GATES INDUSTRIAL CORP PLC, 10-Q filed on 5/1/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 28, 2026
Apr. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 28, 2026  
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, $0.01 par value per share  
Trading Symbol(s) GTES  
Name of each exchange on which registered NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   253,875,680
Entity Central Index Key 0001718512  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Income Statement [Abstract]    
Net sales $ 851.1 $ 847.6
Cost of sales 513.1 503.0
Gross profit 338.0 344.6
Selling, general and administrative expenses 226.9 216.2
Transaction-related expenses 0.5 0.4
Asset impairments 0.0 0.6
Restructuring expenses 0.7 1.6
Operating income from continuing operations 109.9 125.8
Interest expense 29.9 29.6
Other expense 2.1 2.4
Income from continuing operations before taxes 77.9 93.8
Income tax expense 11.5 25.2
Net income from continuing operations 66.4 68.6
Loss on disposal of discontinued operations, net of tax, respectively, of $0 and $0 0.2 0.3
Net income 66.2 68.3
Less: non-controlling interests 6.5 6.3
Net income attributable to shareholders $ 59.7 $ 62.0
Basic    
Earnings per share from continuing operations (in usd per share) $ 0.24 $ 0.24
Earnings per share from discontinued operations (in usd per share) 0 0
Earnings per share (in usd per share) 0.24 0.24
Diluted    
Earnings per share from continuing operations (in usd per share) 0.23 0.24
Earnings per share from discontinued operations (in usd per share) 0 0
Earnings per share (in usd per share) $ 0.23 $ 0.24
v3.26.1
Unaudited Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Income Statement [Abstract]    
Loss on disposal of discontinued operations, net of tax $ 0.0 $ 0.0
v3.26.1
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Net income $ 66.2 $ 68.3
Foreign currency translation:    
—Net translation (loss) gain on foreign operations, net of tax (expense) benefit, respectively, of $(0.3) and $0.0 (45.2) 81.0
—Gain (loss) on net investment hedges, net of tax (expense) benefit, respectively, of $1.9 and $(2.0) 17.3 (36.6)
Total foreign currency translation movements (27.9) 44.4
Cash flow hedges (interest rate and currency forward derivatives):    
— Gain (loss) arising in the period, net of tax benefit (expense), respectively, of $1.1 and $0.9 13.1 (2.7)
—Reclassification to net income, net of tax benefit, respectively, of $0.0 and $1.7 0.0 (5.1)
Total cash flow hedges movements 13.1 (7.8)
Post-retirement benefits:    
—Reclassification of prior year actuarial movements to net income, net of tax benefit, respectively, of $0.6 and $0.1 5.7 (0.2)
Total post-retirement benefits movements 5.7 (0.2)
Other comprehensive income (loss) (9.1) 36.4
Comprehensive income for the period 57.1 104.7
Comprehensive (loss) income attributable to shareholders:    
Comprehensive (loss) income attributable to shareholders 51.4 93.5
Comprehensive income attributable to non-controlling interests 5.7 11.2
Comprehensive income for the period 57.1 104.7
—Income arising from continuing operations    
Comprehensive (loss) income attributable to shareholders:    
Comprehensive (loss) income attributable to shareholders 51.6 93.8
—Loss arising from discontinued operations    
Comprehensive (loss) income attributable to shareholders:    
Comprehensive (loss) income attributable to shareholders $ (0.2) $ (0.3)
v3.26.1
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Foreign currency translation:    
Net translation (loss) gain on foreign operations, tax $ (0.3) $ (0.0)
Gain (loss) on net investment hedges, tax 1.9 (2.0)
Cash flow hedges (interest rate and currency forward derivatives):    
Gain arising in the period, tax expense (benefit) 1.1 0.9
Reclassification to net income, net of tax benefit (0.0) 1.7
Post-retirement benefits:    
Reclassification of prior year actuarial movements to net income, net of tax benefit $ 0.6 $ 0.1
v3.26.1
Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 785.3 $ 812.1
Trade accounts receivable, net 799.6 744.2
Inventories 685.7 700.0
Taxes receivable 37.9 43.4
Prepaid expenses and other assets 180.9 181.8
Total current assets 2,489.4 2,481.5
Non-current assets    
Property, plant and equipment, net 599.5 609.0
Goodwill 2,020.6 2,035.2
Pension surplus 7.6 7.6
Intangible assets, net 1,158.7 1,192.4
Right-of-use assets 152.0 137.1
Taxes receivable 1.1 5.4
Deferred income taxes 636.3 640.0
Other non-current assets 49.8 43.2
Total assets 7,115.0 7,151.4
Current liabilities    
Debt, current portion 30.9 36.2
Trade accounts payable 396.9 433.7
Taxes payable 18.6 27.0
Accrued expenses and other current liabilities 232.1 238.5
Total current liabilities 678.5 735.4
Non-current liabilities    
Debt, less current portion 2,197.6 2,196.3
Post-retirement benefit obligations 63.1 68.8
Lease liabilities 135.5 124.5
Taxes payable 63.2 62.1
Deferred income taxes 43.8 49.3
Other non-current liabilities 205.5 225.8
Total liabilities 3,387.2 3,462.2
Commitments and contingencies (Note 18)
Shareholders’ equity    
—Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 253,862,978 (December 31, 2025: authorized shares: 3,000,000,000; outstanding shares: 253,543,540) 2.5 2.6
—Additional paid-in capital 2,631.4 2,633.3
—Accumulated other comprehensive loss (925.4) (917.1)
—Treasury shares (16.5) (37.5)
—Retained earnings 1,674.9 1,652.7
Total shareholders’ equity 3,366.9 3,334.0
Non-controlling interests 360.9 355.2
Total equity 3,727.8 3,689.2
Total liabilities and equity $ 7,115.0 $ 7,151.4
v3.26.1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 28, 2026
Dec. 31, 2025
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) 253,862,978 253,543,540
Common Stock Shares Issued Not Disclosed —Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 253,862,978 (December 31, 2025: authorized shares: 3,000,000,000; outstanding shares: 253,543,540) —Shares, par value of $0.01 each - authorized shares: 3,000,000,000; outstanding shares: 253,862,978 (December 31, 2025: authorized shares: 3,000,000,000; outstanding shares: 253,543,540)
v3.26.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Cash flows from operating activities    
Net income $ 66.2 $ 68.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55.7 52.2
Foreign exchange and other non-cash financing income (8.9) (8.2)
Share-based compensation expense 6.3 6.1
Decrease in post-employment benefit obligations, net (0.2) (3.0)
Deferred income taxes (9.3) (3.1)
Asset impairments 0.0 0.6
Other operating activities 0.8 2.6
Changes in operating assets and liabilities:    
—Accounts receivable (59.2) (47.3)
—Inventories 9.3 (15.4)
—Accounts payable (34.1) 3.1
—Prepaid expenses and other assets 8.3 (22.3)
—Taxes payable 7.2 8.5
—Other liabilities (11.9) (34.8)
Net cash provided by operating activities 30.2 7.3
Cash flows from investing activities    
Purchases of property, plant and equipment (16.7) (17.5)
Purchases of intangible assets (4.8) (8.7)
Cash paid under company-owned life insurance policies (10.6) (7.0)
Cash received under company-owned life insurance policies 3.7 0.5
Proceeds from the sale of property, plant and equipment 1.3 2.0
Other investing activities (0.1) (0.3)
Net cash used in investing activities (27.2) (31.0)
Cash flows from financing activities    
Issuance of shares 0.5 1.8
Repurchase of shares (16.6) (13.0)
Payments of long-term debt 0.0 (4.7)
Employee taxes paid from shares withheld (8.6) (11.5)
Dividends paid to non-controlling interests 0.0 (2.3)
Other financing activities (0.4) 5.1
Net cash used in financing activities (25.1) (24.6)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (4.7) 6.6
Net decrease in cash and cash equivalents and restricted cash (26.8) (41.7)
Cash and cash equivalents and restricted cash at the beginning of the period 815.0 684.8
Cash and cash equivalents and restricted cash at the end of the period 788.2 643.1
Supplemental schedule of cash flow information    
Interest paid 32.0 36.5
Income taxes paid 13.7 19.7
Accrued capital expenditures $ 2.6 $ 1.1
v3.26.1
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. 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 68.3 62.0         62.0 6.3
Other comprehensive (loss) income 36.4 31.5       31.5   4.9
Total comprehensive (loss) income 104.7 93.5 0.0 0.0 0.0 31.5 62.0 11.2
—Issuance of shares 1.8 1.8   1.8        
—Shares withheld for employee taxes (11.5) (11.5)   (11.5)        
—Repurchase of shares (12.7) (12.7)     (12.7)      
—Share-based compensation 7.6 7.6   7.6        
—Dividends paid to non-controlling interests (2.3)             (2.3)
Ending balance at Mar. 29, 2025 3,427.9 3,102.3 2.6 2,616.5 (12.7) (1,045.7) 1,541.6 325.6
Beginning balance at Dec. 31, 2025 3,689.2 3,334.0 2.6 2,633.3 (37.5) (917.1) 1,652.7 355.2
Increase (Decrease) in Stockholders' Equity                
Net income 66.2 59.7         59.7 6.5
Other comprehensive (loss) income (9.1) (8.3)       (8.3)   (0.8)
Total comprehensive (loss) income 57.1 51.4 0.0 0.0 0.0 (8.3) 59.7 5.7
—Issuance of shares 0.5 0.5   0.5        
—Shares withheld for employee taxes (8.6) (8.6)   (8.6)        
—Repurchase of shares (16.6) (16.6) (0.1)   (16.5)      
—Cancellation of treasury shares         37.5   (37.5)  
—Share-based compensation 6.2 6.2   6.2        
Ending balance at Mar. 28, 2026 $ 3,727.8 $ 3,366.9 $ 2.5 $ 2,631.4 $ (16.5) $ (925.4) $ 1,674.9 $ 360.9
v3.26.1
Introduction
 3 Months Ended
Mar. 28, 2026
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
Our fiscal quarters end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and on December 31 for our fourth fiscal quarter. Accordingly, the condensed consolidated balance sheets as of March 28, 2026 and December 31, 2025, and the related condensed consolidated statements of operations, comprehensive income, cash flows, and shareholders’ equity are presented, where relevant, for the 88 day period from December 31, 2025 to March 28, 2026, with comparative information for the 92 day period from December 28, 2024 to March 29, 2025.
C. Basis of preparation
The condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars unless otherwise indicated. The condensed consolidated financial statements and related notes contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company’s financial position as of March 28, 2026 and the results of its operations and cash flows for the periods ended March 28, 2026 and March 29, 2025. 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 31, 2025 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 31, 2025 has been derived from those audited financial statements.
During 2021, the Company implemented a program with an unrelated third party under which we may periodically sell trade accounts receivable from one of our aftermarket customers with whom we have extended payment terms as part of a commercial agreement. The purpose of using this program is to generally offset the working capital impact resulting from this terms extension. All eligible accounts receivable from this customer are covered by the program, and any factoring is solely at our option. Following the factoring of a qualifying receivable, because we maintain no continuing involvement in the underlying receivable, and collectability risk is fully transferred to the unrelated third party, we account for these transactions as a sale of a financial asset and derecognize the asset. Cash received under the program is classified as operating cash inflows in the consolidated statement of cash flows. As of March 28, 2026, the collection of $46.3 million of our trade accounts receivable had been accelerated under this program, compared to the accelerated collection of $165.9 million as of December 31, 2025. During the three months ended March 28, 2026, we incurred costs in respect of this program of $2.2 million. During the three months ended March 29, 2025, we incurred costs in respect of this program of $1.9 million.
