinite-lived:
—Brands and trade names
513.4 (44.0)469.4 513.4 (44.0)469.4 
Total intangible assets
$2,768.6 $(1,561.6)$1,207.0 $2,663.6 $(1,415.0)$1,248.6 
During the three months ended September 27, 2025, the amortization expense recognized in respect of intangible assets was $32.6 million, compared to $32.0 million for the three months ended September 28, 2024. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $0.7 million for the three months ended September 27, 2025, compared to an increase of $11.4 million for the three months ended September 28, 2024.
During the nine months ended September 27, 2025, the amortization expense recognized in respect of intangible assets was $96.1 million, compared to $96.7 million for the nine months ended September 28, 2024. In addition, movements in foreign currency exchange rates resulted in an increase in the net carrying value of total intangible assets of $29.1 million for the nine months ended September 27, 2025, compared to a decrease of $8.2 million for the nine months ended September 28, 2024.
v3.25.3
Derivative financial instruments
 9 Months Ended
Sep. 27, 2025
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 sheets. We designate certain of our currency swaps as net investment hedges and designate our 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 September 27, 2025
(dollars in millions)
Gross Notional Amount
Prepaid expenses and other assetsOther non-
current
assets		Accrued expenses and other
current
liabilities		Other
non-
current
liabilities		Net
Derivatives instruments designated as net investment hedges:
—Currency swaps and currency forward contract
$1,890.0 $13.7 $8.0 $— $(174.3)$(152.6)
Derivatives instruments designated as cash flow hedges:
—Interest rate swaps
$1,085.0 1.5 0.6 (1.4)(6.7)(6.0)
—Currency forward contracts
$126.5 $0.8 $— $(2.7)$— $(1.9)
Derivatives not designated as hedging instruments:
—Currency forward contracts$0.1 — — — — — 
$16.0 $8.6 $(4.1)$(181.0)$(160.5)
As of December 28, 2024
(dollars in millions)
Gross Notional Amount
Prepaid expenses and other assetsOther non-
current
assets		Accrued expenses and other
current
liabilities		Other 
non-
current
liabilities		Net
Derivatives instruments designated as net investment hedges:
—Currency swaps
$1,320.0 $16.3 $1.3 $— $(37.0)$(19.4)
Derivatives instruments designated as cash flow hedges:
—Interest rate swaps
$1,255.0 13.4 0.2 (6.2)(0.3)7.1 
—Currency forward contracts$— $— $— $— $— $— 
Derivatives not designated as hedging instruments:
—Currency forward contracts
$147.5 2.1 — (0.4)— 1.7 
$31.8 $1.5 $(6.6)$(37.3)$(10.6)
A. Instruments designated as net investment hedges
We hold cross currency swaps that have been designated as net investment hedges of certain of our foreign subsidiaries. During the second quarter of 2025, we expanded our net investment hedge activity by entering into cross currency swaps and foreign exchange forward contracts with a gross notional value at inception of $820.0 million and terms between three to five years, designated in hedges of portions of our net investment in Canadian, Chinese, and Japanese subsidiaries.
The fair value (losses) gains before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Net fair value gains (losses) recognized in OCI in relation to:
—Designated cross currency swaps & currency forwards$20.5 $(50.1)$(132.4)$(24.2)
Total net fair value gains (losses)$20.5 $(50.1)$(132.4)$(24.2)
During the three and nine months ended September 27, 2025, a net gain of $6.5 million and $17.0 million related to the amount excluded from the hedging relationship, respectively, was recognized in interest expense in relation to our cross currency swaps and foreign exchange forward contracts that have been designated as net investment hedges, compared to a net gain of $5.7 million and $10.0 million, respectively, during the three and nine months ended September 28, 2024.
B. Instruments designated as cash flow hedges
We use interest rate swaps 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. In April 2025, we entered into an agreement to execute two additional pay-fixed, receive floating interest rate swaps to hedge the cash flow risk on a portion of our floating-rate debt, effective starting June 30, 2025 upon expiration of the previous interest rate swaps. The notional amount of these interest rate swaps are $470.0 million and $230.0 million with five-year terms.
During the second quarter of 2025, we hedged portions of our forecasted sales and purchases which occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. These currency forward contracts are primarily used in respect of hedging our operational currency exposures in Europe to exchange currencies, principally between Euro and U.S. Dollar, Pound Sterling, Polish Zloty, and Czech Koruna.
The movements before tax recognized in OCI in relation to our cash flow hedges were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Movement recognized in OCI in relation to:
 —Fair value gain on cash flow hedges$(2.1)$(17.0)$(9.1)$0.4 
—Deferred OCI reclassified to net income— (9.0)(13.6)(27.0)
Total movement
$(2.1)$(26.0)$(22.7)$(26.6)
C. Derivative instruments not designated as hedging instruments
Prior to second quarter of 2025, we did not designate our currency forward contracts that are primarily used in respect of hedging our operational currency exposures in Europe as discussed above. As of September 27, 2025, the notional amount of outstanding currency forward contracts that are not designated as hedging instruments was $0.1 million related to other foreign currencies, compared to $147.5 million as of December 28, 2024. The fair value (losses) gains recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Fair value gains recognized in relation to:
—Currency forward contracts recognized in other expense (income)$0.1 $0.2 $1.2 $3.4 
Total
$0.1 $0.2 $1.2 $3.4 
v3.25.3
Fair value measurement
 9 Months Ended
Sep. 27, 2025
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 September 27, 2025As of December 28, 2024
(dollars in millions)
Carrying 
amount
Fair value
Carrying 
amount
Fair value
Current$30.5 $30.4 $39.1 $38.7 
Non-current2,204.3 2,234.4 2,311.5 2,314.3 
$2,234.8 $2,264.8 $2,350.6 $2,353.0 
Debt is comprised principally of borrowings under the secured credit facility and the unsecured senior notes. The dollar term loans under the secured credit facilities pay interest at floating rates, subject to a 0.50% Term SOFR floor as further described in Note 12. The fair values of the term loans are derived from a market price, discounted for illiquidity. The unsecured senior notes have fixed interest rates, are traded by “Qualified Institutional Buyers” and certain other eligible investors, and their fair value is derived from their quoted market price.
C. Assets and liabilities measured at fair value on a recurring basis
The following table categorizes the assets and liabilities that are measured at fair value on a recurring basis:
(dollars in millions)
Quoted prices in active
markets (Level 1)
Significant observable
inputs (Level 2)
Total
As of September 27, 2025
Derivative assets$— $24.6 $24.6 
Derivative liabilities$— $(185.1)$(185.1)
Cash equivalents$— $24.0 $24.0 
As of December 28, 2024
Derivative assets$— $33.3 $33.3 
Derivative liabilities$— $(43.9)$(43.9)
Cash equivalents$41.5 $30.8 $72.3 
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
Gates has non-recurring fair value measurements related to certain assets, including goodwill, intangible assets, and property, plant, and equipment. During the three and nine months ended September 27, 2025, we recognized an asset impairment of $0.4 million and $1.2 million, respectively, related to restructuring actions. No significant impairment was recognized during the three and nine months ended September 28, 2024. During April 2024, Gates made a $5.0 million equity investment in a privately held company. Gates does not have the ability to exercise significant influence over the investee and the investment does not have a readily determinable fair value. We elected to recognize the investment at its cost in accordance with ASC 321 “Investments – Equity Securities” and will adjust the fair value of the investment if we identify any observable price changes in orderly transactions.
v3.25.3
Debt
 9 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Debt Debt
(dollars in millions)
As of
September 27, 2025
As of
December 28, 2024
Secured debt:
—2024 Dollar Term Loans due June 4, 2031$1,290.2 $1,300.0 
—2022 Dollar Term Loans due November 16, 2029459.2 563.5 
Unsecured debt:
—6.875% Dollar Senior Notes due July 1, 2029
500.0 500.0 
Total principal of debt2,249.4 2,363.5 
Deferred issuance costs(26.4)(33.2)
Accrued interest11.8 20.3 
Total carrying value of debt2,234.8 2,350.6 
Debt, current portion30.5 39.1 
Debt, less current portion$2,204.3 $2,311.5 
Weighted average interest rate6.25 %6.44 %
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
On June 4, 2024, we entered into an amendment to our credit agreement governing our term loans and our secured revolving credit facility. As part of this amendment, we upsized the revolving credit commitments and issued a new tranche of $1,300.0 million of dollar-denominated term loans (the “2024 Dollar Term Loans”). The proceeds of the 2024 Dollar Term Loans were used to extinguish the entire outstanding principal balance of dollar-denominated term loans of $1,232.6 million, which was issued on February 24, 2021 (the “2021 Dollar Term Loans”), plus $1.1 million of accrued interest and to redeem a portion of the Dollar Senior Notes due 2026 (as defined below). We issued the 2024 Dollar Term Loans with no discount and incurred third-party costs totaling approximately $9.5 million, which have been deferred and will be amortized to interest expense over the remaining term of the related borrowings using the effective interest method. The repayment of our 2021 Dollar Term Loans resulted in the accelerated recognition of $11.2 million of deferred issuance costs (recognized in interest expense).
Under the credit agreement amendment, we also repriced our dollar-denominated term loans drawn on November 16, 2022 (the “2022 Dollar Term Loans”), reducing the interest rate spread by 75 basis points from Term SOFR plus 3.00% to Term SOFR plus 2.25%. Third party costs of $0.9 million incurred with the 2022 Dollar Term Loans repricing were recognized in interest expense.
Additionally, as part of the June 2024 amendment to our credit agreement, we increased borrowing capacity under our revolving credit facility from $250.0 million to $500.0 million and extended the maturity from November 18, 2026 to the date that is the earliest of (x) June 4, 2029 and (y) April 1, 2029, if greater than $500.0 million in aggregate principal amount of the Dollar Senior Notes due 2029 (as defined below) are outstanding. We incurred associated third-party costs of approximately $2.5 million, which have been deferred and will be amortized to interest expense over the remaining term of the revolving credit facility. Concurrently with this amendment, we terminated the $250.0 million asset-backed revolving credit facility governed by the second amended and restated credit agreement dated as of July 3, 2014 (as amended and restated). The termination of our asset-backed revolving credit facility resulted in the accelerated recognition of $1.0 million of deferred issuance costs (recognized in interest expense).
On June 4, 2024, we also issued new unsecured senior notes of $500.0 million (the “Dollar Senior Notes due 2029”), and fully redeemed our existing unsecured senior notes due 2026 of $568.0 million aggregate principal amount (the “Dollar Senior Notes due 2026”), which included the payment of $13.7 million of accrued interest thereon. We issued the Dollar Senior Notes due 2029 with no discount and incurred third party costs of approximately $7.6 million, which have been deferred and will be amortized to interest expense over the remaining term of the Dollar Senior Notes due 2029 using the effective interest method. The redemption of our Dollar Senior Notes due 2026 resulted in the accelerated recognition of $2.6 million of deferred issuance costs (recognized in interest expense).
During July 2025, we made a voluntary principal debt repayment of $100 million against our 2022 Dollar Term Loans. As a result of this repayment, we accelerated the recognition of $2.8 million of deferred issuance costs (recognized in interest expense).
Dollar Term Loans
Our outstanding secured credit facilities consist of two loans, which include the 2024 Dollar Term Loans and the 2022 Dollar Term Loans described above. These term loan facilities bear interest at a floating rate, at our option, at either a base rate as defined in the credit agreement plus an applicable margin, or Term SOFR plus an applicable margin.
On December 10, 2024, we amended our credit agreement to lower the margin with respect to the 2022 Dollar Term Loans and 2024 Dollar Term Loans by 50 basis points compared to the previous term. The 2022 Dollar Term Loans and 2024 Dollar Term Loans bear interest, at our option, at either Term SOFR (subject to a floor of 0.50%) plus a margin of 1.75% per annum, or the base rate (subject to a floor of 1.50%) plus 0.75% per annum.
As of September 27, 2025, the 2024 Dollar Term Loans’ interest rate was Term SOFR, subject to a floor of 0.50%, plus a margin of 1.75%, and borrowings under this facility bore interest at a rate of 6.07% per annum. The interest rate is currently re-set on the last business day of each month based on the election of one month interest periods. The 2024 Dollar Term Loans mature on June 4, 2031.
As of September 27, 2025, the 2022 Dollar Term Loans’ interest rate was Term SOFR, subject to a floor of 0.50%, plus a margin of 1.75%, and borrowings under this facility bore interest at a rate of 6.07% per annum. The interest rate is currently re-set on the last business day of each month based on the election of one month interest periods. The 2022 Dollar Term Loans mature on November 16, 2029.
The 2024 Dollar Term Loans and 2022 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 nine months ended September 27, 2025, we made amortization payments against the 2024 Dollar Term Loans and the 2022 Dollar Term Loans of $9.8 million, and $4.3 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 2024 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 2025.
Gates Corporation, a wholly-owned U.S. subsidiary of Gates Industrial Holdco Limited (the parent guarantor and direct subsidiary of Gates Industrial Corporation plc), is the principal obligor under the term loans for U.S. federal income tax purposes and makes the payments due on the term loans. As a result, interest received by lenders of this tranche of debt is U.S. source income.
