Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Name | Deloitte & Touche LLP |
| Auditor Firm ID | 34 |
| Auditor Location | Denver, Colorado |
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
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| Income Statement [Abstract] | |||
| Loss on disposal of discontinued operations, net of tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
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| Foreign currency translation: | |||
| Net translation gain (loss) on foreign operations, tax | $ (0.0) | $ 5.4 | $ (4.3) |
| (Loss) gain on net investment hedges, tax | 1.3 | (0.0) | 5.4 |
| Cash flow hedges (interest rate derivatives): | |||
| (Loss) gain arising in the period, tax expense | 1.0 | (3.2) | (1.8) |
| Reclassification to net income, net of tax benefit | 3.4 | 8.7 | 6.0 |
| Postretirement benefits: | |||
| Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period, tax | 1.0 | 1.4 | 3.6 |
| Reclassification of prior year actuarial movements to net income, net of tax benefit | $ (0.6) | $ (0.2) | $ 1.1 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Par value (in usd per share) | $ 0.01 | $ 0.01 |
| Authorized shares (in shares) | 3,000,000,000 | 3,000,000,000 |
| Outstanding shares ( in shares) | 253,543,540 | 255,203,987 |
| Issued shares ( in shares) | 253,543,540 | 255,203,987 |
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. 31, 2022 | $ 3,443.6 | $ 3,110.0 | $ 2.8 | $ 2,542.1 | $ (917.8) | $ 1,482.9 | $ 333.6 | |
| Increase (Decrease) in Stockholders' Equity | ||||||||
| Net income | 256.4 | 232.9 | 232.9 | 23.5 | ||||
| Other comprehensive loss, net | 75.5 | 89.3 | 89.3 | (13.8) | ||||
| Total comprehensive income | 331.9 | 322.2 | 0.0 | 0.0 | 89.3 | 232.9 | 9.7 | |
| —Issuance of shares | 18.7 | 18.7 | 18.7 | |||||
| —Shares withheld for employee taxes | (3.3) | (3.3) | (3.3) | |||||
| —Repurchase and cancellation of shares | (253.7) | (253.7) | (0.2) | (253.5) | ||||
| —Share-based compensation | 26.4 | 26.3 | 26.3 | 0.1 | ||||
| —Dividends paid to non-controlling interests | (19.7) | (19.7) | ||||||
| Ending balance at Dec. 30, 2023 | 3,543.9 | 3,220.2 | 2.6 | 2,583.8 | (828.5) | 1,462.3 | 323.7 | |
| Increase (Decrease) in Stockholders' Equity | ||||||||
| Net income | 219.9 | 194.9 | 194.9 | 25.0 | ||||
| Other comprehensive loss, net | (267.8) | (248.7) | (248.7) | (19.1) | ||||
| Total comprehensive income | (47.9) | (53.8) | 0.0 | 0.0 | (248.7) | 194.9 | 5.9 | |
| —Issuance of shares | 14.9 | 14.9 | 0.1 | 14.8 | ||||
| —Shares withheld for employee taxes | (4.7) | (4.7) | (4.7) | |||||
| —Repurchase and cancellation of shares | (177.7) | (177.7) | (0.1) | (177.6) | ||||
| —Share-based compensation | 24.8 | 24.7 | 24.7 | 0.1 | ||||
| —Dividends paid to non-controlling interests | (13.0) | (13.0) | ||||||
| Ending balance at Dec. 28, 2024 | 3,340.3 | 3,023.6 | 2.6 | 2,618.6 | (1,077.2) | 1,479.6 | 316.7 | |
| Increase (Decrease) in Stockholders' Equity | ||||||||
| Net income | 276.3 | 251.4 | 251.4 | 24.9 | ||||
| Other comprehensive loss, net | 180.2 | 160.1 | 160.1 | 20.1 | ||||
| Total comprehensive income | 456.5 | 411.5 | 0.0 | 0.0 | 160.1 | 251.4 | 45.0 | |
| —Issuance of shares | 10.4 | 10.4 | 10.4 | |||||
| —Shares withheld for employee taxes | (21.0) | (21.0) | (21.0) | |||||
| —Repurchase and cancellation of shares | (115.8) | (115.8) | $ (37.5) | (78.3) | ||||
| —Share-based compensation | 25.3 | 25.3 | 25.3 | |||||
| —Dividends paid to non-controlling interests | (6.5) | (6.5) | ||||||
| Ending 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 |
Background |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Background | Background Gates Industrial Corporation plc (the “Company”) is a public limited company that was incorporated in the United Kingdom and registered in England and Wales on September 25, 2017. In these 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 subsidiaries. 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 OEM channels, throughout the world. Gates is comprised of two operating segments: Power Transmission and Fluid Power.