The accounting policies used in preparing these condensed consolidated financial statements are the same as those applied in the prior year. We have reclassified amounts relating to prior period results to conform to current period presentation. The results of these reclassifications did not impact net income and are not considered material.
v3.26.1
Recent accounting pronouncements not yet adopted
 3 Months Ended
Mar. 28, 2026
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.
v3.26.1
Segment information
 3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Segment information Segment information
A. Background
The segment information provided in these condensed consolidated financial statements reflects the information that is used by the chief operating decision maker for the purposes of making decisions about allocating resources and in assessing the performance of each segment. The chief executive officer (“CEO”) of Gates serves as the chief operating decision maker. These decisions are based principally on net sales and Adjusted EBITDA (defined below).
B. Operating segments and segment assets
Gates manufactures a wide range of power transmission and fluid power products and components for a large variety of industrial and automotive applications, both in the aftermarket and first-fit channels, throughout the world.
Our reportable segments are identified on the basis of our primary product lines, as this is the basis on which information is provided to the CEO for the purposes of allocating resources and assessing the performance of Gates’ businesses. Our operating and reporting segments are therefore Power Transmission and Fluid Power.
Segment asset information is not provided to the chief operating decision maker and therefore segment asset information has not been presented. Due to the nature of Gates’ operations, cash generation and profitability are viewed as the key measures rather than an asset-based measure.
C. Segment net sales and disaggregated net sales
Sales between reporting segments and the impact of such sales on Adjusted EBITDA for each segment are not included in internal reports presented to the CEO and have therefore not been included below.
Three months ended
(dollars in millions)
March 28, 2026March 29, 2025
Power Transmission$533.2 $527.2 
Fluid Power317.9 320.4 
Net sales
$851.1 $847.6 
Our commercial function is organized by region and therefore, in addition to reviewing net sales by our reporting segments, the CEO also reviews net sales information disaggregated by region, including between emerging and developed markets.
The following table summarizes our net sales by key geographic region of origin:
Three months ended March 28, 2026Three months ended March 29, 2025
(dollars in millions)
Power Transmission
Fluid Power
Power Transmission
Fluid Power
U.S.$152.6 $168.5 $154.3 $168.0 
Americas, excluding the U.S.76.4 54.4 76.3 54.3 
United Kingdom ("U.K.")16.7 11.9 10.3 15.4 
Luxembourg56.6 20.7 62.8 22.8 
EMEA(1), excluding the U.K. and Luxembourg
88.6 25.8 85.2 27.7 
APAC (2), excluding China
69.5 22.8 70.8 20.5 
China72.8 13.8 67.5 11.7 
Net sales$533.2 $317.9 $527.2 $320.4 
(1)    Europe, Middle East and Africa (“EMEA”).
(2)    Asia-Pacific (“APAC”).
The following tables summarize our segment net sales into OEM and Aftermarket channels:
For the three months ended
March 28, 2026March 29, 2025
(dollars in millions)Power TransmissionFluid PowerPower TransmissionFluid Power
Aftermarket
$353.0 $226.7 $349.9 $226.1 
OEM180.2 91.2 177.3 94.3 
Net sales$533.2 $317.9 $527.2 $320.4 
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:
•transaction-related expenses incurred in relation to major corporate transactions, including the acquisition of businesses and related integration activities, and equity and debt transactions;
•non-cash charges in relation to share-based compensation;
•inventory adjustments related to certain inventories accounted for on a LIFO basis;
•asset impairments;
•restructuring expenses, including severance and restructuring-related expenses; and
•other expenses (income), excluding foreign currency transaction gain or loss and insurance recoveries.
Adjusted EBITDA by segment was as follows:
Three months ended
(dollars in millions)
March 28, 2026March 29, 2025
Power Transmission$112.0 $116.7 
Fluid Power 65.4 70.6 
Adjusted EBITDA$177.4 $187.3 
The table below represents the segment profit or loss provided to the CEO on a quarterly basis:
Three months ended
March 28, 2026March 29, 2025
Power TransmissionFluid PowerTotalPower TransmissionFluid PowerTotal
Net sales$533.2 $317.9 $851.1 $527.2 $320.4 $847.6 
Adjusted cost of sales (1)
(312.6)(194.1)(506.7)(308.8)(194.0)(502.8)
Adjusted selling, general and administrative expenses ("SG&A") (2)
(120.9)(68.7)(189.6)(113.7)(66.2)(179.9)
Depreciation and software amortization14.0 11.4 25.4 12.7 10.8 23.5 
Other adjustments (3)
(1.7)(1.1)(2.8)(0.7)(0.4)(1.1)
Adjusted EBITDA$112.0 $65.4 $177.4 $116.7 $70.6 $187.3 
(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.
Reconciliation of net income from continuing operations to Adjusted EBITDA:
Three months ended
(dollars in millions)
March 28, 2026March 29, 2025
Income from continuing operations before taxes77.9 93.8 
Interest expense29.9 29.6 
Depreciation and amortization55.7 52.2 
Transaction-related expenses (1)
0.5 0.4 
Asset impairments— 0.6 
Restructuring expenses0.7 1.6 
Share-based compensation expense6.3 6.1 
Inventory adjustments (included in cost of sales)(2)
4.0 (1.0)
Restructuring related expenses (included in cost of sales)2.5 1.2 
Restructuring related expenses (included in SG&A)1.3 1.5 
Other expenses (income), excluding foreign currency transaction gain or loss(3)
(1.4)1.3 
Adjusted EBITDA$177.4 $187.3 
(1)    Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions.
(2)    Inventory adjustments includes the reversal of the adjustment to remeasure certain inventories on a LIFO basis.
(3)    Other expenses (income) excludes foreign currency transaction losses of $3.5 million for the three months ended March 28, 2026; and foreign currency transaction losses of $1.1 million for the three months ended March 29, 2025.
v3.26.1
Restructuring, asset impairments, and restructuring related expenses
 3 Months Ended
Mar. 28, 2026
Restructuring and Related Activities [Abstract]  
Restructuring, asset impairments, and restructuring related expenses Restructuring, asset impairments, 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.
Restructuring expenses by expense type and asset impairments are included in the table below:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Restructuring expenses:
—Severance and related benefit expense0.3 0.1 
—Professional service fees— 1.3 
—Other net restructuring expenses 0.4 0.2 
Total restructuring expenses0.7 1.6 
—Asset impairments related to restructuring— 0.6 
Total restructuring expenses and asset impairments$0.7 $2.2 
Restructuring expenses during the three months ended March 28, 2026 included $0.7 million of costs related to a global cost reduction effort and reorganization of our operations in Mexico.
Restructuring expenses during the three months ended March 29, 2025 primarily included $1.3 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico, as well as severance and professional service fees.
Restructuring expenses and asset impairments by segment were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Power Transmission$0.1 $1.2 
Fluid Power0.6 1.0 
Total restructuring expenses and asset impairments$0.7 $2.2 
The following summarizes the reserve for restructuring expenses for the three months ended March 28, 2026 and March 29, 2025, respectively:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Balance as of the beginning of the period$16.3 $2.8 
Utilized during the period(4.2)(1.6)
Charge for the period0.9 1.7 
Released during the period(0.2)(0.1)
Foreign currency translation(0.1)0.1 
Balance as of the end of the period$12.7 $2.9 
Restructuring reserves are included in the condensed consolidated balance sheet within the accrued expenses and other current liabilities line.
Certain expenses related to strategic initiatives, not qualified as restructuring under U.S. GAAP, have been provided in the table below:
Three months ended
(dollars in millions)
March 28,
2026		0March 29,
2025
Other restructuring related expenses:
—Severance and restructuring related expenses included in cost of sales$2.5 $1.2 
—Severance and restructuring related expenses included in SG&A1.3 1.5 
Total restructuring related expenses$3.8 $2.7 
Restructuring related expenses during the three months ended March 28, 2026 included $2.4 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico and $1.4 million of costs related to professional service fees and general severance.
Restructuring related expenses during the three months ended March 29, 2025 primarily included $1.0 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico, as well as severance and professional service fees.
v3.26.1
Income taxes
 3 Months Ended
Mar. 28, 2026
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
We compute the year-to-date income tax provision by applying our estimated annual effective tax rate to our year-to-date pre-tax income and adjust for discrete tax items in the period in which they occur.
For the three months ended March 28, 2026, we had an income tax expense of $11.5 million on pre-tax income of $77.9 million, which resulted in an effective tax rate of 14.8%, compared to an income tax expense of $25.2 million on pre-tax income of $93.8 million, which resulted in an effective tax rate of 26.9%, for the three months ended March 29, 2025.
For the three months ended March 28, 2026, the effective tax rate was driven primarily by net discrete tax benefits of $6.4 million, comprised of a discrete tax benefit of $4.2 million related to the expected refund of research and development credits from prior years, $1.9 million related to changes in realizability of certain deferred tax assets primarily in Türkiye, $1.1 million related to excess tax benefits on stock option exercises, and $0.5 million related to other net discrete tax benefits, offset by $1.3 million related to prior year adjustments, primarily in Türkiye, reflecting tax returns that were filed. For the three months ended March 29, 2025, the effective tax rate was driven primarily by the jurisdictional mix of earnings and by net discrete tax expense of $0.1 million, comprised of a discrete tax benefit of $6.0 million related to excess tax benefits on stock option exercises, and $0.1 million related to other net discrete benefits, offset by discrete expenses of $5.2 million primarily related to changes in the realizability of certain deferred tax assets and $1.0 million related to net unrecognized tax benefits.
Deferred Tax Assets and Liabilities
We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under U.S. GAAP and their respective tax bases, and for net operating loss carryforwards and tax credit carryforwards. We evaluate the recoverability of our deferred tax assets, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized.
As of each reporting date, we consider new evidence, both positive and negative, that could impact our view with regard to the future realization of deferred tax assets. We 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.
v3.26.1
Earnings per share
 3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Basic earnings per share represents net income attributable to shareholders divided by the weighted average number of shares outstanding during the period. Diluted earnings per share considers the dilutive effect of potential shares, unless the inclusion of the potential shares would have an anti-dilutive effect. The treasury stock method is used to determine the potential dilutive shares resulting from assumed exercises of equity-related instruments.