Unsecured Senior Notes
As of September 27, 2025, we had $500.0 million of Dollar Senior Notes due 2029 outstanding that were issued on June 4, 2024. The Dollar Senior Notes due 2029 are scheduled to mature on July 1, 2029 and bear interest at an annual fixed rate of 6.875% with semi-annual interest payments.
Prior to July 1, 2026, we may redeem the Dollar Senior Notes due 2029, at our option, in whole at any time or in part from time to time, at a “make-whole” redemption price. In addition, on or subsequent to July 1, 2026, we may redeem the Dollar Senior Notes due 2029, at our option, in whole at any time or in part from time to time, at the following redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid interest to the redemption date:
Redemption price
On or subsequent to:
—July 1, 2026103.438 %
—July 1, 2027101.719 %
—July 1, 2028 and thereafter100.000 %
Additionally, net cash proceeds from an equity offering can be utilized at any time prior to July 1, 2026, to redeem up to 40% of the Dollar Senior Notes due 2029 at a redemption price equal to 106.875% of the principal amount thereof, plus accrued and unpaid interest through to the redemption date.
Upon the occurrence of specified types of change of control or of certain qualifying asset sales, the holders of the Dollar Senior Notes due 2029 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 offer) or 100% (in the case of an asset sale offer) of their principal amount, plus accrued and unpaid interest.
As noted above, on June 4, 2024, we redeemed all $568.0 million in aggregate principal amount of our Dollar Senior Notes due 2026 using primarily the proceeds from the issuance of the Dollar Senior Notes due 2029.
Revolving credit facility
We have a secured revolving credit facility that provides for multi-currency revolving loans. On June 4, 2024, we amended the credit agreement governing this facility to increase the size of the facility from $250.0 million to $500.0 million, and extended the maturity date from November 18, 2026 to the date that is the earliest of (x) June 4, 2029 and (y) April 1, 2029, if greater than $500.0 million in aggregate principal amount of the Dollar Senior Notes due 2029 are outstanding. This facility also includes a letter of credit sub-facility of $150.0 million. Debt under the revolving credit facility bears interest at a floating rate, at our option, at either a base rate as defined in the credit agreement plus an applicable margin or the reference rate plus an applicable margin.
On January 21, 2025, we amended our credit agreement to lower the margin with respect to the revolving loans by 50 basis points compared to the previous term. The revolving loans bear interest at our option either Term SOFR (subject to a floor of —%) plus a margin of 1.75% per annum or the base rate plus 0.75% per annum. The applicable margin for the revolving credit facility borrowings will be subject to one 25 basis point step down determined in accordance with Gates Industrial Holdco Limited achieving a certain consolidated first lien net leverage level.
As of both September 27, 2025 and December 28, 2024, there were no drawings for cash under the revolving credit facility.
The letters of credit outstanding under this facility were $29.7 million and $28.2 million as of September 27, 2025 and December 28, 2024, respectively. In addition, Gates had other outstanding performance bonds, letters of credit and bank guarantees amounting to $12.5 million as of September 27, 2025, compared to $12.3 million as of December 28, 2024.
v3.25.3
Post-retirement benefits
 9 Months Ended
Sep. 27, 2025
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 (income)
The components of the net periodic benefit cost (income) for pensions and other post-retirement benefits were as follows:
Three months ended September 27, 2025Three months ended September 28, 2024
(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 cost6.3 0.3 6.6 6.0 0.4 6.4 
—Expected return on plan assets(6.0)— (6.0)(6.5)— (6.5)
—Net amortization of prior period losses (gains)0.6 (0.8)(0.2)0.2 (0.8)(0.6)
—Settlements and curtailments— — — 0.1 — 0.1 
Net periodic benefit cost (income)$1.9 $(0.5)$1.4 $0.8 $(0.4)$0.4 
Cash Contributions$9.7 $0.7 $10.4 $2.2 $0.7 $2.9 

Nine months ended September 27, 2025Nine months ended September 28, 2024
(dollars in millions)
Pensions
Other post-retirement benefits
Total
Pensions
Other post-retirement benefits
Total
Reported in operating income:
—Employer service cost$3.0 $— $3.0 $3.0 $— $3.0 
Reported outside of operating income:
—Interest cost18.8 0.9 19.7 18.2 1.0 19.2 
—Expected return on plan assets(17.7)— (17.7)(19.4)— (19.4)
—Net amortization of prior period losses (gains)1.6 (2.3)(0.7)0.6 (2.4)(1.8)
—Settlements and curtailments— — — 0.1 — 0.1 
Net periodic benefit cost (income)$5.7 $(1.4)$4.3 $2.5 $(1.4)$1.1 
Cash Contributions$15.4 $2.3 $17.7 $5.4 $2.4 $7.8 
The components of the above net periodic benefit cost (income) for pensions and other post-retirement benefits that are reported outside of operating income are all included in the other income line in the condensed consolidated statement of operations.
For 2025 as a whole, we expect to contribute approximately $19.1 million to our defined benefit pension plans and approximately $2.8 million to our other post-retirement benefit plans.
v3.25.3
Share-based compensation
 9 Months Ended
Sep. 27, 2025
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 and nine months ended September 27, 2025, we recognized a charge of $6.7 million and $22.4 million, respectively, compared to $6.4 million and $20.2 million, respectively, in the three and nine months ended September 28, 2024.
Awards issued under the 2014 Gates Industrial Corporation plc 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, Tier II and IV options all vested, while the performance conditions associated with Tier III were not achieved and therefore expired during 2022. All the options expire ten years after the date of grant.
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 have the same vesting terms as the Tier II, III and IV option awards described above. All Tier III SARs expired during 2022 as the specific performance conditions were 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. Certain premium-priced options vested 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 or three years from the date of grant, subject to the participant’s continued provision of service to Gates on the vesting date. The outstanding PRSUs provide that 75% of the award will generally vest if Gates achieves a certain level of average annual adjusted return on invested capital as defined in the plan (“Adjusted ROIC”) and the remaining 25% of the PRSUs will generally vest if Gates achieves certain relative total shareholder return (“Relative TSR”) goals, in each case, measured over a three-year performance period and subject to the participant’s continued employment through the end of the performance period. The total number of PRSUs that vest at the end of the performance period will range from 0% to 200% of the target based on actual performance against a pre-established scale.
New awards and movements in existing awards granted under this plan are summarized in the tables below.
Summary of movements in options outstanding
Nine months ended September 27, 2025
PlanNumber of
options		Weighted average exercise price
$
Outstanding at the beginning of the period:
—Tier I2014 Plan1,557,018 $6.95 
—Tier II2014 Plan1,722,639 $7.00 
—Tier IV2014 Plan1,660,742 $10.48 
—SARsBoth plans603,393 $10.79 
—Share options2018 Plan1,480,065 $14.56 
—Premium-priced options2018 Plan835,469 $18.88 
7,859,326 $10.70 
Granted during the period:
—SARs2018 Plan29,100 $21.64 
29,100 $21.64 
Forfeited during the period:
—SARs2018 Plan(2,834)$17.61 
(2,834)$17.61 
Exercised during the period:
—Tier I2014 Plan(1,295,753)$6.77 
—Tier II2014 Plan(1,363,643)$6.78 
—Tier IV2014 Plan(1,385,779)$10.16 
—SARsBoth Plans(417,515)$9.11 
—Share options2018 Plan(202,434)$14.67 
(4,665,124)$8.33 
Outstanding at the end of the period:
—Tier I2014 Plan261,265 $7.84 
—Tier II2014 Plan358,996 $7.84 
—Tier IV2014 Plan274,963 $12.09 
—SARsBoth plans212,144 $15.49 
—Share options2018 Plan1,277,631 $14.54 
—Premium-priced options2018 Plan835,469 $18.88 
3,220,468 $14.23 
Exercisable at the end of the period3,155,277 $14.16 
Vested and expected to vest at the end of the period3,220,468 $14.22 
As of September 27, 2025, the aggregate intrinsic value of options that were exercisable was $33.9 million, and these options had a weighted average remaining contractual term of 3.3 years. As of September 27, 2025, the aggregate intrinsic value of options that were vested or expected to vest was $34.4 million, and these options had a weighted average remaining contractual term of 3.4 years.
As of September 27, 2025, the unrecognized compensation charge relating to the nonvested options was $0.3 million, which is expected to be recognized over a weighted-average period of 1.6 years.
During the three and nine months ended September 27, 2025, cash of $5.1 million and $9.8 million was received in relation to the exercise of vested options, respectively, compared to $2.9 million and $10.0 million during the three and nine months ended September 28, 2024, respectively. The aggregate intrinsic value of options exercised during the three and nine months ended September 27, 2025 was $7.6 million and $25.8 million, respectively, compared to $0.7 million and $3.4 million during the three and nine months ended September 28, 2024, respectively.
Summary of movements in RSUs and PRSUs outstanding
Nine months ended September 27, 2025
Number of
awards		Weighted average
grant date fair value
$
Outstanding at the beginning of the period:
—RSUs2,570,852 $14.45 
—PRSUs1,028,146 $17.03 
3,598,998 $15.19 
Granted during the period:
—RSUs865,518 $21.60 
—PRSUs279,404 $23.55 
1,144,922 $22.08 
Adjusted for performance during the period:
—PRSUs60,274 $17.23 
60,274 $17.23 
Forfeited during the period:
—RSUs(213,968)$16.46 
—PRSUs(34,726)$16.10 
(248,694)$16.41 
Vested during the period:
—RSUs(1,413,972)$14.03 
—PRSUs(347,337)17.17 
(1,761,309)$14.65 
Outstanding at the end of the period:
—RSUs1,808,430 $17.96 
—PRSUs985,761 $18.87 
2,794,191 $18.28 
As of September 27, 2025, the unrecognized compensation charge relating to unvested RSUs and PRSUs was $27.1 million, which is expected to be recognized over a weighted average period of 1.5 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 and nine months ended September 27, 2025 was $5.1 million and $25.8 million, respectively, compared to $5.8 million and $21.1 million during the three and nine months ended September 28, 2024, respectively.
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:
Nine months ended
September 27,
2025		September 28,
2024
Weighted average grant date fair value:
—SARs$9.96 $6.95 
—RSUs$21.60 $14.91 
—PRSUs$23.55 $16.37 
Inputs to the model:
—Expected volatility — SARs41.1 %41.7 %
—Expected volatility — PRSUs31.6 %31.6 %
—Expected option life for SARs (years)6.06.0
—Risk-free interest rate:
SARs4.1 %4.2 %
PRSUs4.0 %4.4 %
v3.25.3
Equity
 9 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Equity Equity
Movements in the Company’s number of shares in issue for the nine months ended September 27, 2025 and September 28, 2024, respectively, were as follows:
Nine months ended
(number of shares)
September 27,
2025		September 28,
2024
Balance as of the beginning of the period255,203,987 264,259,788 
Exercise of share options2,373,541 915,120 
Vesting of restricted stock units, net of withholding taxes1,344,506 1,215,382 
Shares repurchased and cancelled(672,911)(11,690,303)
Balance as of the end of the period258,249,123 254,699,987 
In February 2024, the Company’s Board approved a share repurchase program for up to $100.0 million in authorized share repurchases, with an expiration date of October 6, 2024. In February 2024, the Company repurchased 4,151,100 ordinary shares through Citigroup Global Markets Inc. (“Citi”) from selling shareholders affiliated with Blackstone Inc. (“Blackstone”) at a price of $12.045 per ordinary share for an aggregate consideration of approximately $50.0 million (the “February 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 February 2024 Repurchase were cancelled.
In July 2024, the Company’s Board cancelled the then existing share repurchase program and approved a new share repurchase program, providing for up to $250.0 million in share repurchases, with an expiration date of December 31, 2025. In August 2024, the Company repurchased 7,539,203 ordinary shares through Citi from selling shareholders affiliated with Blackstone at a price of $16.58 per ordinary share for an aggregate consideration of approximately $125.0 million (the “August 2024 Repurchase”), plus costs paid directly related to the transaction of $0.8 million. This repurchase was funded by cash on hand and a borrowing of $40.0 million under Gates’ secured revolving credit facility. All shares repurchased pursuant to the August 2024 Repurchase were cancelled.
In March 2025, the Company repurchased 672,911 shares under the existing share repurchase program in the open market at a total cost of approximately $12.9 million, plus costs paid directly related to the transaction of $0.1 million. All shares repurchased were cancelled and approximately $112.1 million remained available under the share repurchase program as of September 27, 2025.