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Significant accounting policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Significant accounting policies | Significant accounting policies A. Basis of presentation The 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 accounting policies used in preparing these consolidated financial statements and related notes are the same as those applied in the prior year. B. Accounting periods The Company prepares its annual consolidated financial statements as of December 31. In prior periods, the Company prepared its annual consolidated financial statements as of the Saturday nearest December 31. Accordingly, the consolidated balance sheets are presented as of December 31, 2025 and December 28, 2024 and the related consolidated statements of operations, comprehensive income, cash flows, and shareholders’ equity are presented, where relevant, for the 368-day period from December 29, 2024 to December 31, 2025 (“Fiscal 2025”), with comparative information for the 364-day period from December 31, 2023 to December 28, 2024 (“Fiscal 2024”) and the 364-day period from January 1, 2023 to December 30, 2023 (“Fiscal 2023”). C. Basis of consolidation The consolidated financial statements include the results of operations, cash flows and assets and liabilities of Gates and its majority-owned subsidiaries, and our share of the results of our equity method investees. We consolidate entities in which we have a controlling interest or when we are considered the primary beneficiary of a variable interest entity. The consolidated financial statements reflect the assets, liabilities, revenues and expenses of consolidated subsidiaries and the non-controlling parties’ ownership interest is presented as a non-controlling interest. Intercompany transactions and balances, and any unrealized profits or losses arising from intercompany transactions, are eliminated on consolidation. In 2022, as a result of the conflict between Russia and Ukraine, the Company began exiting substantially all its activities in Russia with only residual cash and de minimis administrative costs remaining in 2024. During the year ended December 28, 2024, the Company concluded that the inability to repatriate remaining cash coupled with the significant government regulations and restrictions in place severely limited its ability to manage and control its Russian subsidiary. As a result, the Company's Russian subsidiary was deconsolidated as of December 28, 2024. The impact of the deconsolidation was a $12.7 million loss included in the results of operations for the year ended December 28, 2024. D. Foreign currency transactions and translation Transactions denominated in currencies other than an entity’s functional currency (foreign currencies) are translated into the entity’s functional currency at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing on the reporting date. Exchange differences arising from changes in exchange rates are recognized in net income for the period. During the twelve months ended December 31, 2025, we reclassified foreign currency gains and losses from Selling, general and administrative expenses to Other expenses (income) within the statements of operations. In addition, we have reclassified the amounts relating to prior period results to conform to current period presentation. The results of reclassification did not impact net income and are not considered material. The net foreign currency transaction loss included in income from continuing operations before tax during Fiscal 2025 was $5.2 million, compared to a gain of $6.5 million in Fiscal 2024 and a gain of $2.5 million in Fiscal 2023. We also recognized net financing-related foreign currency transaction losses within other expenses (income) of $6.0 million during Fiscal 2025, compared to a gain of $13.7 million in Fiscal 2024 and a loss of $4.2 million in Fiscal 2023. On consolidation, the results of operations of entities whose functional currency is other than the U.S. dollar are translated into U.S. dollars at the weighted average exchange rate for the period and their assets and liabilities are translated into U.S. dollars at the exchange rate prevailing on the balance sheet date. Currency translation differences are recognized within other comprehensive income (“OCI”) as a separate component of accumulated OCI. In the event that a foreign operation is sold, or substantially liquidated, the cumulative currency translation differences that are attributable to the operation are reclassified to net income. In the statement of cash flows, the cash flows of operations whose functional currency is other than the U.S. dollar are translated into U.S. dollars at the weighted average exchange rate for the period. E. Net sales Gates derives its net sales primarily from the sale of 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 OEM channels, throughout the world. Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We apply the five-step model under Topic 606 (“Revenue from Contracts with Customers”) to all contracts. The five steps are: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) we satisfy a performance obligation. In most of our agreements with customers, we consider accepted customer purchase orders, which in some cases are governed by master sales agreements, to represent the contracts with our customers. Revenue from the sale of goods under these contracts is measured at the invoiced amount, net of estimated returns, early settlement discounts and rebates. Taxes collected from customers relating to product sales and remitted to government authorities are excluded from revenues. Where a customer has the right to return goods, future returns are estimated based on historical returns profiles. Settlement discounts that may apply to unpaid invoices are estimated based on the settlement histories of the relevant customers. Our transaction prices often include variable consideration, usually in the form of discounts and rebates that may apply to issued invoices. The reduction in the transaction price for variable consideration requires that we make estimations of the expected total qualifying sales to the relevant customers. These estimates, including an analysis for potential constraint on variable consideration, take into account factors such as the nature of the rebate program, historical information and expectations of customer and consumer behavior. Overall, the transaction price is reduced to reflect our estimate of the consideration that is not probable of significant reversal. We allocate the transaction price to each distinct performance obligation based on their relative standalone selling price. The product price as specified on the accepted purchase order is considered to be the standalone selling price. In substantially all of our contracts with customers, our performance obligations are satisfied at a point in time, rather than over a period of time, when control of the product is transferred to the customer. This occurs typically at shipment. In determining whether control has transferred and the customer is consequently able to control the use of the product for their own benefit, we consider if there is a present right to payment, legal title and physical possession has been transferred, whether the risks and rewards of ownership have transferred to the customer, and if acceptance of the asset by the customer is more than perfunctory. F. Selling, general and administrative expenses Shipping and handling costs Costs of outbound shipping and handling are included in SG&A. During Fiscal 2025, we recognized shipping and handling costs of $173.1 million, compared to $177.6 million in Fiscal 2024 and $167.2 million in Fiscal 2023. Research and development costs Research and development costs are charged to net income in the period in which they are incurred. Our research and development expense was $71.9 million in Fiscal 2025, compared to $66.5 million in Fiscal 2024 and $66.0 million in Fiscal 2023. These costs related primarily to product development and also to technology to enhance manufacturing processes. Advertising costs Advertising costs are expensed as incurred and included in SG&A. During Fiscal 2025, we recognized advertising costs of $16.5 million, compared to $15.6 million in Fiscal 2024 and $14.0 million in Fiscal 2023. G. Restructuring expenses Restructuring expenses are incurred in major projects undertaken to rationalize and improve our cost competitiveness. Restructuring expenses incurred during the periods presented are analyzed in Note 5. Liabilities in respect of termination benefits provided to employees who are involuntarily terminated under the terms of a one-time benefit arrangement are recognized over the future service period when those employees are required to render services to the entity beyond the minimum retention period. If employees are not required to render service until they are terminated or if they will not be retained to render service beyond 60 days or a longer legal notification period, the liability is recognized on the communication date. Termination benefits that are covered by a contract or an ongoing benefit arrangement are recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. Benefits that are offered for a short period of time in exchange for voluntary termination are recognized when the employees accept the offer. Restructuring expenses other than termination benefits and lease exit costs are recognized only when the Company has incurred a related liability. H. Inventories Inventories are stated at the lower of cost or net realizable value. A valuation adjustment is made to inventory for any excess, obsolete or slow-moving items based on management’s review of on-hand inventories compared to historical and estimated future sales and usage profiles. Any consequent write-down of inventory results in a new cost basis for inventory. Cost represents the expenditure incurred in bringing inventories to their existing location and condition, which may include the cost of raw materials, direct labor costs, other direct costs and related production overheads. Cost is generally determined on a first in, first out (“FIFO”) basis, but the cost of certain inventories is determined on a last in, first out (“LIFO”) basis. As of December 31, 2025, inventories whose cost was determined on a LIFO basis represented 29.6% of the total carrying amount of inventories compared to 33.3% as of December 28, 2024. Inventories would have been $77.4 million and $58.3 million higher than reported as of December 31, 2025 and December 28, 2024, respectively, had all inventories been valued on a FIFO basis, which approximates current cost. I. Goodwill Goodwill arising in a business combination is allocated to the reporting unit that is expected to benefit from the synergies of the acquisition. Where goodwill is attributable to more than one