The computation of earnings per share is presented below:
Three months ended
(dollars in millions, except share numbers and per share amounts)
March 28,
2026		March 29,
2025
Net income attributable to shareholders$59.7 $62.0 
Weighted average number of shares outstanding253,821,067 255,790,177 
Dilutive effect of share-based awards3,051,357 5,777,729 
Diluted weighted average number of shares outstanding256,872,424 261,567,906 
Number of anti-dilutive shares excluded from the diluted
earnings per share calculation		2,211,009 1,258,485 
Basic earnings per share$0.24 $0.24 
Diluted earnings per share$0.23 $0.24 
v3.26.1
Inventories
 3 Months Ended
Mar. 28, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
(dollars in millions)
As of
March 28, 2026
As of
December 31, 2025
Raw materials and supplies$205.0 $207.4 
Work in progress49.5 40.2 
Finished goods431.2 452.4 
Total inventories$685.7 $700.0 
v3.26.1
Goodwill
 3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
(dollars in millions)
Power
Transmission		Fluid
Power		Total
Cost and carrying amount
As of December 31, 2025$1,343.1 $692.1 $2,035.2 
Foreign currency translation(10.9)(3.7)(14.6)
As of March 28, 2026$1,332.2 $688.4 $2,020.6 
v3.26.1
Intangible assets
 3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets Intangible assets
As of March 28, 2026As of December 31, 2025
(dollars in millions)
CostAccumulated
amortization and
impairment		NetCostAccumulated
amortization and
impairment		Net
Finite-lived:
—Customer relationships
$1,994.4 $(1,389.6)$604.8 $2,004.3 $(1,366.7)$637.6 
—Technology
90.7 (90.7)— 90.8 (90.8)— 
—Capitalized software
187.7 (103.2)84.5 184.2 (98.8)85.4 
2,272.8 (1,583.5)689.3 2,279.3 (1,556.3)723.0 
Indefinite-lived:
—Brands and trade names
513.4 (44.0)469.4 513.4 (44.0)469.4 
Total intangible assets
$2,786.2 $(1,627.5)$1,158.7 $2,792.7 $(1,600.3)$1,192.4 
During the three months ended March 28, 2026, the amortization expense recognized in respect of intangible assets was $34.6 million, compared to $31.4 million for the three months ended March 29, 2025. In addition, movements in foreign currency exchange rates resulted in a decrease in the net carrying value of total intangible assets of $3.8 million for the three months ended March 28, 2026, compared to an increase of $7.2 million for the three months ended March 29, 2025.
v3.26.1
Derivative financial instruments
 3 Months Ended
Mar. 28, 2026
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 March 28, 2026
(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
Derivative instruments designated as net investment hedges:
—Currency swaps and currency forward contract
$1,890.0 $12.4 $16.5 $— $(175.8)$(146.9)
Derivative instruments designated as cash flow hedges:
—Interest rate swaps
1,085.0 2.0 5.2 (1.1)(1.0)$5.1 
—Currency forward contracts
120.4 0.9 — (0.6)— $0.3 
Derivatives not designated as hedging instruments:
—Currency forward contracts
0.2 — — — — $— 
$15.3 $21.7 $(1.7)$(176.8)$(141.5)
As of December 31, 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
Derivative instruments designated as net investment hedges:
—Currency swaps and currency forward contract
$1,890.0 $15.3 $14.5 $— $(193.0)$(163.2)
Derivative instruments designated as cash flow hedges:
—Interest rate swaps
1,085.0 0.3 1.1 (3.1)(4.3)$(6.0)
—Currency forward contracts
122.7 1.0 — (1.3)— $(0.3)
Derivatives not designated as hedging instruments:
—Currency forward contracts
0.1 — — — — $— 
$16.6 $15.6 $(4.4)$(197.3)$(169.5)
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 gains (losses) before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Net fair value gains (losses) recognized in OCI in relation to:
—Designated cross currency swaps & currency forwards$15.4 $(34.6)
Total net fair value gains (losses)
$15.4 $(34.6)
During the three months ended March 28, 2026, a net gain of $5.4 million 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 $4.8 million, during the three months ended March 29, 2025.
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 ended
(dollars in millions)
March 28,
2026		March 29,
2025
Movement recognized in OCI in relation to:
 —Fair value gain (loss) on cash flow hedges
$12.0 $(3.6)
—Deferred OCI reclassified to net income— (6.8)
Total movement
$12.0 $(10.4)
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 March 28, 2026, the notional amount of outstanding currency forward contracts that are not designated as hedging instruments was $0.2 million related to other foreign currencies, compared to $0.1 million as of December 31, 2025. The fair value gains recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Fair value gains recognized in relation to:
—Currency forward contracts recognized in other expense (income)$— $1.4 
Total
$— $1.4 
v3.26.1
Fair value measurement
 3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Fair value measurement Fair value measurement
A. Fair value hierarchy
We account for certain assets and liabilities at fair value. Topic 820 “Fair Value Measurements and Disclosures” establishes the following hierarchy for the inputs that are used in fair value measurement:
•“Level 1” inputs are unadjusted quoted prices in active markets for identical assets or liabilities;
•“Level 2” inputs are those other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
•“Level 3” inputs are not based on observable market data (unobservable inputs).
Assets and liabilities that are measured at fair value are categorized in one of the three levels on the basis of the lowest-level input that is significant to its valuation.
B. Financial instruments not held at fair value
Certain financial assets and liabilities are not measured at fair value; however, items such as cash and cash equivalents, restricted cash, drawings under revolving credit facilities and bank overdrafts generally attract interest at floating rates and accordingly their carrying amounts are considered to approximate fair value. Due to their short maturities, the carrying amounts of accounts receivable and accounts payable are also considered to approximate their fair values.
The carrying amount and fair value of our debt are set out below:
As of March 28, 2026As of December 31, 2025
(dollars in millions)
Carrying 
amount
Fair value
Carrying 
amount
Fair value
Current$30.9 $30.8 $36.2 $36.0 
Non-current2,197.6 2,224.3 2,196.3 2,230.2 
$2,228.5 $2,255.1 $2,232.5 $2,266.2 
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)
Significant observable
inputs (Level 2)
Total
As of March 28, 2026
Derivative assets$37.0 $37.0 
Derivative liabilities$(178.5)$(178.5)
Cash equivalents$30.6 $30.6 
As of December 31, 2025
Derivative assets$32.2 $32.2 
Derivative liabilities$(201.7)$(201.7)
Cash equivalents$23.1 $23.1 
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 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 1 or 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 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.
v3.26.1
Debt
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Debt Debt
(dollars in millions)
As of
March 28, 2026
As of
December 31, 2025
Secured debt:
—2024 Dollar Term Loans due June 4, 2031$1,283.8 $1,283.8 
—2022 Dollar Term Loans due November 16, 2029456.3 456.3 
Unsecured debt:
—6.875% Dollar Senior Notes due July 1, 2029
500.0 500.0 
Total principal of debt2,240.1 2,240.1 
Deferred issuance costs(23.7)(25.0)
Accrued interest12.1 17.4 
Total carrying value of debt2,228.5 2,232.5 
Debt, current portion30.9 36.2 
Debt, less current portion$2,197.6 $2,196.3 
Weighted average interest rate5.74 %5.78 %
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.
Dollar Term Loans
Our outstanding secured credit facilities consist of two loans, which include a tranche of $1,300.0 million dollar-denominated term loans issued on June 4, 2024 (the “2024 Dollar Term Loans”) and a tranche of $575.0 million of dollar-denominated term loans issued on November 16, 2022 (the “2022 Dollar Term Loans”). 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.
As of March 28, 2026, 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 5.42% 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 March 28, 2026, 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 5.42% 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 three months ended March 28, 2026, we made no amortization payments against the 2024 Dollar Term Loans and the 2022 Dollar Term Loans.
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 2025 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 2026.
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 March 28, 2026, 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.
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 March 28, 2026 and December 31, 2025, there were no drawings for cash under the revolving credit facility.
The letters of credit outstanding under this facility were $28.8 million and $29.0 million as of March 28, 2026 and December 31, 2025, respectively. In addition, Gates had other outstanding performance bonds, letters of credit and bank guarantees amounting to $12.5 million as of March 28, 2026, compared to $12.6 million as of December 31, 2025.
v3.26.1
Post-retirement benefits
 3 Months Ended
Mar. 28, 2026
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:
U.S. Pension Plans
(dollars in millions)Three months ended March 28, 2026Three months ended March 29, 2025
Net Periodic Benefit Cost:
Employer service cost$0.3 $0.5 
Interest cost1.8 2.0 
Expected return on plan assets(2.2)(2.0)
Total net periodic benefit cost (income)
$(0.1)$0.5 
Non-U.S. Pension Plans
(dollars in millions)Three months ended March 28, 2026Three months ended March 29, 2025
Net Periodic Benefit Cost:
Employer service cost$0.6 $0.5 
Settlements and curtailments5.2 — 
Interest cost4.3 4.1 
Expected return on plan assets(3.9)(3.7)
Amortization of prior net actuarial (gain) loss0.6 0.5 
Total net periodic benefit cost (income)
$6.8 $1.4 
Other Postretirement Benefit Plans
(dollars in millions)Three months ended March 28, 2026Three months ended March 29, 2025
Net Periodic Benefit Cost:
Interest cost$0.3 $0.3 
Amortization of prior net actuarial (gain) loss(0.7)(0.8)
Total net periodic benefit cost (income)
$(0.4)$(0.5)
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 expense line in the condensed consolidated statement of operations.
In March 2026, we completed an annuity purchase for most of the retirees in the Canadian defined benefit pension plan. The $30.4 million purchase price, funded from plan assets, settled $30.4 million of the pension benefit obligation. We recognized a one-time, non-cash pension settlement loss of $5.2 million.
For 2026 as a whole, we expect to contribute approximately $12.6 million to our defined benefit pension plans and approximately $2.6 million to our other retirement plans.
v3.26.1
Share-based compensation
 3 Months Ended
Mar. 28, 2026
Share-Based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensation
The Company operates a share-based incentive plan over its shares to provide incentives to Gates’ senior executives and other eligible employees. During the three months ended March 28, 2026, we recognized a charge of $6.3 million compared to $6.1 million during the three months ended March 29, 2025.
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 number of PRSUs earned will range from 0% to 200% of the total award amount and is dependent upon the extent the Company achieves certain performance metric targets measured over a three-year performance period subject to the participant’s continued employment through the end of the performance period. Performance metrics include return on investments and relative total shareholder return (“Relative TSR”) or adjusted gross profit margin and data center revenue, each, as defined in the applicable award agreements.
New awards and movements in existing awards granted under this plan are summarized in the tables below.
Summary of movements in options outstanding
Three months ended March 28, 2026
PlanNumber of
options		Weighted average exercise price
$
Outstanding at the beginning of the period:
—Tier I2014 Plan249,722 $7.89 
—Tier II2014 Plan324,311 $7.99 
—Tier IV2014 Plan274,963 $12.09 
—SARsBoth plans210,644 $15.51 
—Share options2018 Plan1,243,613 $14.56 
—Premium-priced options2018 Plan835,469 $18.88 
3,138,722 $14.35 
Granted during the period:
—SARs2018 Plan69,822 $26.24 
69,822 $26.24 
Exercised during the period:
—Tier I2014 Plan(18,600)$10.73 
—Tier II2014 Plan(22,003)$10.28 
—Tier IV2014 Plan(14,304)$17.37 
—SARsBoth Plans(13,763)$14.12 
—Share options2018 Plan(58,728)$14.32 
(127,398)$13.42 
Outstanding at the end of the period:
—Tier I2014 Plan231,122 $7.66 
—Tier II2014 Plan302,308 $7.82 
—Tier IV2014 Plan260,659 $11.80 
—SARsBoth plans266,703 $18.39 
—Share options2018 Plan1,184,885 $14.57 
—Premium-priced options2018 Plan835,469 $18.88 
3,081,146 $14.65 
Exercisable at the end of the period2,980,195 $14.33 
Vested and expected to vest at the end of the period3,081,146 $14.64 
As of March 28, 2026, the aggregate intrinsic value of options that were exercisable was $23.2 million, and these options had a weighted average remaining contractual term of 2.9 years. As of March 28, 2026, the aggregate intrinsic value of options that were vested or expected to vest was $23.3 million, and these options had a weighted average remaining contractual term of 3.1 years.
As of March 28, 2026, the unrecognized compensation charge relating to the nonvested options was $0.6 million, which is expected to be recognized over a weighted-average period of 2.5 years.
During the three months ended March 28, 2026, cash of $0.5 million was received in relation to the exercise of vested options, compared to $1.8 million during the three months ended March 29, 2025. The aggregate intrinsic value of options exercised during the three months ended March 28, 2026 was $1.1 million compared to $13.9 million during the three months ended March 29, 2025.