In October 2025, the Company’s Board cancelled the then existing share repurchase program and approved a new share repurchase program, providing for up to $300.0 million in share repurchases, which expires on December 31, 2026.
v3.25.3
Analysis of accumulated other comprehensive (loss) income
 9 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Analysis of accumulated other comprehensive (loss) income Analysis of accumulated other comprehensive (loss) income
Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows:
(dollars in millions)Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 28, 2024$(23.2)$(1,056.8)$2.8 $(1,077.2)$(97.5)$(1,174.7)
Foreign currency translation(3.4)171.2 167.8 13.8 181.6 
Cash flow hedges movements— — (18.4)(18.4)1.2 (17.2)
Post-retirement benefit movements(0.5)— — (0.5)— (0.5)
Other comprehensive (loss) income(3.9)171.2 (18.4)148.9 15.0 163.9 
As of September 27, 2025$(27.1)$(885.6)$(15.6)$(928.3)$(82.5)$(1,010.8)
(dollars in millions)
Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 30, 2023$(15.3)$(832.3)$19.1 $(828.5)$(78.4)$(906.9)
Foreign currency translation(2.9)(89.3)— (92.2)4.9 (87.3)
Cash flow hedges movements— — (19.9)(19.9)— (19.9)
Post-retirement benefit movements(1.4)— — (1.4)— (1.4)
Other comprehensive (loss) income(4.3)(89.3)(19.9)(113.5)4.9 (108.6)
As of September 28, 2024$(19.6)$(921.6)$(0.8)$(942.0)$(73.5)$(1,015.5)
v3.25.3
Related party transactions
 9 Months Ended
Sep. 27, 2025
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
A. Equity method investees
Purchases from equity method investees were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Purchases
$(4.0)$(4.0)$(11.5)$(11.9)
Amounts outstanding in respect of these transactions were payables of $0.2 million as of September 27, 2025, compared to $0.1 million as of December 28, 2024. No dividends were received from our equity method investees during the periods presented.
B. 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 endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Sales$10.8 $10.9 $32.3 $30.3 
Purchases$(3.7)$(4.0)$(11.6)$(11.2)
Amounts outstanding in respect of these transactions were as follows:
(dollars in millions)
As of
September 27, 2025
As of
December 28, 2024
Receivables$4.0 $3.7 
Payables$(3.2)$(2.8)
v3.25.3
Commitments and contingencies
 9 Months Ended
Sep. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
A. 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.
B. Warranties
The following summarizes the movements in the warranty liability for the nine months ended September 27, 2025 and September 28, 2024, respectively:
Nine months ended
(dollars in millions)
September 27,
2025		September 28,
2024
Balance as of the beginning of the period$16.4 $15.9 
Charge for the period7.3 7.1 
Payments made(6.2)(5.7)
Released during the period(1.4)(0.2)
Foreign currency translation0.3 0.1 
Balance as of the end of the period$16.4 $17.2 
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 27, 2025
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
v3.25.3
Introduction (Policies)
 9 Months Ended
Sep. 27, 2025
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 has historically prepared its annual consolidated financial statements for the period ending on the Saturday nearest December 31. Accordingly, the condensed consolidated balance sheets as of September 27, 2025 and December 28, 2024, 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 June 29, 2025 to September 27, 2025, with comparative information for the 91-day period from June 30, 2024 to September 28, 2024 and for the 273-day period from December 29, 2024 to September 27, 2025, with comparative information for the 273-day period from December 31, 2023 to September 28, 2024.
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 September 27, 2025 and the results of its operations and cash flows for the periods ended September 27, 2025 and September 28, 2024. 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 28, 2024 included in the Company’s Annual Report on Form 10-K and should be read in conjunction therewith. The condensed consolidated balance sheet as of December 28, 2024 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 September 27, 2025, the collection of $146.5 million of our trade accounts receivable had been accelerated under this program, compared to the accelerated collection of $148.6 million as of December 28, 2024. During the three and nine months ended September 27, 2025, we incurred costs in respect of this program of $2.1 million and $6.5 million. During the three and nine months ended September 28, 2024, we incurred costs in respect of this program of $2.2 million and $6.6 million.
In 2022, as a result of the conflict between Russia and Ukraine, the Company began exiting substantially all its activities in Russia with only residual cash and de minimis administrative costs remaining in 2024. During the three months ended September 28, 2024, the Company concluded that the inability to repatriate remaining cash coupled with the significant government regulations and restrictions currently in place, which are expected to continue or worsen, severely limits its ability to manage and control its Russian subsidiary. As a result, the Company's Russian subsidiary was deconsolidated as of September 28, 2024. The impact of the deconsolidation was a $12.8 million loss included in the results of operations for the three and nine months ended September 28, 2024.
The accounting policies used in preparing these condensed consolidated financial statements are the same as those applied in the prior year. During the nine months ended September 27, 2025, we reclassified foreign currency transaction loss of $2.2 million from Selling, general and administrative expenses to Other expenses (income) within the statements of operations. In addition, we have reclassified the amounts relating to prior period results to conform to current period presentation. The results of reclassification did not impact net income and are not considered material.
Recent accounting pronouncements not yet adopted Recent accounting pronouncements not yet adopted
The following accounting pronouncements are relevant to Gates’ operations but have not yet been adopted.
•Accounting Standards Update (“ASU”) 2025-6 “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40)”
In September 2025, the Financial Accounting Standards Board (“FASB”) issued an ASU to modernize the accounting for software costs. The amendment removes all references to prescriptive and sequential software development stages (referred to as “project stages”) for capitalization throughout Subtopic 350-40 and introduces a principles-based capitalization model. Under the new guidance, an entity is required to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendment also introduces the concept of significant development uncertainty, which precludes capitalization until such uncertainty is resolved. The updated standard is effective for our annual periods beginning in fiscal year 2028 and interim periods beginning in the first quarter of fiscal year 2028, with early adoption permitted. We are currently evaluating the impact the updated standard will have on our consolidated financial statements and disclosures.
•ASU 2024-03 “Income Statement - Reporting Comprehensive Income: Expense Disaggregation Disclosures”
In November 2024, the FASB issued an ASU to require disclosure of specified information about certain expense amounts comprising of Cost of sales, and Selling, general and administrative expenses, as well as qualitative description of the remaining expense amounts. The amendments in this update are intended to provide investors with additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The updated standard is effective for our annual periods beginning in fiscal year 2027 and interim periods beginning in the first quarter of fiscal year 2028, with early adoption permitted. We are currently evaluating the impact the updated standard will have on our consolidated financial statements and disclosures.
•ASU 2023-06 “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”
In October 2023, the FASB issued an ASU to amend certain disclosure and presentation requirements for a variety of topics within the Accounting Standards Codification (“ASC”). These amendments align the requirements in the ASC to the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K as promulgated by the Securities and Exchange Commission (“SEC”). The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. We do not expect the application of this standard to have a material impact on our consolidated financial statements and disclosures.
•ASU 2023-09 “Income Taxes” (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued an ASU that requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updated standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The updated standard is effective for our annual periods beginning in fiscal year 2025 and interim periods beginning in the first quarter of fiscal year 2026, with early adoption permitted. We are currently evaluating the impact the updated standard will have on our financial statement disclosures.
v3.25.3
Segment information (Tables)
 9 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Schedule of Net Sales by Operating Segment
Sales between reportable 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 endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Power Transmission$533.3 $513.4 $1,610.6 $1,588.1 
Fluid Power322.4 317.3 976.4 990.7 
Net sales$855.7 $830.7 $2,587.0 $2,578.8 
Schedule of Net sales by Key Geographic Regions and Markets
The following tables summarize our net sales by key geographic region:
Three months ended
September 27,
2025		September 28,
2024
(dollars in millions)
Power Transmission
Fluid Power
Power Transmission
Fluid Power
U.S.$149.4 $170.8 $140.9 $168.1 
North America, excluding the U.S.54.7 40.9 56.6 49.2 
South America24.4 11.3 26.3 10.6 
United Kingdom ("U.K.")8.2 16.7 9.1 16.0 
Luxembourg61.4 23.8 63.8 21.0 
EMEA(1), excluding the U.K. and Luxembourg
88.4 26.4 73.7 25.1 
East Asia and India71.3 21.3 70.4 18.5 
Greater China75.5 11.2 72.6 8.8 
Net sales$533.3 $322.4 $513.4 $317.3 
Nine months ended
September 27,
2025		September 28,
2024
(dollars in millions)
Power Transmission
Fluid Power
Power Transmission
Fluid Power
U.S.$458.3 $522.6 $425.8 $524.1 
North America, excluding the U.S.161.1 127.3 182.0153.0
South America68.5 31.8 81.329.4
U.K.30.6 49.0 29.650.7
Luxembourg201.2 70.0 191.3 64.8 
EMEA(1), excluding the U.K. and Luxembourg
260.4 79.5 257.880.1
East Asia and India211.1 62.9 205.658.3
Greater China219.4 33.3 214.730.3
Net Sales$1,610.6 $976.4 $1,588.1 $990.7 
(1)    Europe, Middle East and Africa (“EMEA”).
The following tables summarize our segment net sales into OEM and Replacement channels:
For the three months ended
September 27, 2025September 28, 2024
(dollars in millions)Power TransmissionFluid PowerPower TransmissionFluid Power
Replacement$353.1 $235.4 $339.5 $225.4 
OEM180.2 87.0 173.9 91.9 
Net sales$533.3 $322.4 $513.4 $317.3 
For the nine months ended
September 27, 2025September 28, 2024
(dollars in millions)Power TransmissionFluid PowerPower TransmissionFluid Power
Replacement$1,069.5 $702.4 $1,049.3 $684.1 
OEM541.1 274.0 538.8 306.6 
Net sales$1,610.6 $976.4 $1,588.1 $990.7 
Schedule of Reconciliation of Adjusted EBITDA to Net Income from Continuing Operations
Adjusted EBITDA by segment was as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Power Transmission$122.1 $113.0 $361.6 $355.8 
Fluid Power 73.7 69.5 220.7 224.5 
Adjusted EBITDA$195.8 $182.5 $582.3 $580.3 
The table below represents the segment profit or loss provided to the CEO on a quarterly basis:
Three months ended
September 27, 2025September 28, 2024
Power TransmissionFluid PowerTotalPower TransmissionFluid PowerTotal
Net sales$533.3 $322.4 $855.7 $513.4 $317.3 $830.7 
Adjusted cost of sales (1)
(313.4)(196.0)(509.4)(299.5)(190.2)(489.7)
Adjusted selling, general and administrative expenses ("SG&A") (2)
(113.4)(65.6)(179.0)(111.9)(68.1)(180.0)
Depreciation and software amortization12.8 11.0 23.8 12.9 11.5 24.4 
Other adjustments(3)
2.8 1.9 4.7 (1.9)(1.0)(2.9)
Adjusted EBITDA$122.1 $73.7 $195.8 $113.0 $69.5 $182.5 

Nine months ended
September 27, 2025September 28, 2024
Power TransmissionFluid PowerTotalPower TransmissionFluid PowerTotal
Net sales$1,610.6 $976.4 $2,587.0 $1,588.1 $990.7 $2,578.8 
Adjusted cost of sales (1)
(942.2)(588.3)(1,530.5)(934.1)(598.9)(1,533.0)
Adjusted selling, general and administrative expenses (2)
(346.8)(201.1)(547.9)(339.0)(204.2)(543.2)
Depreciation and software amortization38.5 32.6 71.1 38.7 35.5 74.2 
Other adjustments (3)
1.5 1.1 2.6 2.1 1.4 3.5 
Adjusted EBITDA$361.6 $220.7 $582.3 $355.8 $224.5 $580.3 
(1)    Adjusted cost of sales excluded inventory impairments and adjustments primarily related to the reversal of the adjustment to remeasure certain inventories on a LIFO basis, and restructuring-related expenses (included in cost of sales).
(2)    Adjusted selling, general and administrative expenses excluded acquired intangible assets amortization, share-based compensation expense, and restructuring-related expenses (included in SG&A).
(3)    Other adjustments primarily relates to net foreign currency transaction (loss) gain and insurance recoveries.
Reconciliation of net income from continuing operations before taxes to Adjusted EBITDA:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Net income from continuing operations before taxes$94.8 $69.2 $268.8 $240.1 
Interest expense34.9 35.1 93.3 121.7 
Depreciation and amortization53.6 53.7 159.1 162.8 
Loss on deconsolidation of Russian subsidiary (1)
— 12.8 — 12.8 
Share-based compensation expense6.7 6.4 22.4 20.2 
Transaction-related expense (2)
0.1 0.5 0.5 2.1 
Inventory write-offs and adjustments (3) (included in cost of sales)
2.6 4.4 5.6 21.7 
Restructuring expenses6.5 2.2 21.1 5.0 
Restructuring-related expenses (included in cost of sales)2.1 0.9 4.5 0.9 
Restructuring-related expenses (included in SG&A)3.7 1.4 8.3 1.5 
Asset impairments0.4 — 1.2 — 
Credit gain related to customer bankruptcy (included in SG&A)— (0.2)— (0.1)
Other (income) expenses, excluding foreign currency transaction gain or loss and insurance recoveries (4)
(4.4)(3.9)2.7 (8.5)
Cybersecurity incident insurance recovery (5)
(5.2)— (5.2)— 
Other items not directly related to current operations— — — 0.1 
Adjusted EBITDA
$195.8 $182.5 $582.3 $580.3 
(1)    In July 2022, as a result of the conflict between Russia and Ukraine, Gates suspended our operations in Russia. As of September 28, 2024, we deconsolidated the Russian subsidiary upon loss of control and recognized a deconsolidation loss.
(2)    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.
(3)    Inventory write-offs and adjustments include the reversal of the adjustment to remeasure certain inventories on a LIFO basis.
(4)    Other (income) expenses excludes foreign currency transaction losses and insurance recoveries of $9.9 million and $7.8 million during the three and nine months ended September 27, 2025, respectively, and foreign currency transaction loss of $2.7 million and $3.6 million gain during the three and nine months ended September 28, 2024, respectively.
(5)    In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023 for which we previously excluded $5.2 million of expenses from Adjusted EBITDA.
v3.25.3
Restructuring and restructuring-related expenses (Tables)
 9 Months Ended
Sep. 27, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs
Overall costs associated with our restructuring and other restructuring-related 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 endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Restructuring expenses:
—Severance and related benefit expense6.2 0.8 19.2 0.4 
—Professional service fees0.1 1.1 1.4 2.6 
—Other net restructuring expenses 0.2 0.3 0.5 2.0 
Total restructuring expenses6.5 2.2 21.1 5.0 
—Asset impairments related to restructuring0.4 — 1.2 — 
Total restructuring expenses and asset impairments$6.9 $2.2 $22.3 $5.0 
Other restructuring-related expenses:
—Severance and restructuring-related expenses included in cost of sales2.1 0.9 4.5 0.9 
—Severance and restructuring-related expenses included in SG&A3.7 1.4 8.3 1.5 
Total restructuring-related expenses$5.8 $2.3 $12.8 $2.4 
Analyzed by segment, our restructuring expenses and restructuring-related asset impairments were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Power Transmission$4.2 $0.6 $14.2 $1.4 
Fluid Power2.7 1.6 8.1 3.6 
Total restructuring expenses and asset impairments$6.9 $2.2 $22.3 $5.0 
Schedule of Restructuring Reserves Activity
The following summarizes the reserve for restructuring expenses for the nine months ended September 27, 2025 and September 28, 2024, respectively:
Nine months ended
(dollars in millions)
September 27,
2025		September 28,
2024
Balance as of the beginning of the period$2.8 $5.1 
Utilized during the period(7.6)(6.3)
Charge for the period21.6 5.7 
Released during the period(0.5)(0.7)
Foreign currency translation0.4 — 
Balance as of the end of the period$16.7 $3.8 
v3.25.3
Earnings per share (Tables)
 9 Months Ended
Sep. 27, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Net Income Per Share
The computation of earnings per share is presented below:
Three months endedNine months ended
(dollars in millions, except share numbers and per share amounts)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Net income attributable to shareholders$81.6 $47.6 $200.1 $158.3 
Weighted average number of shares outstanding257,905,020 258,889,598 256,968,631 261,001,362 
Dilutive effect of share-based awards3,650,235 4,551,974 4,115,546 4,853,706 
Diluted weighted average number of shares outstanding261,555,255 263,441,572 261,084,177 265,855,068 
Number of anti-dilutive shares excluded from the diluted
earnings per share calculation		56,878 5,410,122 1,241,225 2,785,491 
Basic earnings per share$0.32 $0.18 $0.78 $0.61 
Diluted earnings per share$0.31 $0.18 $0.77 $0.60 
v3.25.3
Inventories (Tables)
 9 Months Ended
Sep. 27, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
(dollars in millions)
As of
September 27, 2025
As of
December 28, 2024
Raw materials and supplies$197.7 $194.3 
Work in progress43.2 43.1 
Finished goods477.2 438.6 
Total inventories$718.1 $676.0 
v3.25.3
Goodwill (Tables)
 9 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
(dollars in millions)
Power
Transmission		Fluid
Power		Total
Cost and carrying amount
As of December 28, 2024$1,257.5 $651.4 $1,908.9 
Foreign currency translation76.9 34.0 110.9 
As of September 27, 2025$1,334.4 $685.4 $2,019.8 
v3.25.3
Intangible assets (Tables)
 9 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
As of September 27, 2025As of December 28, 2024
(dollars in millions)
CostAccumulated
amortization and
impairment		NetCostAccumulated
amortization and
impairment		Net
Finite-lived:
—Customer relationships
$1,995.2 $(1,330.7)$664.5 $1,921.5 $(1,194.7)$726.8 
—Technology
90.8 (90.8)— 90.5 (90.5)— 
—Capitalized software
169.2 (96.1)73.1 138.2 (85.8)52.4 
2,255.2 (1,517.6)737.6 2,150.2 (1,371.0)779.2 
Indefinite-lived:
—Brands and trade names
513.4 (44.0)469.4 513.4 (44.0)469.4 
Total intangible assets
$2,768.6 $(1,561.6)$1,207.0 $2,663.6 $(1,415.0)$1,248.6 
Schedule of Indefinite-Lived Intangible Assets
As of September 27, 2025As of December 28, 2024
(dollars in millions)
CostAccumulated
amortization and
impairment		NetCostAccumulated
amortization and
impairment		Net
Finite-lived:
—Customer relationships
$1,995.2 $(1,330.7)$664.5 $1,921.5 $(1,194.7)$726.8 
—Technology
90.8 (90.8)— 90.5 (90.5)— 
—Capitalized software
169.2 (96.1)73.1 138.2 (85.8)52.4 
2,255.2 (1,517.6)737.6 2,150.2 (1,371.0)779.2 
Indefinite-lived:
—Brands and trade names
513.4 (44.0)469.4 513.4 (44.0)469.4 
Total intangible assets
$2,768.6 $(1,561.6)$1,207.0 $2,663.6 $(1,415.0)$1,248.6 
v3.25.3
Derivative financial instruments (Tables)
 9 Months Ended
Sep. 27, 2025
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 September 27, 2025
(dollars in millions)
Gross Notional Amount
Prepaid expenses and other assetsOther non-
current
assets		Accrued expenses and other
current
liabilities		Other
non-
current
liabilities		Net
Derivatives instruments designated as net investment hedges:
—Currency swaps and currency forward contract
$1,890.0 $13.7 $8.0 $— $(174.3)$(152.6)
Derivatives instruments designated as cash flow hedges:
—Interest rate swaps
$1,085.0 1.5 0.6 (1.4)(6.7)(6.0)
—Currency forward contracts
$126.5 $0.8 $— $(2.7)$— $(1.9)
Derivatives not designated as hedging instruments:
—Currency forward contracts$0.1 — — — — — 
$16.0 $8.6 $(4.1)$(181.0)$(160.5)
As of December 28, 2024
(dollars in millions)
Gross Notional Amount
Prepaid expenses and other assetsOther non-
current
assets		Accrued expenses and other
current
liabilities		Other 
non-
current
liabilities		Net
Derivatives instruments designated as net investment hedges:
—Currency swaps
$1,320.0 $16.3 $1.3 $— $(37.0)$(19.4)
Derivatives instruments designated as cash flow hedges:
—Interest rate swaps
$1,255.0 13.4 0.2 (6.2)(0.3)7.1 
—Currency forward contracts$— $— $— $— $— $— 
Derivatives not designated as hedging instruments:
—Currency forward contracts
$147.5 2.1 — (0.4)— 1.7 
$31.8 $1.5 $(6.6)$(37.3)$(10.6)
Schedule of Derivative Effect on OCI
The fair value (losses) gains before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Net fair value gains (losses) recognized in OCI in relation to:
—Designated cross currency swaps & currency forwards$20.5 $(50.1)$(132.4)$(24.2)
Total net fair value gains (losses)$20.5 $(50.1)$(132.4)$(24.2)
The movements before tax recognized in OCI in relation to our cash flow hedges were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Movement recognized in OCI in relation to:
 —Fair value gain on cash flow hedges$(2.1)$(17.0)$(9.1)$0.4 
—Deferred OCI reclassified to net income— (9.0)(13.6)(27.0)
Total movement
$(2.1)$(26.0)$(22.7)$(26.6)
Schedule of Gain Recognized from Derivative Instruments The fair value (losses) gains recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Fair value gains recognized in relation to:
—Currency forward contracts recognized in other expense (income)$0.1 $0.2 $1.2 $3.4 
Total
$0.1 $0.2 $1.2 $3.4 
v3.25.3
Fair value measurement (Tables)
 9 Months Ended
Sep. 27, 2025
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 September 27, 2025As of December 28, 2024
(dollars in millions)
Carrying 
amount
Fair value
Carrying 
amount
Fair value
Current$30.5 $30.4 $39.1 $38.7 
Non-current2,204.3 2,234.4 2,311.5 2,314.3 
$2,234.8 $2,264.8 $2,350.6 $2,353.0 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table categorizes the assets and liabilities that are measured at fair value on a recurring basis:
(dollars in millions)
Quoted prices in active
markets (Level 1)
Significant observable
inputs (Level 2)
Total
As of September 27, 2025
Derivative assets$— $24.6 $24.6 
Derivative liabilities$— $(185.1)$(185.1)
Cash equivalents$— $24.0 $24.0 
As of December 28, 2024
Derivative assets$— $33.3 $33.3 
Derivative liabilities$— $(43.9)$(43.9)
Cash equivalents$41.5 $30.8 $72.3 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
(dollars in millions)
As of
September 27, 2025
As of
December 28, 2024
Secured debt:
—2024 Dollar Term Loans due June 4, 2031$1,290.2 $1,300.0 
—2022 Dollar Term Loans due November 16, 2029459.2 563.5 
Unsecured debt:
—6.875% Dollar Senior Notes due July 1, 2029
500.0 500.0 
Total principal of debt2,249.4 2,363.5 
Deferred issuance costs(26.4)(33.2)
Accrued interest11.8 20.3 
Total carrying value of debt2,234.8 2,350.6 
Debt, current portion30.5 39.1 
Debt, less current portion$2,204.3 $2,311.5 
Weighted average interest rate6.25 %6.44 %
Schedule of Redemption Prices Plus Accrued and Unpaid Interest
Prior to July 1, 2026, we may redeem the Dollar Senior Notes due 2029, at our option, in whole at any time or in part from time to time, at a “make-whole” redemption price. In addition, on or subsequent to July 1, 2026, we may redeem the Dollar Senior Notes due 2029, at our option, in whole at any time or in part from time to time, at the following redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid interest to the redemption date:
Redemption price
On or subsequent to:
—July 1, 2026103.438 %
—July 1, 2027101.719 %
—July 1, 2028 and thereafter100.000 %
v3.25.3
Post-retirement benefits (Tables)
 9 Months Ended
Sep. 27, 2025
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 (income) for pensions and other post-retirement benefits were as follows:
Three months ended September 27, 2025Three months ended September 28, 2024
(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 cost6.3 0.3 6.6 6.0 0.4 6.4 
—Expected return on plan assets(6.0)— (6.0)(6.5)— (6.5)
—Net amortization of prior period losses (gains)0.6 (0.8)(0.2)0.2 (0.8)(0.6)
—Settlements and curtailments— — — 0.1 — 0.1 
Net periodic benefit cost (income)$1.9 $(0.5)$1.4 $0.8 $(0.4)$0.4 
Cash Contributions$9.7 $0.7 $10.4 $2.2 $0.7 $2.9 

Nine months ended September 27, 2025Nine months ended September 28, 2024
(dollars in millions)
Pensions
Other post-retirement benefits
Total
Pensions
Other post-retirement benefits
Total
Reported in operating income:
—Employer service cost$3.0 $— $3.0 $3.0 $— $3.0 
Reported outside of operating income:
—Interest cost18.8 0.9 19.7 18.2 1.0 19.2 
—Expected return on plan assets(17.7)— (17.7)(19.4)— (19.4)
—Net amortization of prior period losses (gains)1.6 (2.3)(0.7)0.6 (2.4)(1.8)
—Settlements and curtailments— — — 0.1 — 0.1 
Net periodic benefit cost (income)$5.7 $(1.4)$4.3 $2.5 $(1.4)$1.1 
Cash Contributions$15.4 $2.3 $17.7 $5.4 $2.4 $7.8 
v3.25.3
Share-based compensation (Tables)
 9 Months Ended
Sep. 27, 2025
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
Nine months ended September 27, 2025
PlanNumber of
options		Weighted average exercise price
$
Outstanding at the beginning of the period:
—Tier I2014 Plan1,557,018 $6.95 
—Tier II2014 Plan1,722,639 $7.00 
—Tier IV2014 Plan1,660,742 $10.48 
—SARsBoth plans603,393 $10.79 
—Share options2018 Plan1,480,065 $14.56 
—Premium-priced options2018 Plan835,469 $18.88 
7,859,326 $10.70 
Granted during the period:
—SARs2018 Plan29,100 $21.64 
29,100 $21.64 
Forfeited during the period:
—SARs2018 Plan(2,834)$17.61 
(2,834)$17.61 
Exercised during the period:
—Tier I2014 Plan(1,295,753)$6.77 
—Tier II2014 Plan(1,363,643)$6.78 
—Tier IV2014 Plan(1,385,779)$10.16 
—SARsBoth Plans(417,515)$9.11 
—Share options2018 Plan(202,434)$14.67 
(4,665,124)$8.33 
Outstanding at the end of the period:
—Tier I2014 Plan261,265 $7.84 
—Tier II2014 Plan358,996 $7.84 
—Tier IV2014 Plan274,963 $12.09 
—SARsBoth plans212,144 $15.49 
—Share options2018 Plan1,277,631 $14.54 
—Premium-priced options2018 Plan835,469 $18.88 
3,220,468 $14.23 
Exercisable at the end of the period3,155,277 $14.16 
Vested and expected to vest at the end of the period3,220,468 $14.22 
Schedule of RSU and PRSU Activity
Summary of movements in RSUs and PRSUs outstanding
Nine months ended September 27, 2025
Number of
awards		Weighted average
grant date fair value
$
Outstanding at the beginning of the period:
—RSUs2,570,852 $14.45 
—PRSUs1,028,146 $17.03 
3,598,998 $15.19 
Granted during the period:
—RSUs865,518 $21.60 
—PRSUs279,404 $23.55 
1,144,922 $22.08 
Adjusted for performance during the period:
—PRSUs60,274 $17.23 