Summary of movements in RSUs and PRSUs Nonvested
Three months ended March 28, 2026
Number of
awards		Weighted average
grant date fair value
$
Nonvested at the beginning of the period:
—RSUs1,666,000 $18.01 
—PRSUs919,731 $18.91 
2,585,731 $18.33 
Granted during the period:
—RSUs1,020,669 $26.20 
—PRSUs1,108,013 $27.51 
2,128,682 $26.88 
Adjusted for performance during the period:
—PRSUs193,854 $15.88 
193,854 $15.88 
​
Forfeited during the period:
—RSUs(35,598)$16.84 
—PRSUs
(35,598)$16.84 
Vested during the period:
—RSUs(797,527)$16.97 
—PRSUs(514,281)15.88 
(1,311,808)$16.54 
Nonvested at the end of the period:
—RSUs1,853,544 $22.99 
—PRSUs1,707,317 $25.06 
3,560,861 $23.98 
As of March 28, 2026, the unrecognized compensation charge relating to unvested RSUs and PRSUs was $72.4 million, which is expected to be recognized over a weighted average period of 2.2 years, subject, where relevant, to the achievement of the performance conditions described above. The total fair value of RSUs and PRSUs vested during the three months ended March 28, 2026 was $21.7 million, compared to $20.5 million during the three months ended March 29, 2025, 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:
Three months ended
March 28,
2026		March 29,
2025
Weighted average grant date fair value:
—SARs$11.68 $9.96 
—RSUs$26.20 $21.63 
—PRSUs$27.51 $23.55 
Inputs to the model:
—Expected volatility — SARs39.8 %41.1 %
—Expected volatility — PRSUs33.9 %31.6 %
—Expected option life for SARs (years)6.06.0
—Risk-free interest rate:
SARs3.8 %4.1 %
PRSUs3.5 %4.0 %
v3.26.1
Equity
 3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Equity Equity
Movements in the Company’s number of shares in issue for the three months ended March 28, 2026 and March 29, 2025, respectively, were as follows:
Three months ended
(number of shares)
March 28,
2026		March 29,
2025
Balance as of the beginning of the period253,543,540 255,203,987 
Exercise of share options60,991 1,217,232 
Vesting of restricted stock units, net of withholding taxes968,505 1,039,360 
Shares repurchased
(710,058)— 
Balance as of the end of the period253,862,978 257,460,579 
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.
During the three months ended March 28, 2026, the Company repurchased 710,058 shares under the existing share repurchase program in the open market at a total cost of approximately $16.5 million, plus costs paid directly related to the transaction of $0.1 million. All shares repurchased were pending cancellation and approximately $177.8 million remained available under the share repurchase program as of March 28, 2026.
v3.26.1
Analysis of accumulated other comprehensive (loss) income
 3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Analysis of accumulated other comprehensive (loss) income Analysis of accumulated other comprehensive (loss) income
Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows:
(dollars in millions)Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 31, 2025$(30.5)$(870.4)$(16.2)$(917.1)$(77.4)$(994.5)
Foreign currency translation0.4 (27.3)— (26.9)(1.0)(27.9)
Cash flow hedges movements— — 12.9 12.9 0.2 13.1 
Post-retirement benefit movements5.7 — — 5.7 — 5.7 
Other comprehensive income (loss)
6.1 (27.3)12.9 (8.3)(0.8)(9.1)
As of March 28, 2026$(24.4)$(897.7)$(3.3)$(925.4)$(78.2)$(1,003.6)
(dollars in millions)
Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 28, 2024$(23.2)$(1,056.8)$2.8 $(1,077.2)$(97.5)$(1,174.7)
Foreign currency translation(1.4)40.9 — 39.5 4.9 44.4 
Cash flow hedges movements— — (7.8)(7.8)— (7.8)
Post-retirement benefit movements(0.2)— — (0.2)— (0.2)
Other comprehensive (loss) income(1.6)40.9 (7.8)31.5 4.9 36.4 
As of March 29, 2025$(24.8)$(1,015.9)$(5.0)$(1,045.7)$(92.6)$(1,138.3)
v3.26.1
Related party transactions
 3 Months Ended
Mar. 28, 2026
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
A. Equity method investees
Purchases from equity method investees were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Purchases
$(3.7)$(3.7)
Amounts outstanding in respect of these transactions were payables of $0.1 million as of both March 28, 2026 and December 31, 2025. 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 ended
(dollars in millions)
March 28,
2026		March 29,
2025
Sales$10.5 $10.5 
Purchases$(3.7)$(3.9)
Amounts outstanding in respect of these transactions were as follows:
(dollars in millions)
As of
March 28, 2026
As of
December 31, 2025
Receivables$4.0 $3.5 
Payables$(3.1)$(2.9)
v3.26.1
Commitments and contingencies
 3 Months Ended
Mar. 28, 2026
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 three months ended March 28, 2026 and March 29, 2025, respectively:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Balance as of the beginning of the period$15.5 $16.4 
Charge for the period2.1 2.1 
Payments made(2.0)(1.6)
Foreign currency translation— 0.1 
Balance as of the end of the period$15.6 $17.0 
v3.26.1
Subsequent Event
 3 Months Ended
Mar. 28, 2026
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On May 1, 2026, the Company announced that it entered into a definitive agreement to acquire the belts business from The Timken Company including select manufacturing assets. The transaction is expected to close in the third quarter of 2026.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 28, 2026
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
v3.26.1
Introduction (Policies)
 3 Months Ended
Mar. 28, 2026
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
Our fiscal quarters end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and on December 31 for our fourth fiscal quarter. Accordingly, the condensed consolidated balance sheets as of March 28, 2026 and December 31, 2025, and the related condensed consolidated statements of operations, comprehensive income, cash flows, and shareholders’ equity are presented, where relevant, for the 88 day period from December 31, 2025 to March 28, 2026, with comparative information for the 92 day period from December 28, 2024 to March 29, 2025.
Basis of preparation Basis of preparation
The condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and are presented in U.S. dollars unless otherwise indicated. The condensed consolidated financial statements and related notes contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the Company’s financial position as of March 28, 2026 and the results of its operations and cash flows for the periods ended March 28, 2026 and March 29, 2025. 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 31, 2025 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 31, 2025 has been derived from those audited financial statements.
During 2021, the Company implemented a program with an unrelated third party under which we may periodically sell trade accounts receivable from one of our aftermarket customers with whom we have extended payment terms as part of a commercial agreement. The purpose of using this program is to generally offset the working capital impact resulting from this terms extension. All eligible accounts receivable from this customer are covered by the program, and any factoring is solely at our option. Following the factoring of a qualifying receivable, because we maintain no continuing involvement in the underlying receivable, and collectability risk is fully transferred to the unrelated third party, we account for these transactions as a sale of a financial asset and derecognize the asset. Cash received under the program is classified as operating cash inflows in the consolidated statement of cash flows. As of March 28, 2026, the collection of $46.3 million of our trade accounts receivable had been accelerated under this program, compared to the accelerated collection of $165.9 million as of December 31, 2025. During the three months ended March 28, 2026, we incurred costs in respect of this program of $2.2 million. During the three months ended March 29, 2025, we incurred costs in respect of this program of $1.9 million.
The accounting policies used in preparing these condensed consolidated financial statements are the same as those applied in the prior year. We have reclassified amounts relating to prior period results to conform to current period presentation. The results of these reclassifications 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.
v3.26.1
Segment information (Tables)
 3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Schedule of Net Sales by Operating Segment
Sales between reporting segments and the impact of such sales on Adjusted EBITDA for each segment are not included in internal reports presented to the CEO and have therefore not been included below.
Three months ended
(dollars in millions)
March 28, 2026March 29, 2025
Power Transmission$533.2 $527.2 
Fluid Power317.9 320.4 
Net sales
$851.1 $847.6 
Adjusted EBITDA by segment was as follows:
Three months ended
(dollars in millions)
March 28, 2026March 29, 2025
Power Transmission$112.0 $116.7 
Fluid Power 65.4 70.6 
Adjusted EBITDA$177.4 $187.3 
The table below represents the segment profit or loss provided to the CEO on a quarterly basis:
Three months ended
March 28, 2026March 29, 2025
Power TransmissionFluid PowerTotalPower TransmissionFluid PowerTotal
Net sales$533.2 $317.9 $851.1 $527.2 $320.4 $847.6 
Adjusted cost of sales (1)
(312.6)(194.1)(506.7)(308.8)(194.0)(502.8)
Adjusted selling, general and administrative expenses ("SG&A") (2)
(120.9)(68.7)(189.6)(113.7)(66.2)(179.9)
Depreciation and software amortization14.0 11.4 25.4 12.7 10.8 23.5 
Other adjustments (3)
(1.7)(1.1)(2.8)(0.7)(0.4)(1.1)
Adjusted EBITDA$112.0 $65.4 $177.4 $116.7 $70.6 $187.3 
(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.
Schedule of Net sales by Key Geographic Regions and Markets
The following table summarizes our net sales by key geographic region of origin:
Three months ended March 28, 2026Three months ended March 29, 2025
(dollars in millions)
Power Transmission
Fluid Power
Power Transmission
Fluid Power
U.S.$152.6 $168.5 $154.3 $168.0 
Americas, excluding the U.S.76.4 54.4 76.3 54.3 
United Kingdom ("U.K.")16.7 11.9 10.3 15.4 
Luxembourg56.6 20.7 62.8 22.8 
EMEA(1), excluding the U.K. and Luxembourg
88.6 25.8 85.2 27.7 
APAC (2), excluding China
69.5 22.8 70.8 20.5 
China72.8 13.8 67.5 11.7 
Net sales$533.2 $317.9 $527.2 $320.4 
(1)    Europe, Middle East and Africa (“EMEA”).
(2)    Asia-Pacific (“APAC”).
The following tables summarize our segment net sales into OEM and Aftermarket channels:
For the three months ended
March 28, 2026March 29, 2025
(dollars in millions)Power TransmissionFluid PowerPower TransmissionFluid Power
Aftermarket
$353.0 $226.7 $349.9 $226.1 
OEM180.2 91.2 177.3 94.3 
Net sales$533.2 $317.9 $527.2 $320.4 
Schedule of Reconciliation of Adjusted EBITDA to Net Income from Continuing Operations
Reconciliation of net income from continuing operations to Adjusted EBITDA:
Three months ended
(dollars in millions)
March 28, 2026March 29, 2025
Income from continuing operations before taxes77.9 93.8 
Interest expense29.9 29.6 
Depreciation and amortization55.7 52.2 
Transaction-related expenses (1)
0.5 0.4 
Asset impairments— 0.6 
Restructuring expenses0.7 1.6 
Share-based compensation expense6.3 6.1 
Inventory adjustments (included in cost of sales)(2)
4.0 (1.0)
Restructuring related expenses (included in cost of sales)2.5 1.2 
Restructuring related expenses (included in SG&A)1.3 1.5 
Other expenses (income), excluding foreign currency transaction gain or loss(3)
(1.4)1.3 
Adjusted EBITDA$177.4 $187.3 
(1)    Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions.
(2)    Inventory adjustments includes the reversal of the adjustment to remeasure certain inventories on a LIFO basis.