60,274 $17.23 
Forfeited during the period:
—RSUs(213,968)$16.46 
—PRSUs(34,726)$16.10 
(248,694)$16.41 
Vested during the period:
—RSUs(1,413,972)$14.03 
—PRSUs(347,337)17.17 
(1,761,309)$14.65 
Outstanding at the end of the period:
—RSUs1,808,430 $17.96 
—PRSUs985,761 $18.87 
2,794,191 $18.28 
Schedule of Share Based Compensation Valuation Techniques The weighted average fair values and relevant assumptions were as follows:
Nine months ended
September 27,
2025		September 28,
2024
Weighted average grant date fair value:
—SARs$9.96 $6.95 
—RSUs$21.60 $14.91 
—PRSUs$23.55 $16.37 
Inputs to the model:
—Expected volatility — SARs41.1 %41.7 %
—Expected volatility — PRSUs31.6 %31.6 %
—Expected option life for SARs (years)6.06.0
—Risk-free interest rate:
SARs4.1 %4.2 %
PRSUs4.0 %4.4 %
v3.25.3
Equity (Tables)
 9 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Schedule of Movement in Number of Shares in Issue
Movements in the Company’s number of shares in issue for the nine months ended September 27, 2025 and September 28, 2024, respectively, were as follows:
Nine months ended
(number of shares)
September 27,
2025		September 28,
2024
Balance as of the beginning of the period255,203,987 264,259,788 
Exercise of share options2,373,541 915,120 
Vesting of restricted stock units, net of withholding taxes1,344,506 1,215,382 
Shares repurchased and cancelled(672,911)(11,690,303)
Balance as of the end of the period258,249,123 254,699,987 
v3.25.3
Analysis of accumulated other comprehensive (loss) income (Tables)
 9 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive (Loss) Income
Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows:
(dollars in millions)Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 28, 2024$(23.2)$(1,056.8)$2.8 $(1,077.2)$(97.5)$(1,174.7)
Foreign currency translation(3.4)171.2 167.8 13.8 181.6 
Cash flow hedges movements— — (18.4)(18.4)1.2 (17.2)
Post-retirement benefit movements(0.5)— — (0.5)— (0.5)
Other comprehensive (loss) income(3.9)171.2 (18.4)148.9 15.0 163.9 
As of September 27, 2025$(27.1)$(885.6)$(15.6)$(928.3)$(82.5)$(1,010.8)
(dollars in millions)
Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 30, 2023$(15.3)$(832.3)$19.1 $(828.5)$(78.4)$(906.9)
Foreign currency translation(2.9)(89.3)— (92.2)4.9 (87.3)
Cash flow hedges movements— — (19.9)(19.9)— (19.9)
Post-retirement benefit movements(1.4)— — (1.4)— (1.4)
Other comprehensive (loss) income(4.3)(89.3)(19.9)(113.5)4.9 (108.6)
As of September 28, 2024$(19.6)$(921.6)$(0.8)$(942.0)$(73.5)$(1,015.5)
v3.25.3
Related party transactions (Tables)
 9 Months Ended
Sep. 27, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Purchases from equity method investees were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Purchases
$(4.0)$(4.0)$(11.5)$(11.9)
Sales to and purchases from non-Gates entities controlled by non-controlling shareholders were as follows:
Three months endedNine months ended
(dollars in millions)
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Sales$10.8 $10.9 $32.3 $30.3 
Purchases$(3.7)$(4.0)$(11.6)$(11.2)
Amounts outstanding in respect of these transactions were as follows:
(dollars in millions)
As of
September 27, 2025
As of
December 28, 2024
Receivables$4.0 $3.7 
Payables$(3.2)$(2.8)
v3.25.3
Commitments and contingencies (Tables)
 9 Months Ended
Sep. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Warranty Liabilities
The following summarizes the movements in the warranty liability for the nine months ended September 27, 2025 and September 28, 2024, respectively:
Nine months ended
(dollars in millions)
September 27,
2025		September 28,
2024
Balance as of the beginning of the period$16.4 $15.9 
Charge for the period7.3 7.1 
Payments made(6.2)(5.7)
Released during the period(1.4)(0.2)
Foreign currency translation0.3 0.1 
Balance as of the end of the period$16.4 $17.2 
v3.25.3
Introduction - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Dec. 28, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Trade account receivables held for sale $ 146.5   $ 146.5   $ 148.6
Expenses related to the reclassification of receivables 2.1 $ 2.2 6.5 $ 6.6  
Loss on deconsolidation of Russian subsidiary 0.0 12.8 0.0 12.8  
Gain (loss), foreign currency transaction, before tax, adjusted 12.1 51.3 181.6 (87.3)  
Other nonoperating income (expense) $ 14.3 $ 1.2 5.1 $ 12.1  
Scenario, Adjustment          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]          
Gain (loss), foreign currency transaction, before tax, adjusted     (2.2)    
Other nonoperating income (expense)     $ 2.2    
v3.25.3
Segment information - Sales and Adjusted EBITDA by Reporting Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information        
Net sales $ 855.7 $ 830.7 $ 2,587.0 $ 2,578.8
Adjusted EBITDA 195.8 182.5 582.3 580.3
Power Transmission        
Segment Reporting Information        
Net sales 533.3 513.4 1,610.6 1,588.1
Adjusted EBITDA 122.1 113.0 361.6 355.8
Fluid Power        
Segment Reporting Information        
Net sales 322.4 317.3 976.4 990.7
Adjusted EBITDA $ 73.7 $ 69.5 $ 220.7 $ 224.5
v3.25.3
Segment information - Net Sales by Geographic Regions and Markets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Revenues from External Customers and Long-Lived Assets        
Net sales $ 855.7 $ 830.7 $ 2,587.0 $ 2,578.8
Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 533.3 513.4 1,610.6 1,588.1
Power Transmission | Replacement        
Revenues from External Customers and Long-Lived Assets        
Net sales 353.1 339.5 1,069.5 1,049.3
Power Transmission | OEM        
Revenues from External Customers and Long-Lived Assets        
Net sales 180.2 173.9 541.1 538.8
Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 322.4 317.3 976.4 990.7
Fluid Power | Replacement        
Revenues from External Customers and Long-Lived Assets        
Net sales 235.4 225.4 702.4 684.1
Fluid Power | OEM        
Revenues from External Customers and Long-Lived Assets        
Net sales 87.0 91.9 274.0 306.6
U.S. | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 149.4 140.9 458.3 425.8
U.S. | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 170.8 168.1 522.6 524.1
North America, excluding the U.S. | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 54.7 56.6 161.1 182.0
North America, excluding the U.S. | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 40.9 49.2 127.3 153.0
South America | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 24.4 26.3 68.5 81.3
South America | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 11.3 10.6 31.8 29.4
U.K. | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 8.2 9.1 30.6 29.6
U.K. | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 16.7 16.0 49.0 50.7
Luxembourg | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 61.4 63.8 201.2 191.3
Luxembourg | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 23.8 21.0 70.0 64.8
EMEA, excluding the U.K. and Luxembourg | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 88.4 73.7 260.4 257.8
EMEA, excluding the U.K. and Luxembourg | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 26.4 25.1 79.5 80.1
East Asia and India | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 71.3 70.4 211.1 205.6
East Asia and India | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales 21.3 18.5 62.9 58.3
Greater China | Power Transmission        
Revenues from External Customers and Long-Lived Assets        
Net sales 75.5 72.6 219.4 214.7
Greater China | Fluid Power        
Revenues from External Customers and Long-Lived Assets        
Net sales $ 11.2 $ 8.8 $ 33.3 $ 30.3
v3.25.3
Segment information - Segment Profit or Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information        
Net sales $ 855.7 $ 830.7 $ 2,587.0 $ 2,578.8
Adjusted cost of sales (509.4) (489.7) (1,530.5) (1,533.0)
Adjusted selling, general and administrative expenses ("SG&A") (179.0) (180.0) (547.9) (543.2)
Depreciation and software amortization 23.8 24.4 71.1 74.2
Other adjustments 4.7 (2.9) 2.6 3.5
Adjusted EBITDA 195.8 182.5 582.3 580.3
Power Transmission        
Segment Reporting Information        
Net sales 533.3 513.4 1,610.6 1,588.1
Adjusted cost of sales (313.4) (299.5) (942.2) (934.1)
Adjusted selling, general and administrative expenses ("SG&A") (113.4) (111.9) (346.8) (339.0)
Depreciation and software amortization 12.8 12.9 38.5 38.7
Other adjustments 2.8 (1.9) 1.5 2.1
Adjusted EBITDA 122.1 113.0 361.6 355.8
Fluid Power        
Segment Reporting Information        
Net sales 322.4 317.3 976.4 990.7
Adjusted cost of sales (196.0) (190.2) (588.3) (598.9)
Adjusted selling, general and administrative expenses ("SG&A") (65.6) (68.1) (201.1) (204.2)
Depreciation and software amortization 11.0 11.5 32.6 35.5
Other adjustments 1.9 (1.0) 1.1 1.4
Adjusted EBITDA $ 73.7 $ 69.5 $ 220.7 $ 224.5
v3.25.3
Segment information - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 30, 2025
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information          
Net income from continuing operations before taxes   $ 94.8 $ 69.2 $ 268.8 $ 240.1
Interest expense   34.9 35.1 93.3 121.7
Depreciation and amortization   53.6 53.7 159.1 162.8
Loss on deconsolidation of Russian subsidiary   0.0 12.8 0.0 12.8
Share-based compensation expense   6.7 6.4 22.4 20.2
Transaction-related expenses   0.1 0.5 0.5 2.1
Inventory write-offs and adjustments (included in cost of sales)   2.6 4.4 5.6 21.7
Restructuring expenses   6.5 2.2 21.1 5.0
Total restructuring expenses   6.5 2.2 21.1 5.0
Asset impairments   0.4 0.0 1.2 0.0
Credit gain related to customer bankruptcy (included in SG&A)   0.0 (0.2) 0.0 (0.1)
Other (income) expenses, excluding foreign currency transaction gain or loss and insurance recoveries   (4.4) (3.9) 2.7 (8.5)
Cybersecurity incident insurance recovery   (5.2) 0.0 (5.2) 0.0
Other items not directly related to current operations   0.0 0.0 0.0 0.1
Adjusted EBITDA   195.8 182.5 582.3 580.3
Gain (loss), foreign currency transaction, before tax, adjusted   (9.9) (2.7) (7.8) (3.6)
Proceeds from insurance settlement $ 5.2        
—Severance and restructuring-related expenses included in cost of sales          
Segment Reporting Information          
Total restructuring expenses   $ 2.1 $ 0.9 $ 4.5 $ 0.9
Restructuring Charges, Statement of Income or Comprehensive Income Flag   Cost of sales Cost of sales Cost of sales Cost of sales
SG&A          
Segment Reporting Information          
Total restructuring expenses   $ 3.7 $ 1.4 $ 8.3 $ 1.5
Restructuring Charges, Statement of Income or Comprehensive Income Flag   Selling, general and administrative expenses Selling, general and administrative expenses Selling, general and administrative expenses Selling, general and administrative expenses
v3.25.3
Restructuring and restructuring-related expenses - Income Statement Location (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Restructuring Cost and Reserve        
Total restructuring expenses $ 6.5 $ 2.2 $ 21.1 $ 5.0
—Asset impairments related to restructuring 0.4 0.0 1.2 0.0
Total restructuring expenses and asset impairments 6.9 2.2 22.3 5.0
Other restructuring-related expenses: 5.8 2.3 12.8 2.4
—Severance and restructuring-related expenses included in cost of sales        
Restructuring Cost and Reserve        
Total restructuring expenses 2.1 0.9 4.5 0.9
Other restructuring-related expenses: $ 2.1 $ 0.9 $ 4.5 $ 0.9
Restructuring Charges, Statement of Income or Comprehensive Income Flag Cost of sales Cost of sales Cost of sales Cost of sales
—Severance and restructuring-related expenses included in SG&A        
Restructuring Cost and Reserve        
Total restructuring expenses $ 3.7 $ 1.4 $ 8.3 $ 1.5
Other restructuring-related expenses: $ 3.7 $ 1.4 $ 8.3 $ 1.5
Restructuring Charges, Statement of Income or Comprehensive Income Flag Selling, general and administrative expenses Selling, general and administrative expenses Selling, general and administrative expenses Selling, general and administrative expenses
—Severance and related benefit expense        
Restructuring Cost and Reserve        
Total restructuring expenses $ 6.2 $ 0.8 $ 19.2 $ 0.4
—Professional service fees        
Restructuring Cost and Reserve        
Total restructuring expenses $ 0.1 $ 1.1 $ 1.4 $ 2.6
Restructuring Charges, Statement of Income or Comprehensive Income Flag Restructuring expenses Restructuring expenses Restructuring expenses Restructuring expenses
—Other net restructuring expenses        
Restructuring Cost and Reserve        
Total restructuring expenses $ 0.2 $ 0.3 $ 0.5 $ 2.0
Restructuring Charges, Statement of Income or Comprehensive Income Flag Restructuring expenses Restructuring expenses Restructuring expenses Restructuring expenses
v3.25.3