(3)    Other expenses (income) excludes foreign currency transaction losses of $3.5 million for the three months ended March 28, 2026; and foreign currency transaction losses of $1.1 million for the three months ended March 29, 2025.
v3.26.1
Restructuring, asset impairments, and restructuring related expenses (Tables)
 3 Months Ended
Mar. 28, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs
Restructuring expenses by expense type and asset impairments are included in the table below:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Restructuring expenses:
—Severance and related benefit expense0.3 0.1 
—Professional service fees— 1.3 
—Other net restructuring expenses 0.4 0.2 
Total restructuring expenses0.7 1.6 
—Asset impairments related to restructuring— 0.6 
Total restructuring expenses and asset impairments$0.7 $2.2 
Restructuring expenses and asset impairments by segment were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Power Transmission$0.1 $1.2 
Fluid Power0.6 1.0 
Total restructuring expenses and asset impairments$0.7 $2.2 
Certain expenses related to strategic initiatives, not qualified as restructuring under U.S. GAAP, have been provided in the table below:
Three months ended
(dollars in millions)
March 28,
2026		0March 29,
2025
Other restructuring related expenses:
—Severance and restructuring related expenses included in cost of sales$2.5 $1.2 
—Severance and restructuring related expenses included in SG&A1.3 1.5 
Total restructuring related expenses$3.8 $2.7 
Schedule of Restructuring Reserves Activity
The following summarizes the reserve for restructuring expenses for the three months ended March 28, 2026 and March 29, 2025, respectively:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Balance as of the beginning of the period$16.3 $2.8 
Utilized during the period(4.2)(1.6)
Charge for the period0.9 1.7 
Released during the period(0.2)(0.1)
Foreign currency translation(0.1)0.1 
Balance as of the end of the period$12.7 $2.9 
v3.26.1
Earnings per share (Tables)
 3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Net Income Per Share
The computation of earnings per share is presented below:
Three months ended
(dollars in millions, except share numbers and per share amounts)
March 28,
2026		March 29,
2025
Net income attributable to shareholders$59.7 $62.0 
Weighted average number of shares outstanding253,821,067 255,790,177 
Dilutive effect of share-based awards3,051,357 5,777,729 
Diluted weighted average number of shares outstanding256,872,424 261,567,906 
Number of anti-dilutive shares excluded from the diluted
earnings per share calculation		2,211,009 1,258,485 
Basic earnings per share$0.24 $0.24 
Diluted earnings per share$0.23 $0.24 
v3.26.1
Inventories (Tables)
 3 Months Ended
Mar. 28, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
(dollars in millions)
As of
March 28, 2026
As of
December 31, 2025
Raw materials and supplies$205.0 $207.4 
Work in progress49.5 40.2 
Finished goods431.2 452.4 
Total inventories$685.7 $700.0 
v3.26.1
Goodwill (Tables)
 3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
(dollars in millions)
Power
Transmission		Fluid
Power		Total
Cost and carrying amount
As of December 31, 2025$1,343.1 $692.1 $2,035.2 
Foreign currency translation(10.9)(3.7)(14.6)
As of March 28, 2026$1,332.2 $688.4 $2,020.6 
v3.26.1
Intangible assets (Tables)
 3 Months Ended
Mar. 28, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
As of March 28, 2026As of December 31, 2025
(dollars in millions)
CostAccumulated
amortization and
impairment		NetCostAccumulated
amortization and
impairment		Net
Finite-lived:
—Customer relationships
$1,994.4 $(1,389.6)$604.8 $2,004.3 $(1,366.7)$637.6 
—Technology
90.7 (90.7)— 90.8 (90.8)— 
—Capitalized software
187.7 (103.2)84.5 184.2 (98.8)85.4 
2,272.8 (1,583.5)689.3 2,279.3 (1,556.3)723.0 
Indefinite-lived:
—Brands and trade names
513.4 (44.0)469.4 513.4 (44.0)469.4 
Total intangible assets
$2,786.2 $(1,627.5)$1,158.7 $2,792.7 $(1,600.3)$1,192.4 
Schedule of Indefinite-Lived Intangible Assets
As of March 28, 2026As of December 31, 2025
(dollars in millions)
CostAccumulated
amortization and
impairment		NetCostAccumulated
amortization and
impairment		Net
Finite-lived:
—Customer relationships
$1,994.4 $(1,389.6)$604.8 $2,004.3 $(1,366.7)$637.6 
—Technology
90.7 (90.7)— 90.8 (90.8)— 
—Capitalized software
187.7 (103.2)84.5 184.2 (98.8)85.4 
2,272.8 (1,583.5)689.3 2,279.3 (1,556.3)723.0 
Indefinite-lived:
—Brands and trade names
513.4 (44.0)469.4 513.4 (44.0)469.4 
Total intangible assets
$2,786.2 $(1,627.5)$1,158.7 $2,792.7 $(1,600.3)$1,192.4 
v3.26.1
Derivative financial instruments (Tables)
 3 Months Ended
Mar. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Financial Instruments
The period end fair values of derivative financial instruments were as follows:
As of March 28, 2026
(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
Derivative instruments designated as net investment hedges:
—Currency swaps and currency forward contract
$1,890.0 $12.4 $16.5 $— $(175.8)$(146.9)
Derivative instruments designated as cash flow hedges:
—Interest rate swaps
1,085.0 2.0 5.2 (1.1)(1.0)$5.1 
—Currency forward contracts
120.4 0.9 — (0.6)— $0.3 
Derivatives not designated as hedging instruments:
—Currency forward contracts
0.2 — — — — $— 
$15.3 $21.7 $(1.7)$(176.8)$(141.5)
As of December 31, 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
Derivative instruments designated as net investment hedges:
—Currency swaps and currency forward contract
$1,890.0 $15.3 $14.5 $— $(193.0)$(163.2)
Derivative instruments designated as cash flow hedges:
—Interest rate swaps
1,085.0 0.3 1.1 (3.1)(4.3)$(6.0)
—Currency forward contracts
122.7 1.0 — (1.3)— $(0.3)
Derivatives not designated as hedging instruments:
—Currency forward contracts
0.1 — — — — $— 
$16.6 $15.6 $(4.4)$(197.3)$(169.5)
Schedule of Derivative Effect on OCI
The fair value gains (losses) before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Net fair value gains (losses) recognized in OCI in relation to:
—Designated cross currency swaps & currency forwards$15.4 $(34.6)
Total net fair value gains (losses)
$15.4 $(34.6)
The movements before tax recognized in OCI in relation to our cash flow hedges were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Movement recognized in OCI in relation to:
 —Fair value gain (loss) on cash flow hedges
$12.0 $(3.6)
—Deferred OCI reclassified to net income— (6.8)
Total movement
$12.0 $(10.4)
Schedule of Gain Recognized from Derivative Instruments The fair value gains recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Fair value gains recognized in relation to:
—Currency forward contracts recognized in other expense (income)$— $1.4 
Total
$— $1.4 
v3.26.1
Fair value measurement (Tables)
 3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Amount and Fair Value of Debt
The carrying amount and fair value of our debt are set out below:
As of March 28, 2026As of December 31, 2025
(dollars in millions)
Carrying 
amount
Fair value
Carrying 
amount
Fair value
Current$30.9 $30.8 $36.2 $36.0 
Non-current2,197.6 2,224.3 2,196.3 2,230.2 
$2,228.5 $2,255.1 $2,232.5 $2,266.2 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table categorizes the assets and liabilities that are measured at fair value on a recurring basis:
(dollars in millions)
Significant observable
inputs (Level 2)
Total
As of March 28, 2026
Derivative assets$37.0 $37.0 
Derivative liabilities$(178.5)$(178.5)
Cash equivalents$30.6 $30.6 
As of December 31, 2025
Derivative assets$32.2 $32.2 
Derivative liabilities$(201.7)$(201.7)
Cash equivalents$23.1 $23.1 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
(dollars in millions)
As of
March 28, 2026
As of
December 31, 2025
Secured debt:
—2024 Dollar Term Loans due June 4, 2031$1,283.8 $1,283.8 
—2022 Dollar Term Loans due November 16, 2029456.3 456.3 
Unsecured debt:
—6.875% Dollar Senior Notes due July 1, 2029
500.0 500.0 
Total principal of debt2,240.1 2,240.1 
Deferred issuance costs(23.7)(25.0)
Accrued interest12.1 17.4 
Total carrying value of debt2,228.5 2,232.5 
Debt, current portion30.9 36.2 
Debt, less current portion$2,197.6 $2,196.3 
Weighted average interest rate5.74 %5.78 %
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 %
v3.26.1
Post-retirement benefits (Tables)
 3 Months Ended
Mar. 28, 2026
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:
U.S. Pension Plans
(dollars in millions)Three months ended March 28, 2026Three months ended March 29, 2025
Net Periodic Benefit Cost:
Employer service cost$0.3 $0.5 
Interest cost1.8 2.0 
Expected return on plan assets(2.2)(2.0)
Total net periodic benefit cost (income)
$(0.1)$0.5 
Non-U.S. Pension Plans
(dollars in millions)Three months ended March 28, 2026Three months ended March 29, 2025
Net Periodic Benefit Cost:
Employer service cost$0.6 $0.5 
Settlements and curtailments5.2 — 
Interest cost4.3 4.1 
Expected return on plan assets(3.9)(3.7)
Amortization of prior net actuarial (gain) loss0.6 0.5 
Total net periodic benefit cost (income)
$6.8 $1.4 
Other Postretirement Benefit Plans
(dollars in millions)Three months ended March 28, 2026Three months ended March 29, 2025
Net Periodic Benefit Cost:
Interest cost$0.3 $0.3 
Amortization of prior net actuarial (gain) loss(0.7)(0.8)
Total net periodic benefit cost (income)
$(0.4)$(0.5)
v3.26.1
Share-based compensation (Tables)
 3 Months Ended
Mar. 28, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
New awards and movements in existing awards granted under this plan are summarized in the tables below.