Restructuring and restructuring-related expenses - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Restructuring Cost and Reserve        
Total restructuring expenses $ 6.5 $ 2.2 $ 21.1 $ 5.0
Severance, labor and other benefits        
Restructuring Cost and Reserve        
Total restructuring expenses 0.3   12.9  
—Severance expense | Mexico        
Restructuring Cost and Reserve        
Total restructuring expenses   1.0   $ 2.5
—Severance expense | North America        
Restructuring Cost and Reserve        
Total restructuring expenses $ 4.7 $ 1.0 $ 4.7  
v3.25.3
Restructuring and restructuring-related expenses - Restructuring Costs by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Restructuring Cost and Reserve        
Total restructuring expenses and asset impairments $ 6.9 $ 2.2 $ 22.3 $ 5.0
Power Transmission        
Restructuring Cost and Reserve        
Total restructuring expenses and asset impairments 4.2 0.6 14.2 1.4
Fluid Power        
Restructuring Cost and Reserve        
Total restructuring expenses and asset impairments $ 2.7 $ 1.6 $ 8.1 $ 3.6
v3.25.3
Restructuring and restructuring-related expenses - Restructuring Reserve Activity (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Restructuring reserves    
Balance as of the beginning of the period $ 2.8 $ 5.1
Utilized during the period (7.6) (6.3)
Charge for the period 21.6 5.7
Released during the period (0.5) (0.7)
Foreign currency translation 0.4 0.0
Balance as of the end of the period $ 16.7 $ 3.8
v3.25.3
Income taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Operating Loss Carryforwards        
Income tax expense $ 6.1 $ 14.0 $ 48.1 $ 60.8
Income from continuing operations before taxes $ 94.8 $ 69.2 $ 268.8 $ 240.1
Reported effective income tax rate (as a percent) 6.40% 20.20% 17.90% 25.30%
Discrete tax (benefit) expense $ (13.5) $ (7.8) $ (20.6) $ (8.3)
Unrecognized tax benefits 1.7   1.7  
Other net discrete tax expenses 2.2     1.1
Effective income tax rate reconciliation, OBBA adjustments, amount 3.2      
Audit Settlements        
Operating Loss Carryforwards        
Discrete tax (benefit) expense (12.6)     (10.5)
Prior Year Adjustments From Foreign Jurisdictions        
Operating Loss Carryforwards        
Discrete tax (benefit) expense (5.0) (6.5) (8.2)  
Stock Option Exercised        
Operating Loss Carryforwards        
Discrete tax (benefit) expense (2.2)   (9.2) (13.8)
Tax Law Changes In The U.S. And Germany        
Operating Loss Carryforwards        
Discrete tax (benefit) expense 2.0      
Adjustments For Deferred Tax Assets        
Operating Loss Carryforwards        
Discrete tax (benefit) expense   (3.2) (5.8) (4.2)
Other Deferred Expenses        
Operating Loss Carryforwards        
Discrete tax (benefit) expense $ 2.1 $ 1.9 2.3 3.4
Insurance Recoveries        
Operating Loss Carryforwards        
Discrete tax (benefit) expense     $ 2.1  
SERBIA        
Operating Loss Carryforwards        
Discrete tax (benefit) expense       $ 3.2
v3.25.3
Earnings per share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Earnings Per Share [Abstract]        
Net income attributable to shareholders $ 81.6 $ 47.6 $ 200.1 $ 158.3
Weighted average number of shares outstanding (in shares) 257,905,020 258,889,598 256,968,631 261,001,362
Dilutive effect of share-based awards (in shares) 3,650,235 4,551,974 4,115,546 4,853,706
Diluted weighted average number of shares outstanding (in shares) 261,555,255 263,441,572 261,084,177 265,855,068
Number of anti-dilutive shares excluded from the diluted earnings per share calculation (in shares) 56,878 5,410,122 1,241,225 2,785,491
Basic earnings per share (in usd per share) $ 0.32 $ 0.18 $ 0.78 $ 0.61
Diluted earnings per share (in usd per share) $ 0.31 $ 0.18 $ 0.77 $ 0.60
v3.25.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 28, 2024
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 197.7 $ 194.3
Work in progress 43.2 43.1
Finished goods 477.2 438.6
Total inventories $ 718.1 $ 676.0
v3.25.3
Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 27, 2025
USD ($)
Cost and carrying amount  
Beginning balance $ 1,908.9
Foreign currency translation 110.9
Ending balance 2,019.8
Power Transmission  
Cost and carrying amount  
Beginning balance 1,257.5
Foreign currency translation 76.9
Ending balance 1,334.4
Fluid Power  
Cost and carrying amount  
Beginning balance 651.4
Foreign currency translation 34.0
Ending balance $ 685.4
v3.25.3
Intangible assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 28, 2024
Finite-Lived Intangible Assets    
Finite-lived, cost $ 2,255.2 $ 2,150.2
Finite-lived, accumulated amortization and impairment (1,517.6) (1,371.0)
Finite-lived, net 737.6 779.2
Indefinite-lived, cost 513.4 513.4
Indefinite-lived, accumulated amortization and impairment (44.0) (44.0)
Indefinite-lived, net 469.4 469.4
Cost 2,768.6 2,663.6
Accumulated amortization and impairment (1,561.6) (1,415.0)
Net 1,207.0 1,248.6
—Customer relationships    
Finite-Lived Intangible Assets    
Finite-lived, cost 1,995.2 1,921.5
Finite-lived, accumulated amortization and impairment (1,330.7) (1,194.7)
Finite-lived, net 664.5 726.8
—Technology    
Finite-Lived Intangible Assets    
Finite-lived, cost 90.8 90.5
Finite-lived, accumulated amortization and impairment (90.8) (90.5)
Finite-lived, net 0.0 0.0
—Capitalized software    
Finite-Lived Intangible Assets    
Finite-lived, cost 169.2 138.2
Finite-lived, accumulated amortization and impairment (96.1) (85.8)
Finite-lived, net $ 73.1 $ 52.4
v3.25.3
Intangible assets - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 32.6 $ 32.0 $ 96.1 $ 96.7
Intangible assets, foreign currency translation gain (loss) $ (0.7) $ 11.4 $ 29.1 $ (8.2)
v3.25.3
Derivative financial instruments - Fair Values of Derivative Instruments (Details) - USD ($)
Sep. 27, 2025
Apr. 30, 2025
Dec. 28, 2024
Derivatives, Fair Value      
Net $ (160,500,000)   $ (10,600,000)
—Currency swaps | Net Investment Hedges      
Derivatives, Fair Value      
Gross Notional Amount 820,000,000    
—Currency swaps | Derivatives designated as hedging instruments: | Net Investment Hedges      
Derivatives, Fair Value      
Gross Notional Amount 1,890,000,000   1,320,000,000
Net (152,600,000)   (19,400,000)
—Interest rate swaps | Derivatives designated as hedging instruments: | Net Investment Hedges      
Derivatives, Fair Value      
Gross Notional Amount   $ 470,000,000  
—Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Gross Notional Amount 1,085,000,000   1,255,000,000
Net (6,000,000.0)   7,100,000
—Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Gross Notional Amount 126,500,000   0
Net (1,900,000)   0
—Currency forward contracts | Derivatives not designated as hedging instruments:      
Derivatives, Fair Value      
Gross Notional Amount 100,000   147,500,000
Net 0   1,700,000
Prepaid expenses and other assets      
Derivatives, Fair Value      
Derivative assets $ 16,000,000.0   $ 31,800,000
Derivative Asset, Statement of Financial Position Flag Prepaid expenses and other assets   Prepaid expenses and other assets
Prepaid expenses and other assets | —Currency swaps | Derivatives designated as hedging instruments: | Net Investment Hedges      
Derivatives, Fair Value      
Derivative assets $ 13,700,000   $ 16,300,000
Prepaid expenses and other assets | —Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative assets 1,500,000   13,400,000
Prepaid expenses and other assets | —Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative assets 800,000   0
Prepaid expenses and other assets | —Currency forward contracts | Derivatives not designated as hedging instruments:      
Derivatives, Fair Value      
Derivative assets 0   2,100,000
Other non- current assets      
Derivatives, Fair Value      
Derivative assets $ 8,600,000   $ 1,500,000
Derivative Asset, Statement of Financial Position Flag Other non-current assets   Other non-current assets
Other non- current assets | —Currency swaps | Derivatives designated as hedging instruments: | Net Investment Hedges      
Derivatives, Fair Value      
Derivative assets $ 8,000,000.0   $ 1,300,000
Other non- current assets | —Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative assets 600,000   200,000
Other non- current assets | —Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative assets 0   0
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 $ (4,100,000)   $ (6,600,000)
Derivative Liability, Statement of Financial Position Flag 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: | Net Investment Hedges      
Derivatives, Fair Value      
Derivative liabilities $ 0   $ 0
Accrued expenses and other current liabilities | —Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative liabilities (1,400,000)   (6,200,000)
Accrued expenses and other current liabilities | —Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative liabilities (2,700,000)   0
Accrued expenses and other current liabilities | —Currency forward contracts | Derivatives not designated as hedging instruments:      
Derivatives, Fair Value      
Derivative liabilities 0   (400,000)
Other  non- current liabilities      
Derivatives, Fair Value      
Derivative liabilities $ (181,000,000.0)   $ (37,300,000)
Derivative Liability, Statement of Financial Position Flag Other non-current liabilities   Other non-current liabilities
Other  non- current liabilities | —Currency swaps | Derivatives designated as hedging instruments: | Net Investment Hedges      
Derivatives, Fair Value      
Derivative liabilities $ (174,300,000)   $ (37,000,000.0)
Other  non- current liabilities | —Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative liabilities (6,700,000)   (300,000)
Other  non- current liabilities | —Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative liabilities 0   0
Other  non- current liabilities | —Currency forward contracts | Derivatives not designated as hedging instruments:      
Derivatives, Fair Value      
Derivative liabilities $ 0   $ 0
v3.25.3
Derivative financial instruments - Narratives (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2025
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Dec. 28, 2024
Derivatives not designated as hedging instruments            
Derivative            
Gains on derivative, recognized in the income statement   $ 100,000 $ 200,000 $ 1,200,000 $ 3,400,000  
Currency swap | Net Investment Hedges            
Derivative            
Notional amount   820,000,000   820,000,000    
Currency swap | Net Investment Hedges | Derivatives designated as hedging instruments            
Derivative            
Notional amount   1,890,000,000   1,890,000,000   $ 1,320,000,000
Gains on derivative, recognized in the income statement   $ 6,500,000 $ 5,700,000 17,000,000 $ 10,000,000  
Currency swap | Net Investment Hedges | Derivatives designated as hedging instruments | Minimum            
Derivative            
Derivative, term of contract   3 years        
Currency swap | Net Investment Hedges | Derivatives designated as hedging instruments | Maximum            
Derivative            
Derivative, term of contract   5 years        
Interest rate swaps | Net Investment Hedges | Derivatives designated as hedging instruments            
Derivative            
Notional amount $ 470,000,000          
Derivative, term of contract 5 years          
Interest Rate Swap II | Net Investment Hedges | Derivatives designated as hedging instruments            
Derivative            
Notional amount $ 230,000,000          
—Currency forward contracts | Derivatives not designated as hedging instruments            
Derivative            
Notional amount   $ 100,000   $ 100,000   $ 147,500,000
v3.25.3
Derivative financial instruments - Net Investment Hedging Instruments in OCI (Details) - Net Investment Hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Derivative Instruments, Gain (Loss)        
Total net fair value gains (losses) $ 20.5 $ (50.1) $ (132.4) $ (24.2)
—Designated cross currency swaps        
Derivative Instruments, Gain (Loss)        
Total net fair value gains (losses) $ 20.5 $ (50.1) $ (132.4) $ (24.2)
v3.25.3
Derivative financial instruments - OCI Movement (Details) - Interest Rate Contract - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Movement recognized in OCI in relation to:        
—Fair value gain on cash flow hedges $ (2.1) $ (17.0) $ (9.1) $ 0.4
—Deferred OCI reclassified to net income 0.0 (9.0) (13.6) (27.0)
Total movement $ (2.1) $ (26.0) $ (22.7) $ (26.6)
v3.25.3
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 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Derivative Instruments, Gain (Loss)        
Gain on derivative, recognized in the income statement $ 0.1 $ 0.2 $ 1.2 $ 3.4
—Currency forward contracts recognized in SG&A        
Derivative Instruments, Gain (Loss)        
Gain on derivative, recognized in the income statement $ 0.1 $ 0.2 $ 1.2 $ 3.4
v3.25.3
Fair value measurement - Carrying Amount and Fair Value of Debt (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 28, 2024
Carrying  amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Current $ 30.5 $ 39.1
Non-current 2,204.3 2,311.5
Fair value of debt 2,234.8 2,350.6
Fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Current 30.4 38.7
Non-current 2,234.4 2,314.3
Fair value of debt $ 2,264.8 $ 2,353.0
v3.25.3
Fair value measurement - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Apr. 30, 2024
Debt Instrument          
—Asset impairments related to restructuring $ 0.4 $ 0.0 $ 1.2 $ 0.0  
Equity investment in a privately held company         $ 5.0
Two Dollar Term Loan | Term loan          
Debt Instrument          
Variable rate (as a percent)     0.50%    
v3.25.3
Fair value measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 28, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets $ 24.6 $ 33.3
Derivative liabilities (185.1) (43.9)
Cash equivalents 24.0 72.3
Quoted prices in active markets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets 0.0 0.0
Derivative liabilities 0.0 0.0
Cash equivalents 0.0 41.5
Significant observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets 24.6 33.3
Derivative liabilities (185.1) (43.9)
Cash equivalents $ 24.0 $ 30.8
v3.25.3
Debt - Long-Term Debt (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Dec. 28, 2024
Jun. 04, 2024
Debt Instrument      
Total principal of debt $ 2,249.4 $ 2,363.5  
Deferred issuance costs (26.4) (33.2)  
Accrued interest 11.8 20.3  
Total carrying value of debt 2,234.8 2,350.6  
Debt, current portion 30.5 39.1  
Debt, less current portion $ 2,204.3 $ 2,311.5  
Weighted average interest rate (as a percent) 6.25% 6.44%  
—2024 Dollar Term Loans due June 4, 2031 | Secured debt:      
Debt Instrument      
Stated interest rate on debt (as a percent) 1.75%    
Total principal of debt $ 1,290.2 $ 1,300.0  
Deferred issuance costs     $ (9.5)
—2022 Dollar Term Loans due November 16, 2029 | Secured debt:      
Debt Instrument      
Stated interest rate on debt (as a percent) 1.75%    
Total principal of debt $ 459.2 563.5  
—6.875% Dollar Senior Notes due July 1, 2029 | Unsecured debt:      
Debt Instrument      
Stated interest rate on debt (as a percent) 6.875%    
Total principal of debt $ 500.0 $ 500.0  
v3.25.3
Debt - Debt Issuances and Redemptions Narratives (Details) - USD ($)
 9 Months Ended
Jul. 24, 2025
Jun. 04, 2024
Jun. 03, 2024
Nov. 16, 2022
Sep. 27, 2025
Sep. 28, 2024
Dec. 28, 2024
Nov. 18, 2021
Debt Instrument                
Interest paid         $ 95,900,000 $ 104,700,000    
Debt issuance costs, net         26,400,000   $ 33,200,000  
Repayments of debt         $ 114,100,000 $ 1,917,000,000    
Revolving Credit Facility                
Debt Instrument                
Maximum borrowing capacity of credit facility   $ 500,000,000 $ 250,000,000          
Line of credit, deferred issuance costs   2,500,000            
—2024 Dollar Term Loans due June 4, 2031 | Secured debt:                
Debt Instrument                
Debt instrument principal amount   1,300,000,000            
Amortization of debt discount   0            
Debt issuance costs, net   9,500,000            
Variable rate (as a percent)         0.50%      
—2021 Dollar Term Loans due November 16, 2029 | Secured debt:                
Debt Instrument                
Redeemable amount   1,232,600,000            
Interest paid   1,100,000            
Deferred financing cost recognized   $ 11,200,000            
—2022 Dollar Term Loans due November 16, 2029 | Secured debt:                
Debt Instrument                
Deferred financing cost recognized       $ 900,000        
Decrease in variable rate (percent)   7500.00%            
Variable rate (as a percent)   2.25% 3.00%   0.50%      
Secured Multi-Currency Facility | Revolving Credit Facility                
Debt Instrument                
Maximum borrowing capacity of credit facility   $ 500,000,000 $ 250,000,000         $ 500,000,000
Asset-backed revolver | Revolving Credit Facility                
Debt Instrument                
Deferred financing cost recognized   1,000,000            
Line of credit facility, borrowing capacity terminated   250,000,000            
2024 Unsecured Senior Notes | Unsecured debt:                
Debt Instrument                
Debt instrument principal amount   500,000,000            
Debt issuance costs, net   7,600,000            
Unamortized discount   0            
2019 Unsecured Senior Notes | Unsecured debt:                
Debt Instrument                
Redeemable amount   568,000,000            
Interest paid   13,700,000            
Deferred financing cost recognized   $ 2,600,000            
2022 Dollar Term Loans Due 2025 | Secured debt: | Scenario, Plan                
Debt Instrument                
Deferred financing cost recognized $ 2,800,000              
Repayments of debt $ 100,000,000              
v3.25.3
Debt - Dollar Term Loans Narratives (Details) - Secured debt:
$ in Millions
 9 Months Ended
Dec. 10, 2024
Jun. 04, 2024
Jun. 03, 2024
Sep. 27, 2025
USD ($)
Feb. 24, 2021
loan
New Dollar Term Loan          
Debt Instrument          
Number of loans (loan) | loan         2
—2022 Dollar Term Loans due November 16, 2029          
Debt Instrument          
Decrease in basis points 0.50%        
Variable rate (as a percent)   2.25% 3.00% 0.50%  
Stated interest rate on debt (as a percent)       1.75%  
Interest rate during period on debt (as a percent)       6.07%  
Quarterly amortization payment rate (as a percent)       0.25%  
Quarterly amortization payment on debt       $ 4.3  
—2022 Dollar Term Loans due November 16, 2029 | Secured Overnight Financing Rate (SOFR)          
Debt Instrument          
Variable rate (as a percent) 0.50%        
Stated interest rate on debt (as a percent) 1.75%        
—2022 Dollar Term Loans due November 16, 2029 | Base Rate          
Debt Instrument          
Variable rate (as a percent) 1.50%        
Stated interest rate on debt (as a percent) 0.75%        
—2024 Dollar Term Loans due June 4, 2031          
Debt Instrument          
Decrease in basis points 0.50%        
Variable rate (as a percent)       0.50%  
Stated interest rate on debt (as a percent)       1.75%  
Interest rate during period on debt (as a percent)       6.07%  
Quarterly amortization payment rate (as a percent)       0.25%  
—2024 Dollar Term Loans due June 4, 2031 | Secured Overnight Financing Rate (SOFR)          
Debt Instrument          
Variable rate (as a percent) 0.50%        
Stated interest rate on debt (as a percent) 1.75%        
—2024 Dollar Term Loans due June 4, 2031 | Base Rate          
Debt Instrument          
Variable rate (as a percent) 1.50%        
Stated interest rate on debt (as a percent) 0.75%        
2024 Dollar Term Loans          
Debt Instrument          
Quarterly amortization payment on debt       $ 9.8  
v3.25.3
Debt - Unsecured Senior Notes Narratives (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Dec. 28, 2024
Jun. 04, 2024
Debt Instrument      
Total principal of debt $ 2,249.4 $ 2,363.5  
Unsecured debt:      
Debt Instrument      
Redemption price in the event of change in control (as a percent) 101.00%    
Redemption price in the event of sale (as a percent) 100.00%    
—6.875% Dollar Senior Notes due July 1, 2029 | Unsecured debt:      
Debt Instrument      
Total principal of debt $ 500.0 $ 500.0  
Stated interest rate on debt (as a percent) 6.875%    
Equity offering (as a percent) 40.00%    
—6.875% Dollar Senior Notes due July 1, 2029 | Unsecured debt: | Prior to July 1, 2026      
Debt Instrument      
Redemption price (as a percent) 106.875%    
—6.25% Dollar Senior Notes due 2026 | Unsecured debt:      
Debt Instrument      
Redeemable amount     $ 568.0
v3.25.3
Debt - Redemption Prices Plus Accrued and Unpaid Interest (Details) - —6.875% Dollar Senior Notes due July 1, 2029 - Unsecured Debt
 9 Months Ended
Sep. 27, 2025
—July 1, 2026  
Debt Instrument, Redemption  
Redemption price (as a percent) 103.438%
—July 1, 2027  
Debt Instrument, Redemption  
Redemption price (as a percent) 101.719%
—July 1, 2028 and thereafter  
Debt Instrument, Redemption  
Redemption price (as a percent) 100.00%
v3.25.3
Debt - Revolving Credit Facility Narratives (Details) - USD ($)
Jan. 21, 2025
Sep. 27, 2025
Dec. 28, 2024
Jun. 04, 2024
Jun. 03, 2024
Nov. 18, 2021
Performance Bonds, Letters of Credit and Bank Guarantees            
Line of Credit Facility            
Line of credit carrying value   $ 12,500,000 $ 12,300,000      
Revolving Credit Facility            
Line of Credit Facility            
Maximum borrowing capacity of credit facility       $ 500,000,000 $ 250,000,000  
Decrease in basis points 0.50%          
Revolving Credit Facility | Debt Option One            
Line of Credit Facility            
Decrease in basis points 0.25%          
Stated interest rate on debt (as a percent) 1.75%          
Revolving Credit Facility | Debt Option One | Secured Overnight Financing Rate (SOFR)            
Line of Credit Facility            
Variable rate (as a percent) 0.00%          
Revolving Credit Facility | Debt Option Two | Base Rate            
Line of Credit Facility            
Variable rate (as a percent) 0.75%          
Revolving Credit Facility | Secured Multi-Currency Facility            
Line of Credit Facility            
Maximum borrowing capacity of credit facility       500,000,000 $ 250,000,000 $ 500,000,000
Line of credit facility, outstanding balance trigger       500,000,000    
Line of credit carrying value   0 0      
Letter of Credit Sub-Facility | Secured Multi-Currency Facility            
Line of Credit Facility            
Maximum borrowing capacity of credit facility       $ 150,000,000    
Line of credit carrying value   $ 29,700,000 $ 28,200,000      
v3.25.3
Post-retirement benefits - Components of Net Periodic Benefit (Income) Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans        
—Employer service cost $ 1.0 $ 1.0 $ 3.0 $ 3.0
—Interest cost 6.6 6.4 19.7 19.2
—Expected return on plan assets (6.0) (6.5) (17.7) (19.4)
—Net amortization of prior period losses (gains) (0.2) (0.6) (0.7) (1.8)
—Settlements and curtailments 0.0 0.1 0.0 0.1
Net periodic benefit cost (income) 1.4 0.4 4.3 1.1
Cash Contributions 10.4 2.9 17.7 7.8
Pensions        
Defined Benefit Plans and Other Postretirement Benefit Plans        
—Employer service cost 1.0 1.0 3.0 3.0
—Interest cost 6.3 6.0 18.8 18.2
—Expected return on plan assets (6.0) (6.5) (17.7) (19.4)
—Net amortization of prior period losses (gains) 0.6 0.2 1.6 0.6
—Settlements and curtailments 0.0 0.1 0.0 0.1
Net periodic benefit cost (income) 1.9 0.8 5.7 2.5
Cash Contributions 9.7 2.2 15.4 5.4
Other post-retirement benefits        
Defined Benefit Plans and Other Postretirement Benefit Plans        
—Employer service cost 0.0 0.0 0.0 0.0
—Interest cost 0.3 0.4 0.9 1.0
—Expected return on plan assets 0.0 0.0 0.0 0.0
—Net amortization of prior period losses (gains) (0.8) (0.8) (2.3) (2.4)
—Settlements and curtailments 0.0 0.0 0.0 0.0
Net periodic benefit cost (income) (0.5) (0.4) (1.4) (1.4)
Cash Contributions $ 0.7 $ 0.7 $ 2.3 $ 2.4
v3.25.3
Post-retirement benefits - Narratives (Details)
$ in Millions
Sep. 27, 2025
USD ($)
Pensions  
Defined Benefit Plan Disclosure  
Expected future employer contributions in current fiscal year $ 19.1
Other post-retirement benefits  
Defined Benefit Plan Disclosure  
Expected future employer contributions in current fiscal year $ 2.8
v3.25.3
Share-based compensation - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Jul. 02, 2022
Sep. 27, 2025
Sep. 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award          
Share based compensation expense recognized $ 6.7 $ 6.4   $ 22.4 $ 20.2
Proceeds from stock options exercised 5.1 2.9   9.8 10.0
—Share options          
Share-based Compensation Arrangement by Share-based Payment Award          
Aggregate intrinsic value of options exercisable 33.9     $ 33.9  
Contractual term of options exercisable (in years)       3 years 3 months 18 days  
Aggregate intrinsic value of options that were vested or expected to vest 34.4     $ 34.4  
Contractual term of options that were vested or expect to vest (in years)       3 years 4 months 24 days  
Unrecognized compensation relating to non-vested awards 0.3     $ 0.3  
Unrecognized compensation relating to non-vested awards, recognition period (in years)       1 year 7 months 6 days  