Summary of movements in options outstanding
Three months ended March 28, 2026
PlanNumber of
options		Weighted average exercise price
$
Outstanding at the beginning of the period:
—Tier I2014 Plan249,722 $7.89 
—Tier II2014 Plan324,311 $7.99 
—Tier IV2014 Plan274,963 $12.09 
—SARsBoth plans210,644 $15.51 
—Share options2018 Plan1,243,613 $14.56 
—Premium-priced options2018 Plan835,469 $18.88 
3,138,722 $14.35 
Granted during the period:
—SARs2018 Plan69,822 $26.24 
69,822 $26.24 
Exercised during the period:
—Tier I2014 Plan(18,600)$10.73 
—Tier II2014 Plan(22,003)$10.28 
—Tier IV2014 Plan(14,304)$17.37 
—SARsBoth Plans(13,763)$14.12 
—Share options2018 Plan(58,728)$14.32 
(127,398)$13.42 
Outstanding at the end of the period:
—Tier I2014 Plan231,122 $7.66 
—Tier II2014 Plan302,308 $7.82 
—Tier IV2014 Plan260,659 $11.80 
—SARsBoth plans266,703 $18.39 
—Share options2018 Plan1,184,885 $14.57 
—Premium-priced options2018 Plan835,469 $18.88 
3,081,146 $14.65 
Exercisable at the end of the period2,980,195 $14.33 
Vested and expected to vest at the end of the period3,081,146 $14.64 
Schedule of RSU and PRSU Activity
Summary of movements in RSUs and PRSUs Nonvested
Three months ended March 28, 2026
Number of
awards		Weighted average
grant date fair value
$
Nonvested at the beginning of the period:
—RSUs1,666,000 $18.01 
—PRSUs919,731 $18.91 
2,585,731 $18.33 
Granted during the period:
—RSUs1,020,669 $26.20 
—PRSUs1,108,013 $27.51 
2,128,682 $26.88 
Adjusted for performance during the period:
—PRSUs193,854 $15.88 
193,854 $15.88 
​
Forfeited during the period:
—RSUs(35,598)$16.84 
—PRSUs
(35,598)$16.84 
Vested during the period:
—RSUs(797,527)$16.97 
—PRSUs(514,281)15.88 
(1,311,808)$16.54 
Nonvested at the end of the period:
—RSUs1,853,544 $22.99 
—PRSUs1,707,317 $25.06 
3,560,861 $23.98 
Schedule of Share Based Compensation Valuation Techniques The weighted average fair values and relevant assumptions were as follows:
Three months ended
March 28,
2026		March 29,
2025
Weighted average grant date fair value:
—SARs$11.68 $9.96 
—RSUs$26.20 $21.63 
—PRSUs$27.51 $23.55 
Inputs to the model:
—Expected volatility — SARs39.8 %41.1 %
—Expected volatility — PRSUs33.9 %31.6 %
—Expected option life for SARs (years)6.06.0
—Risk-free interest rate:
SARs3.8 %4.1 %
PRSUs3.5 %4.0 %
v3.26.1
Equity (Tables)
 3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Schedule of Movement in Number of Shares in Issue
Movements in the Company’s number of shares in issue for the three months ended March 28, 2026 and March 29, 2025, respectively, were as follows:
Three months ended
(number of shares)
March 28,
2026		March 29,
2025
Balance as of the beginning of the period253,543,540 255,203,987 
Exercise of share options60,991 1,217,232 
Vesting of restricted stock units, net of withholding taxes968,505 1,039,360 
Shares repurchased
(710,058)— 
Balance as of the end of the period253,862,978 257,460,579 
v3.26.1
Analysis of accumulated other comprehensive (loss) income (Tables)
 3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive (Loss) Income
Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows:
(dollars in millions)Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 31, 2025$(30.5)$(870.4)$(16.2)$(917.1)$(77.4)$(994.5)
Foreign currency translation0.4 (27.3)— (26.9)(1.0)(27.9)
Cash flow hedges movements— — 12.9 12.9 0.2 13.1 
Post-retirement benefit movements5.7 — — 5.7 — 5.7 
Other comprehensive income (loss)
6.1 (27.3)12.9 (8.3)(0.8)(9.1)
As of March 28, 2026$(24.4)$(897.7)$(3.3)$(925.4)$(78.2)$(1,003.6)
(dollars in millions)
Post- retirement benefitsCumulative translation adjustmentCash flow hedgesAccumulated OCI attributable to shareholdersNon-controlling interestsAccumulated OCI
As of December 28, 2024$(23.2)$(1,056.8)$2.8 $(1,077.2)$(97.5)$(1,174.7)
Foreign currency translation(1.4)40.9 — 39.5 4.9 44.4 
Cash flow hedges movements— — (7.8)(7.8)— (7.8)
Post-retirement benefit movements(0.2)— — (0.2)— (0.2)
Other comprehensive (loss) income(1.6)40.9 (7.8)31.5 4.9 36.4 
As of March 29, 2025$(24.8)$(1,015.9)$(5.0)$(1,045.7)$(92.6)$(1,138.3)
v3.26.1
Related party transactions (Tables)
 3 Months Ended
Mar. 28, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Purchases from equity method investees were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Purchases
$(3.7)$(3.7)
Sales to and purchases from non-Gates entities controlled by non-controlling shareholders were as follows:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Sales$10.5 $10.5 
Purchases$(3.7)$(3.9)
Amounts outstanding in respect of these transactions were as follows:
(dollars in millions)
As of
March 28, 2026
As of
December 31, 2025
Receivables$4.0 $3.5 
Payables$(3.1)$(2.9)
v3.26.1
Commitments and contingencies (Tables)
 3 Months Ended
Mar. 28, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Warranty Liabilities
The following summarizes the movements in the warranty liability for the three months ended March 28, 2026 and March 29, 2025, respectively:
Three months ended
(dollars in millions)
March 28,
2026		March 29,
2025
Balance as of the beginning of the period$15.5 $16.4 
Charge for the period2.1 2.1 
Payments made(2.0)(1.6)
Foreign currency translation— 0.1 
Balance as of the end of the period$15.6 $17.0 
v3.26.1
Introduction - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Trade account receivables held for sale $ 46.3   $ 165.9
Expenses related to the reclassification of receivables $ 2.2 $ 1.9  
v3.26.1
Segment information - Net Sales by Geographic Regions and Markets (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2026
USD ($)
segment
Mar. 29, 2025
USD ($)
Revenues from External Customers and Long-Lived Assets    
Net sales $ 851.1 $ 847.6
Number of reportable segments | segment 2  
Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales $ 533.2 527.2
Power Transmission | Replacement    
Revenues from External Customers and Long-Lived Assets    
Net sales 353.0 349.9
Power Transmission | OEM    
Revenues from External Customers and Long-Lived Assets    
Net sales 180.2 177.3
Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales 317.9 320.4
Fluid Power | Replacement    
Revenues from External Customers and Long-Lived Assets    
Net sales 226.7 226.1
Fluid Power | OEM    
Revenues from External Customers and Long-Lived Assets    
Net sales 91.2 94.3
U.S. | Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales 152.6 154.3
U.S. | Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales 168.5 168.0
Americas, excluding the U.S. | Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales 76.4 76.3
Americas, excluding the U.S. | Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales 54.4 54.3
U.K. | Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales 16.7 10.3
U.K. | Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales 11.9 15.4
Luxembourg | Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales 56.6 62.8
Luxembourg | Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales 20.7 22.8
EMEA, excluding the U.K. and Luxembourg | Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales 88.6 85.2
EMEA, excluding the U.K. and Luxembourg | Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales 25.8 27.7
APAC, excluding China | Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales 69.5 70.8
APAC, excluding China | Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales 22.8 20.5
China | Power Transmission    
Revenues from External Customers and Long-Lived Assets    
Net sales 72.8 67.5
China | Fluid Power    
Revenues from External Customers and Long-Lived Assets    
Net sales $ 13.8 $ 11.7
v3.26.1
Segment information - Segment Profit or Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Segment Reporting Information    
Net sales $ 851.1 $ 847.6
Adjusted cost of sales (506.7) (502.8)
Adjusted selling, general and administrative expenses ("SG&A") (189.6) (179.9)
Depreciation and software amortization 25.4 23.5
Other adjustments (2.8) (1.1)
Adjusted EBITDA 177.4 187.3
Power Transmission    
Segment Reporting Information    
Net sales 533.2 527.2
Adjusted cost of sales (312.6) (308.8)
Adjusted selling, general and administrative expenses ("SG&A") (120.9) (113.7)
Depreciation and software amortization 14.0 12.7
Other adjustments (1.7) (0.7)
Adjusted EBITDA 112.0 116.7
Fluid Power    
Segment Reporting Information    
Net sales 317.9 320.4
Adjusted cost of sales (194.1) (194.0)
Adjusted selling, general and administrative expenses ("SG&A") (68.7) (66.2)
Depreciation and software amortization 11.4 10.8
Other adjustments (1.1) (0.4)
Adjusted EBITDA $ 65.4 $ 70.6
v3.26.1
Segment information - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Segment Reporting Information    
Net income from continuing operations $ 77.9 $ 93.8
Interest expense 29.9 29.6
Depreciation and amortization 55.7 52.2
Transaction-related expenses 0.5 0.4
Asset impairments 0.0 0.6
Restructuring expenses 0.7 1.6
Share-based compensation expense 6.3 6.1
Inventory write-offs and adjustments (included in cost of sales) 4.0 (1.0)
Total restructuring expenses 0.7 1.6
Other expenses (income), excluding foreign currency transaction gain or loss (1.4) 1.3
Adjusted EBITDA 177.4 187.3
Gain (loss), foreign currency transaction, before tax, adjusted (3.5) (1.1)
—Severance and restructuring-related expenses included in cost of sales    
Segment Reporting Information    
Total restructuring expenses $ 2.5 $ 1.2
Restructuring Charges, Statement of Income or Comprehensive Income Flag Cost of sales Cost of sales
SG&A    
Segment Reporting Information    
Total restructuring expenses $ 1.3 $ 1.5
Restructuring Charges, Statement of Income or Comprehensive Income Flag Selling, general and administrative expenses Selling, general and administrative expenses
v3.26.1
Restructuring, asset impairments, and restructuring related expenses - Income Statement Location (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Restructuring Cost and Reserve    
Total restructuring expenses $ 0.7 $ 1.6
—Asset impairments related to restructuring 0.0 0.6
Total restructuring expenses and asset impairments 0.7 2.2
Total restructuring related expenses 3.8 2.7
—Severance and restructuring-related expenses included in cost of sales    
Restructuring Cost and Reserve    
Total restructuring expenses 2.5 1.2
Total restructuring related expenses $ 2.5 $ 1.2
Restructuring Charges, Statement of Income or Comprehensive Income Flag Cost of sales Cost of sales
—Severance and restructuring-related expenses included in SG&A    
Restructuring Cost and Reserve    
Total restructuring expenses $ 1.3 $ 1.5
Total restructuring related expenses $ 1.3 $ 1.5
Restructuring Charges, Statement of Income or Comprehensive Income Flag Selling, general and administrative expenses Selling, general and administrative expenses
—Severance and related benefit expense    
Restructuring Cost and Reserve    
Total restructuring expenses $ 0.3 $ 0.1
—Professional service fees    
Restructuring Cost and Reserve    
Total restructuring expenses $ 0.0 $ 1.3
Restructuring Charges, Statement of Income or Comprehensive Income Flag Restructuring expenses Restructuring expenses
—Other net restructuring expenses    
Restructuring Cost and Reserve    
Total restructuring expenses $ 0.4 $ 0.2
Restructuring Charges, Statement of Income or Comprehensive Income Flag Restructuring expenses Restructuring expenses
v3.26.1
Restructuring, asset impairments, and restructuring related expenses - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Restructuring Cost and Reserve    
Total restructuring expenses $ 0.7 $ 1.6
Mexico    
Restructuring Cost and Reserve    
Total restructuring expenses 2.4 1.0
Severance, labor and other benefits    
Restructuring Cost and Reserve    
Total restructuring expenses 0.7 $ 1.3
Professional service fees and general severance | Mexico    
Restructuring Cost and Reserve    
Total restructuring expenses $ 1.4  
v3.26.1
Restructuring, asset impairments, and restructuring related expenses - Restructuring Costs by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Restructuring Cost and Reserve    
Total restructuring expenses and asset impairments $ 0.7 $ 2.2
Power Transmission    
Restructuring Cost and Reserve    
Total restructuring expenses and asset impairments 0.1 1.2
Fluid Power    
Restructuring Cost and Reserve    
Total restructuring expenses and asset impairments $ 0.6 $ 1.0
v3.26.1
Restructuring, asset impairments, and restructuring related expenses - Restructuring Reserve Activity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Restructuring reserves    
Balance as of the beginning of the period $ 16.3 $ 2.8
Utilized during the period (4.2) (1.6)
Charge for the period 0.9 1.7
Released during the period (0.2) (0.1)
Foreign currency translation (0.1) 0.1
Balance as of the end of the period $ 12.7 $ 2.9
v3.26.1
Income taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Operating Loss Carryforwards    
Income tax expense $ 11.5 $ 25.2
Income from continuing operations before taxes $ 77.9 $ 93.8
Reported effective income tax rate (as a percent) 14.80% 26.90%
Discrete tax (benefit) expense $ 6.4 $ 0.1
Offset by discrete benefit   5.2
Unrecognized tax benefits   1.0
Research and Development    
Operating Loss Carryforwards    
Discrete tax (benefit) expense 4.2  
Foreign Tax Jurisdiction    
Operating Loss Carryforwards    
Discrete tax (benefit) expense 1.9  
Stock Option Exercised    
Operating Loss Carryforwards    
Discrete tax (benefit) expense 1.1 6.0
Other Deferred Expenses    
Operating Loss Carryforwards    
Discrete tax (benefit) expense (0.5) $ (0.1)
Prior Year Adjustments Primarily in Turkiye    
Operating Loss Carryforwards    
Discrete tax (benefit) expense $ 1.3  
v3.26.1
Earnings per share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Earnings Per Share [Abstract]    
Net income attributable to shareholders $ 59.7 $ 62.0
Weighted average number of shares outstanding (in shares) 253,821,067 255,790,177
Dilutive effect of share-based awards (in shares) 3,051,357 5,777,729
Diluted weighted average number of shares outstanding (in shares) 256,872,424 261,567,906
Number of anti-dilutive shares excluded from the diluted earnings per share calculation (in shares) 2,211,009 1,258,485
Basic earnings per share (in usd per share) $ 0.24 $ 0.24
Diluted earnings per share (in usd per share) $ 0.23 $ 0.24
v3.26.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 205.0 $ 207.4
Work in progress 49.5 40.2
Finished goods 431.2 452.4
Total inventories $ 685.7 $ 700.0
v3.26.1
Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 28, 2026
USD ($)
Cost and carrying amount  
Beginning balance $ 2,035.2
Foreign currency translation (14.6)
Ending balance 2,020.6
Power Transmission  
Cost and carrying amount  
Beginning balance 1,343.1
Foreign currency translation (10.9)
Ending balance 1,332.2
Fluid Power  
Cost and carrying amount  
Beginning balance 692.1
Foreign currency translation (3.7)
Ending balance $ 688.4
v3.26.1
Intangible assets - Finite-Lived and Indefinite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets    
Finite-lived, cost $ 2,272.8 $ 2,279.3
Finite-lived, accumulated amortization and impairment (1,583.5) (1,556.3)
Finite-lived, net 689.3 723.0
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 2,786.2 2,792.7
Accumulated amortization and impairment (1,627.5) (1,600.3)
Net 1,158.7 1,192.4
—Customer relationships    
Finite-Lived Intangible Assets    
Finite-lived, cost 1,994.4 2,004.3
Finite-lived, accumulated amortization and impairment (1,389.6) (1,366.7)
Finite-lived, net 604.8 637.6
—Technology    
Finite-Lived Intangible Assets    
Finite-lived, cost 90.7 90.8
Finite-lived, accumulated amortization and impairment (90.7) (90.8)
Finite-lived, net 0.0 0.0
—Capitalized software    
Finite-Lived Intangible Assets    
Finite-lived, cost 187.7 184.2
Finite-lived, accumulated amortization and impairment (103.2) (98.8)
Finite-lived, net $ 84.5 $ 85.4
v3.26.1
Intangible assets - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 34.6 $ 31.4
Intangible assets, foreign currency translation gain (loss) $ (3.8) $ 7.2
v3.26.1
Derivative financial instruments - Fair Values of Derivative Instruments (Details) - USD ($)
Mar. 28, 2026
Dec. 31, 2025
Apr. 30, 2025
Derivatives, Fair Value      
Net $ (141,500,000) $ (169,500,000)  
—Currency swaps | Net Investment Hedges      
Derivatives, Fair Value      
Gross Notional Amount 820,000,000.0    
—Currency swaps | Derivatives designated as hedging instruments: | Net Investment Hedges      
Derivatives, Fair Value      
Gross Notional Amount 1,890,000,000 1,890,000,000  
Net (146,900,000) (163,200,000)  
—Interest rate swaps | Derivatives designated as hedging instruments: | Net Investment Hedges      
Derivatives, Fair Value      
Gross Notional Amount     $ 470,000,000.0
—Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Gross Notional Amount 1,085,000,000 1,085,000,000  
Net 5,100,000 (6,000,000.0)  
—Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Gross Notional Amount 120,400,000 122,700,000  
Net 300,000 (300,000)  
—Currency forward contracts | Derivatives not designated as hedging instruments:      
Derivatives, Fair Value      
Gross Notional Amount 200,000 100,000  
Net 0 0  
Prepaid expenses and other assets      
Derivatives, Fair Value      
Derivative assets $ 15,300,000 $ 16,600,000  
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 $ 12,400,000 $ 15,300,000  
Prepaid expenses and other assets | —Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative assets 2,000,000.0 300,000  
Prepaid expenses and other assets | —Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative assets 900,000 1,000,000.0  
Prepaid expenses and other assets | —Currency forward contracts | Derivatives not designated as hedging instruments:      
Derivatives, Fair Value      
Derivative assets 0 0  
Other non- current assets      
Derivatives, Fair Value      
Derivative assets $ 21,700,000 $ 15,600,000  
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 $ 16,500,000 $ 14,500,000  
Other non- current assets | —Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative assets 5,200,000 1,100,000  
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 $ (1,700,000) $ (4,400,000)  
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 (1,100,000) (3,100,000)  
Accrued expenses and other current liabilities | —Currency forward contracts | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative liabilities (600,000) (1,300,000)  
Accrued expenses and other current liabilities | —Currency forward contracts | Derivatives not designated as hedging instruments:      
Derivatives, Fair Value      
Derivative liabilities 0 0  
Other  non- current liabilities      
Derivatives, Fair Value      
Derivative liabilities $ (176,800,000) $ (197,300,000)  
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 $ (175,800,000) $ (193,000,000.0)  
Other  non- current liabilities | —Interest rate swaps | Derivatives designated as hedging instruments: | Cash Flow Hedging      
Derivatives, Fair Value      
Derivative liabilities (1,000,000.0) (4,300,000)  
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  
v3.26.1
Derivative financial instruments - Narratives (Details) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 30, 2025
Mar. 28, 2026
Mar. 29, 2025
Dec. 31, 2025
Derivatives not designated as hedging instruments        
Derivative        
Gains on derivative, recognized in the income statement   $ 0 $ 1,400,000  
Currency swap | Net Investment Hedges        
Derivative        
Notional amount   820,000,000.0    
Currency swap | Net Investment Hedges | Derivatives designated as hedging instruments        
Derivative        
Notional amount   1,890,000,000   $ 1,890,000,000
Gains on derivative, recognized in the income statement   $ 5,400,000 $ 4,800,000  
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 $ 470,000,000.0      
Derivative, term of contract 5 years      
Interest Rate Swap II | Net Investment Hedges | Derivatives designated as hedging instruments        
Derivative        
Notional amount $ 230,000,000.0      
—Currency forward contracts | Derivatives not designated as hedging instruments        
Derivative        
Notional amount   $ 200,000   $ 100,000
v3.26.1
Derivative financial instruments - Net Investment Hedging Instruments in OCI (Details) - Net Investment Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Derivative Instruments, Gain (Loss)    
Total net fair value gains (losses) $ 15.4 $ (34.6)
—Designated cross currency swaps    
Derivative Instruments, Gain (Loss)    
Total net fair value gains (losses) $ 15.4 $ (34.6)
v3.26.1
Derivative financial instruments - OCI Movement (Details) - Interest Rate Contract - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Movement recognized in OCI in relation to:    
—Fair value gain (loss) on cash flow hedges $ 12.0 $ (3.6)
—Deferred OCI reclassified to net income 0.0 (6.8)
Total movement $ 12.0 $ (10.4)
v3.26.1
Derivative financial instruments - Gains From Derivative Instruments Not Designated as Hedging Instruments (Details) - Derivatives not designated as hedging instruments - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Derivative Instruments, Gain (Loss)    
Gain on derivative, recognized in the income statement $ 0.0 $ 1.4
—Currency forward contracts recognized in SG&A    
Derivative Instruments, Gain (Loss)    
Gain on derivative, recognized in the income statement $ 0.0 $ 1.4
v3.26.1
Fair value measurement - Carrying Amount and Fair Value of Debt (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Carrying  amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Current $ 30.9 $ 36.2
Non-current 2,197.6 2,196.3
Fair value of debt 2,228.5 2,232.5
Fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Current 30.8 36.0
Non-current 2,224.3 2,230.2
Fair value of debt $ 2,255.1 $ 2,266.2
v3.26.1
Fair value measurement - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Apr. 30, 2024
Debt Instrument    
Equity investment in a privately held company   $ 5.0
Two Dollar Term Loan | Term loan    
Debt Instrument    
Variable rate (as a percent) 0.50%  
v3.26.1
Fair value measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets $ 37.0 $ 32.2
Derivative liabilities (178.5) (201.7)
Cash equivalents 30.6 23.1
Significant observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets 37.0 32.2
Derivative liabilities (178.5) (201.7)
Cash equivalents $ 30.6 $ 23.1
v3.26.1
Debt - Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 31, 2025
Debt Instrument    
Total principal of debt $ 2,240.1 $ 2,240.1
Deferred issuance costs (23.7) (25.0)
Accrued interest 12.1 17.4
Total carrying value of debt 2,228.5 2,232.5
Debt, current portion 30.9 36.2
Debt, less current portion $ 2,197.6 $ 2,196.3
Weighted average interest rate (as a percent) 5.74% 5.78%
—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 $ 1,283.8 $ 1,283.8
—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 $ 456.3 456.3
—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
v3.26.1
Debt - Dollar Term Loans Narratives (Details) - Secured debt:
 3 Months Ended
Mar. 28, 2026
USD ($)
Jun. 04, 2024
USD ($)
Nov. 16, 2022
USD ($)
Feb. 24, 2021
loan
New Dollar Term Loan        
Debt Instrument        
Number of loans (loan) | loan       2
—2024 Dollar Term Loans due June 4, 2031        
Debt Instrument        
Debt instrument principal amount   $ 1,300,000,000    
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) 5.42%      
Quarterly amortization payment rate (as a percent) 0.25%      
—2022 Dollar Term Loans due November 16, 2029        
Debt Instrument        
Debt instrument principal amount     $ 575,000,000.0  
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) 5.42%      
Quarterly amortization payment rate (as a percent) 0.25%      
Quarterly amortization payment on debt $ 0      
v3.26.1
Debt - Unsecured Senior Notes Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Dec. 31, 2025
Debt Instrument    
Total principal of debt $ 2,240.1 $ 2,240.1
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%  
v3.26.1
Debt - Redemption Prices Plus Accrued and Unpaid Interest (Details) - —6.875% Dollar Senior Notes due July 1, 2029 - Unsecured Debt
 3 Months Ended
Mar. 28, 2026
—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%
v3.26.1
Debt - Revolving Credit Facility Narratives (Details) - USD ($)
Jan. 21, 2025
Mar. 28, 2026
Dec. 31, 2025
Jun. 04, 2024
Jun. 03, 2024
Performance Bonds, Letters of Credit and Bank Guarantees          
Line of Credit Facility          
Line of credit carrying value   $ 12,500,000 $ 12,600,000    
Revolving Credit Facility          
Line of Credit Facility          
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       $ 500,000,000.0 $ 250,000,000.0
Line of credit facility, outstanding balance trigger       500,000,000.0  