Aggregate intrinsic value of options exercised $ 7.6 0.7   $ 25.8 3.4
—Share options | Omaha Topco Ltd. Stock Incentive Plan | —Tier I          
Share-based Compensation Arrangement by Share-based Payment Award          
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          
Term of award (in years)       10 years  
Vesting period (in years)       3 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 | 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) 75.00%     75.00%  
Percentage of shares expected to vest upon achievement of certain relative shareholders return (as a percent) 25.00%     25.00%  
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)       0.00%  
—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)       200.00%  
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)       1 year 6 months  
Unrecognized compensation relating to non-vested awards other than option $ 27.1     $ 27.1  
Aggregate intrinsic value of non options vested $ 5.1 $ 5.8   $ 25.8 $ 21.1
v3.25.3
Share-based compensation - Stock Option and SAR Rollforward (Details)
 9 Months Ended
Sep. 27, 2025
$ / shares
shares
Number of options  
Beginning balance (in shares) | shares 7,859,326
Granted (in shares) | shares 29,100
Forfeited (in shares) | shares (2,834)
Exercised (in shares) | shares (4,665,124)
Ending balance (in shares) | shares 3,220,468
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 10.70
Granted (in usd per share) | $ / shares 21.64
Forfeited (in usd per share) | $ / shares 17.61
Exercised (in usd per share) | $ / shares 8.33
Ending balance (in usd per share) | $ / shares $ 14.23
—Share options  
Number of options  
Beginning balance (in shares) | shares 1,480,065
Exercised (in shares) | shares (202,434)
Ending balance (in shares) | shares 1,277,631
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 14.56
Exercised (in usd per share) | $ / shares 14.67
Ending balance (in usd per share) | $ / shares $ 14.54
Exercisable at the end of the period (in shares) | shares 3,155,277
Exercisable at the end of the period (in usd per share) | $ / shares $ 14.16
Vested and expected to vest at the end of the period (in shares) | shares 3,220,468
Vested and expected to vest at the end of the period (in usd per share) | $ / shares $ 14.22
—SARs  
Number of options  
Beginning balance (in shares) | shares 603,393
Granted (in shares) | shares 29,100
Forfeited (in shares) | shares (2,834)
Exercised (in shares) | shares (417,515)
Ending balance (in shares) | shares 212,144
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 10.79
Granted (in usd per share) | $ / shares 21.64
Forfeited (in usd per share) | $ / shares 17.61
Exercised (in usd per share) | $ / shares 9.11
Ending balance (in usd per share) | $ / shares $ 15.49
—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 1,557,018
Exercised (in shares) | shares (1,295,753)
Ending balance (in shares) | shares 261,265
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 6.95
Exercised (in usd per share) | $ / shares 6.77
Ending balance (in usd per share) | $ / shares $ 7.84
—Tier II | —Share options  
Number of options  
Beginning balance (in shares) | shares 1,722,639
Exercised (in shares) | shares (1,363,643)
Ending balance (in shares) | shares 358,996
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 7.00
Exercised (in usd per share) | $ / shares 6.78
Ending balance (in usd per share) | $ / shares $ 7.84
—Tier IV | —Share options  
Number of options  
Beginning balance (in shares) | shares 1,660,742
Exercised (in shares) | shares (1,385,779)
Ending balance (in shares) | shares 274,963
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 10.48
Exercised (in usd per share) | $ / shares 10.16
Ending balance (in usd per share) | $ / shares $ 12.09
v3.25.3
Share-based compensation - RSU and PRSU Rollforward (Details)
 9 Months Ended
Sep. 27, 2025
$ / shares
shares
Number of awards  
Beginning balance (in shares) | shares 3,598,998
Granted (in shares) | shares 1,144,922
Adjusted (in shares) | shares 60,274
Forfeited (in shares) | shares (248,694)
Vested (in shares) | shares (1,761,309)
Ending balance (in shares) | shares 2,794,191
Weighted average grant date fair value $  
Beginning balance (in usd per share) | $ / shares $ 15.19
Granted (in usd per share) | $ / shares 22.08
Adjusted (in usd per share) | $ / shares 17.23
Forfeited (in usd per share) | $ / shares 16.41
Vested (in usd per share) | $ / shares 14.65
Ending balance (in usd per share) | $ / shares $ 18.28
—RSUs  
Number of awards  
Beginning balance (in shares) | shares 2,570,852
Granted (in shares) | shares 865,518
Forfeited (in shares) | shares (213,968)
Vested (in shares) | shares (1,413,972)
Ending balance (in shares) | shares 1,808,430
Weighted average grant date fair value $  
Beginning balance (in usd per share) | $ / shares $ 14.45
Granted (in usd per share) | $ / shares 21.60
Forfeited (in usd per share) | $ / shares 16.46
Vested (in usd per share) | $ / shares 14.03
Ending balance (in usd per share) | $ / shares $ 17.96
—PRSUs  
Number of awards  
Beginning balance (in shares) | shares 1,028,146
Granted (in shares) | shares 279,404
Adjusted (in shares) | shares 60,274
Forfeited (in shares) | shares (34,726)
Vested (in shares) | shares (347,337)
Ending balance (in shares) | shares 985,761
Weighted average grant date fair value $  
Beginning balance (in usd per share) | $ / shares $ 17.03
Granted (in usd per share) | $ / shares 23.55
Adjusted (in usd per share) | $ / shares 17.23
Forfeited (in usd per share) | $ / shares 16.10
Vested (in usd per share) | $ / shares 17.17
Ending balance (in usd per share) | $ / shares $ 18.87
v3.25.3
Share-based compensation - Fair Value and Valuation Assumptions (Details) - $ / shares
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
—SARs    
Share-based Compensation Arrangement by Share-based Payment Award    
Weighted average grant date fair value (in usd per share) $ 9.96 $ 6.95
Expected volatility (as a percent) 41.10% 41.70%
Expected option life (in years) 6 years 6 years
Risk-free interest rate (as a percent) 4.10% 4.20%
—RSUs    
Share-based Compensation Arrangement by Share-based Payment Award    
Weighted average grant date fair value (in usd per share) $ 21.60 $ 14.91
—PRSUs    
Share-based Compensation Arrangement by Share-based Payment Award    
Weighted average grant date fair value (in usd per share) $ 23.55 $ 16.37
Expected volatility (as a percent) 31.60% 31.60%
Risk-free interest rate (as a percent) 4.00% 4.40%
v3.25.3
Equity - Movement in Number of Shares in Issue (Details) - shares
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Increase (Decrease) in Stockholders' Equity    
Balance as of the beginning of the period (in shares) 255,203,987 264,259,788
Exercise of share options (in shares) 2,373,541 915,120
Vesting of restricted stock units, net of withholding taxes (in shares) 1,344,506 1,215,382
Shares repurchased and cancelled (in shares) (672,911) (11,690,303)
Balance as of the end of the period (in shares) 258,249,123 254,699,987
v3.25.3
Equity - Narratives (Details) - USD ($)
 1 Months Ended 9 Months Ended
Aug. 16, 2024
Feb. 16, 2024
Mar. 31, 2025
Sep. 27, 2025
Sep. 28, 2024
Oct. 29, 2025
Jul. 31, 2024
Feb. 29, 2024
Equity                
Repurchase program, authorized amount             $ 250,000,000 $ 100,000,000
Shares repurchased and cancelled (in shares)     672,911          
Payments for repurchase of common stock       $ 13,000,000.0 $ 176,100,000      
Debt instrument, cost related transaction amount     $ 100,000          
Proceeds from long-term debt       0 $ 1,840,000,000      
Payments for repurchase of common stock, gross     $ 12,900,000          
Share repurchase remaining amount       $ 112,100,000        
Subsequent Event                
Equity                
Repurchase program, authorized amount           $ 300,000,000    
Revolving Credit Facility                
Equity                
Proceeds from long-term debt $ 40,000,000              
Scenario, Plan | Private Placement                
Equity                
Share price (in usd per share) $ 16.58              
Citigroup | Affiliated Entity                
Equity                
Shares repurchased and cancelled (in shares) 7,539,203 4,151,100            
Share price (in usd per share)   $ 12.045            
Payments for repurchase of common stock $ 125,000,000 $ 50,000,000            
Debt instrument, cost related transaction amount $ 800,000 $ 300,000            
v3.25.3
Analysis of accumulated other comprehensive (loss) income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Beginning balance $ 3,611.7 $ 3,494.3 $ 3,340.3 $ 3,543.9
Other comprehensive (loss) income, net of tax, attributable to parent     167.8 (92.2)
Other comprehensive income (loss) 10.1 31.4 163.9 (108.6)
Ending balance 3,715.1 3,457.9 3,715.1 3,457.9
Accumulated OCI        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Beginning balance     (1,174.7) (906.9)
Ending balance (1,010.8) (1,015.5) (1,010.8) (1,015.5)
Accumulated OCI attributable to shareholders        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Beginning balance (940.0) (949.0) (1,077.2) (828.5)
Other comprehensive (loss) income, net of tax, attributable to parent     148.9 (113.5)
Other comprehensive income (loss) 11.7 7.0 148.9 (113.5)
Ending balance (928.3) (942.0) (928.3) (942.0)
Post- retirement benefits        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Beginning balance     (23.2) (15.3)
Other comprehensive (loss) income, net of tax, attributable to parent     (3.9) (4.3)
Other comprehensive income (loss)     (0.5) (1.4)
Ending balance (27.1) (19.6) (27.1) (19.6)
Foreign currency translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Other comprehensive (loss) income, net of tax, attributable to parent     (3.4) (2.9)
Post-retirement benefit movements        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Other comprehensive (loss) income, net of tax, attributable to parent     (0.5) (1.4)
Cumulative translation adjustment        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Beginning balance     (1,056.8) (832.3)
Other comprehensive (loss) income, net of tax, attributable to parent     171.2 (89.3)
Other comprehensive income (loss)     181.6 (87.3)
Ending balance (885.6) (921.6) (885.6) (921.6)
Cash flow hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Beginning balance     2.8 19.1
Other comprehensive (loss) income, net of tax, attributable to parent     (18.4) (19.9)
Ending balance (15.6) (0.8) (15.6) (0.8)
Non-controlling interests        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Beginning balance     (97.5) (78.4)
Other comprehensive (loss) income, net of tax, attributable to noncontrolling interest     15.0 4.9
Ending balance $ (82.5) $ (73.5) (82.5) (73.5)
Foreign currency translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Other comprehensive (loss) income, net of tax, attributable to noncontrolling interest     13.8 $ 4.9
Cash flow hedges movements        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Other comprehensive (loss) income, net of tax, attributable to noncontrolling interest     1.2  
Cash flow hedges movements        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax        
Other comprehensive (loss) income, net of tax, attributable to parent     $ (17.2)  
v3.25.3
Related party transactions - Purchases with Equity Method Investees (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Equity Method Investees        
Related Party Transaction        
Purchases $ (4.0) $ (4.0) $ (11.5) $ (11.9)
v3.25.3
Related party transactions - Narratives (Details) - Equity Method Investees - USD ($)
 9 Months Ended
Sep. 27, 2025
Dec. 28, 2024
Related Party Transaction    
Payables to related parties $ 200,000 $ 100,000
Dividends received from equity method investees $ 0  
v3.25.3
Related party transactions - Transactions with Non-Gates Entities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Dec. 28, 2024
Related Party Transaction          
Net sales $ 855.7 $ 830.7 $ 2,587.0 $ 2,578.8  
Affiliated Entity          
Related Party Transaction          
Net sales 10.8 10.9 32.3 30.3  
Purchases (3.7) $ (4.0) (11.6) $ (11.2)  
Receivables 4.0   4.0   $ 3.7
Payables $ (3.2)   $ (3.2)   $ (2.8)
v3.25.3
Commitments and contingencies - Warranty Liability (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Warranty reserves    
Balance as of the beginning of the period $ 16.4 $ 15.9
Charge for the period 7.3 7.1
Payments made (6.2) (5.7)
Released during the period (1.4) (0.2)
Foreign currency translation 0.3 0.1
Balance as of the end of the period $ 16.4 $ 17.2