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       $ 150,000,000.0  
Line of credit carrying value   $ 28,800,000 $ 29,000,000.0    
v3.26.1
Post-retirement benefits - Effects of Pension Plan Recognized in OCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Pensions | U.S.    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Employer service cost $ 0.3 $ 0.5
Interest cost 1.8 2.0
Expected return on plan assets (2.2) (2.0)
Total net periodic benefit cost (income) (0.1) 0.5
Pensions | Non-U.S. Plans    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Employer service cost 0.6 0.5
Settlements and curtailments 5.2 0.0
Interest cost 4.3 4.1
Expected return on plan assets (3.9) (3.7)
Amortization of prior net actuarial (gain) loss 0.6 0.5
Total net periodic benefit cost (income) 6.8 1.4
Other post-retirement benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Interest cost 0.3 0.3
Amortization of prior net actuarial (gain) loss (0.7) (0.8)
Total net periodic benefit cost (income) $ (0.4) $ (0.5)
v3.26.1
Post-retirement benefits - Narratives (Details)
$ in Millions
 1 Months Ended
Mar. 28, 2026
USD ($)
Defined Benefit Plan Disclosure  
Plan asset $ 30.4
Pension benefit obligation 30.4
Non-cash pension settlement loss 5.2
Pensions  
Defined Benefit Plan Disclosure  
Expected future employer contributions in current fiscal year 12.6
Other post-retirement benefits  
Defined Benefit Plan Disclosure  
Expected future employer contributions in current fiscal year $ 2.6
v3.26.1
Share-based compensation - Narratives (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award      
Share based compensation expense recognized $ 6.3 $ 6.1  
Proceeds from stock options exercised 0.5 1.8  
—Share options      
Share-based Compensation Arrangement by Share-based Payment Award      
Aggregate intrinsic value of options exercisable $ 23.2    
Contractual term of options exercisable (in years) 2 years 10 months 24 days    
Aggregate intrinsic value of options that were vested or expected to vest $ 23.3    
Contractual term of options that were vested or expect to vest (in years) 3 years 1 month 6 days    
Unrecognized compensation relating to non-vested awards $ 0.6    
Unrecognized compensation relating to non-vested awards, recognition period (in years) 2 years 6 months    
Aggregate intrinsic value of options exercised $ 1.1 13.9  
—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      
Share-based Compensation Arrangement by Share-based Payment Award      
Aggregate intrinsic value of non options vested $ 21.7 $ 20.5  
—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      
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) 2 years 2 months 12 days    
Unrecognized compensation relating to non-vested awards other than option $ 72.4    
v3.26.1
Share-based compensation - Stock Option and SAR Rollforward (Details)
 3 Months Ended
Mar. 28, 2026
$ / shares
shares
Number of options  
Beginning balance (in shares) | shares 3,138,722
Granted (in shares) | shares 69,822
Exercised (in shares) | shares (127,398)
Ending balance (in shares) | shares 3,081,146
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 14.35
Granted (in usd per share) | $ / shares 26.24
Exercised (in usd per share) | $ / shares 13.42
Ending balance (in usd per share) | $ / shares $ 14.65
—Share options  
Number of options  
Beginning balance (in shares) | shares 1,243,613
Exercised (in shares) | shares (58,728)
Ending balance (in shares) | shares 1,184,885
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 14.56
Exercised (in usd per share) | $ / shares 14.32
Ending balance (in usd per share) | $ / shares $ 14.57
Exercisable at the end of the period (in shares) | shares 2,980,195
Exercisable at the end of the period (in usd per share) | $ / shares $ 14.33
Vested and expected to vest at the end of the period (in shares) | shares 3,081,146
Vested and expected to vest at the end of the period (in usd per share) | $ / shares $ 14.64
—SARs  
Number of options  
Beginning balance (in shares) | shares 210,644
Granted (in shares) | shares 69,822
Exercised (in shares) | shares (13,763)
Ending balance (in shares) | shares 266,703
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 15.51
Granted (in usd per share) | $ / shares 26.24
Exercised (in usd per share) | $ / shares 14.12
Ending balance (in usd per share) | $ / shares $ 18.39
—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 249,722
Exercised (in shares) | shares (18,600)
Ending balance (in shares) | shares 231,122
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 7.89
Exercised (in usd per share) | $ / shares 10.73
Ending balance (in usd per share) | $ / shares $ 7.66
—Tier II | —Share options  
Number of options  
Beginning balance (in shares) | shares 324,311
Exercised (in shares) | shares (22,003)
Ending balance (in shares) | shares 302,308
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 7.99
Exercised (in usd per share) | $ / shares 10.28
Ending balance (in usd per share) | $ / shares $ 7.82
—Tier IV | —Share options  
Number of options  
Beginning balance (in shares) | shares 274,963
Exercised (in shares) | shares (14,304)
Ending balance (in shares) | shares 260,659
Weighted average exercise price $  
Beginning balance (in usd per share) | $ / shares $ 12.09
Exercised (in usd per share) | $ / shares 17.37
Ending balance (in usd per share) | $ / shares $ 11.80
v3.26.1
Share-based compensation - RSU and PRSU Rollforward (Details)
 3 Months Ended
Mar. 28, 2026
$ / shares
shares
Number of awards  
Beginning balance (in shares) | shares 2,585,731
Granted (in shares) | shares 2,128,682
Adjusted (in shares) | shares 193,854
Forfeited (in shares) | shares (35,598)
Vested (in shares) | shares (1,311,808)
Ending balance (in shares) | shares 3,560,861
Weighted average grant date fair value $  
Beginning balance (in usd per share) | $ / shares $ 18.33
Granted (in usd per share) | $ / shares 26.88
Adjusted (in usd per share) | $ / shares 15.88
Forfeited (in usd per share) | $ / shares 16.84
Vested (in usd per share) | $ / shares 16.54
Ending balance (in usd per share) | $ / shares $ 23.98
—RSUs  
Number of awards  
Beginning balance (in shares) | shares 1,666,000
Granted (in shares) | shares 1,020,669
Forfeited (in shares) | shares (35,598)
Vested (in shares) | shares (797,527)
Ending balance (in shares) | shares 1,853,544
Weighted average grant date fair value $  
Beginning balance (in usd per share) | $ / shares $ 18.01
Granted (in usd per share) | $ / shares 26.20
Forfeited (in usd per share) | $ / shares 16.84
Vested (in usd per share) | $ / shares 16.97
Ending balance (in usd per share) | $ / shares $ 22.99
—PRSUs  
Number of awards  
Beginning balance (in shares) | shares 919,731
Granted (in shares) | shares 1,108,013
Adjusted (in shares) | shares 193,854
Forfeited (in shares) | shares
Vested (in shares) | shares (514,281)
Ending balance (in shares) | shares 1,707,317
Weighted average grant date fair value $  
Beginning balance (in usd per share) | $ / shares $ 18.91
Granted (in usd per share) | $ / shares 27.51
Adjusted (in usd per share) | $ / shares 15.88
Forfeited (in usd per share) | $ / shares
Vested (in usd per share) | $ / shares 15.88
Ending balance (in usd per share) | $ / shares $ 25.06
v3.26.1
Share-based compensation - Fair Value and Valuation Assumptions (Details) - $ / shares
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
—SARs    
Share-based Compensation Arrangement by Share-based Payment Award    
Weighted average grant date fair value (in usd per share) $ 11.68 $ 9.96
Expected volatility (as a percent) 39.80% 41.10%
Expected option life (in years) 6 years 6 years
Risk-free interest rate (as a percent) 3.80% 4.10%
—RSUs    
Share-based Compensation Arrangement by Share-based Payment Award    
Weighted average grant date fair value (in usd per share) $ 26.20 $ 21.63
—PRSUs    
Share-based Compensation Arrangement by Share-based Payment Award    
Weighted average grant date fair value (in usd per share) $ 27.51 $ 23.55
Expected volatility (as a percent) 33.90% 31.60%
Risk-free interest rate (as a percent) 3.50% 4.00%
v3.26.1
Equity - Movement in Number of Shares in Issue (Details) - shares
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Increase (Decrease) in Stockholders' Equity    
Balance as of the beginning of the period (in shares) 253,543,540 255,203,987
Exercise of share options (in shares) 60,991 1,217,232
Vesting of restricted stock units, net of withholding taxes (in shares) 968,505 1,039,360
Shares repurchased (in shares) (710,058) 0
Balance as of the end of the period (in shares) 253,862,978 257,460,579
v3.26.1
Equity - Narratives (Details) - USD ($)
 3 Months Ended
Mar. 28, 2026
Oct. 29, 2025
Equity [Abstract]    
Repurchase program, authorized amount   $ 300,000,000.0
Shares repurchased and cancelled (in shares) 710,058  
Payments for repurchase of common stock, gross $ 16,500,000  
Debt instrument, cost related transaction amount 100,000  
Share repurchase remaining amount $ 177,800,000  
v3.26.1
Analysis of accumulated other comprehensive (loss) income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance $ 3,689.2 $ 3,340.3
Gain (loss), foreign currency transaction, before tax, adjusted (27.9) 44.4
Cash flow hedges movements 13.1 (7.8)
Postretirement benefit movements 5.7 (0.2)
Other comprehensive income (loss) (9.1) 36.4
Ending balance 3,727.8 3,427.9
Accumulated OCI    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (994.5) (1,174.7)
Ending balance (1,003.6) (1,138.3)
Accumulated OCI attributable to shareholders    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (917.1) (1,077.2)
Gain (loss), foreign currency transaction, before tax, adjusted (26.9) 39.5
Other comprehensive income (loss) (8.3) 31.5
Ending balance (925.4) (1,045.7)
Post- retirement benefit    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (30.5) (23.2)
Other comprehensive income (loss) 6.1 (1.6)
Ending balance (24.4) (24.8)
Foreign currency translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Gain (loss), foreign currency transaction, before tax, adjusted 0.4 (1.4)
Postretirement benefit movements    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Postretirement benefit movements 5.7 (0.2)
Cash flow hedges    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (16.2) 2.8
Cash flow hedges movements 12.9 (7.8)
Other comprehensive income (loss) 12.9 (7.8)
Ending balance (3.3) (5.0)
Cumulative translation adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (870.4) (1,056.8)
Gain (loss), foreign currency transaction, before tax, adjusted (27.3) 40.9
Other comprehensive income (loss) (27.3) 40.9
Ending balance (897.7) (1,015.9)
Non- controlling interests    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning balance (77.4) (97.5)
Other comprehensive income (loss) (0.8) 4.9
Ending balance (78.2) (92.6)
Foreign currency translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Gain (loss), foreign currency transaction, before tax, adjusted (1.0) $ 4.9
Cash flow hedges movements    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Cash flow hedges movements 0.2  
Postretirement benefit movements    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Postretirement benefit movements $ 0.0  
v3.26.1
Related party transactions - Purchases with Equity Method Investees (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Equity Method Investees    
Related Party Transaction    
Purchases $ (3.7) $ (3.7)
v3.26.1
Related party transactions - Narratives (Details) - Equity Method Investees - USD ($)
 3 Months Ended 12 Months Ended
Mar. 28, 2026
Dec. 31, 2025
Related Party Transaction    
Payables to related parties $ 100,000 $ 100,000
Dividends received from equity method investees $ 0 $ 0
v3.26.1
Related party transactions - Transactions with Non-Gates Entities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Dec. 31, 2025
Related Party Transaction      
Net sales $ 851.1 $ 847.6  
Affiliated Entity      
Related Party Transaction      
Net sales 10.5 10.5  
Purchases (3.7) $ (3.9)  
Receivables 4.0   $ 3.5
Payables $ (3.1)   $ (2.9)
v3.26.1
Commitments and contingencies - Warranty Liability (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Warranty reserves    
Balance as of the beginning of the period $ 15.5 $ 16.4
Charge for the period 2.1 2.1
Payments made (2.0) (1.6)
Foreign currency translation 0.0 0.1
Balance as of the end of the period $ 15.6 $ 17.0