reporting unit, the goodwill is determined by allocating the purchase consideration in proportion to their respective business enterprise values and comparing the allocated purchase consideration with the fair value of the identifiable assets and liabilities of the reporting unit. Goodwill is not amortized but is tested for impairment on the first day of the fourth quarter or more frequently whenever events or changes in circumstances indicate that the carrying value may not be recoverable and is carried at cost less any recognized impairment. For both reporting units, which are also our reportable segments, the fair values exceeded the carrying values and no goodwill impairments were therefore recognized during Fiscal 2025, Fiscal 2024 or Fiscal 2023. To identify a potential impairment of goodwill, the fair value of the reporting unit to which the goodwill is allocated is compared to its carrying amount, including goodwill. We calculate fair values using a weighted blend of income and market approaches. If the fair value of the reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not considered impaired. If the fair value is lower than the carrying amount, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the amount of goodwill allocated to that reporting unit. J. Other intangible assets Other intangible assets are stated at cost less accumulated amortization and any recognized impairment. (i) Assets acquired in business combinations An acquired intangible asset with a finite useful life is amortized on a straight-line basis so as to charge its cost, which represents its fair value at the date of acquisition, to net income over the Company’s expectation of its useful life, as follows:
Acquired brands and trade names are considered to have an indefinite useful life and are not amortized but are tested at least annually for impairment and are carried at cost less any recognized impairment. (ii) Computer software Computer software that is not integral to an item of property, plant and equipment is recognized separately as an intangible asset. Computer software is amortized on a straight-line basis over its estimated useful life, which ranges from 2 to 6 years. K. Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and any recognized impairment losses. Major improvements are capitalized. Expenditures for repairs and maintenance that do not significantly extend the useful life of the asset are expensed as incurred. Land and assets under construction are not depreciated. Depreciation of property, plant and equipment, other than land and assets under construction, is generally expensed on a straight-line basis over their estimated useful lives. The Company’s estimated useful lives of items of property, plant and equipment are generally in the following ranges:
L. Leases Gates has a large number of leases covering a wide variety of tangible assets that are used in our operations across the world. The value of our global leases is concentrated in a relatively small number of real estate leases, which accounted for approximately 89% of the lease liability under non-cancellable leases as of December 31, 2025. The remaining leases are predominantly comprised of equipment and vehicle leases. In determining the impact of renewal options on the lease term, we consider various economic factors, including real estate strategies, the nature, length and underlying terms of the agreement, as well as the uncertainty of the condition of leased equipment at the end of the lease term. Certain payments under our lease agreements, such as property taxes and utility costs, are excluded from the measurement of our right-of-use assets and lease liabilities and are recognized instead as variable payments in the period in which the obligation for those payments is incurred. A number of our leases, particularly real estate leases, include base rent escalation clauses. The majority of these are based on the change in a local consumer price or similar inflation index. Payments that vary based on an index or rate are included in the measurement of our right-of-use assets and lease liabilities at the rate as of the commencement date with any subsequent changes to those payments being recognized as variable payments in the period in which they occur. Gates does not have any significant leases containing residual value guarantees, restrictions or covenants. Additionally, as of December 31, 2025, there were no significant new leases that have not yet commenced. The discount rate used to calculate the present value of the future minimum lease payments is the rate implicit in the lease, when readily available. As most of our leases do not have a readily determinable implicit rate, we discount the future minimum lease payments using an incremental borrowing rate which represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We determine this rate at a country or lower level and take into account factors including currency, country risk premium, industry risk and adjustments for collateralized debt. Appropriate yield curves are used to derive different debt tenors to approximate the applicable lease term. The discount rate is reassessed when there is a remeasurement of the lease liability, which happens predominantly when there is a contract modification and that modification does not result in a separate contract. We have adopted the following practical expedients: (i)we will not separate the lease component from the non-lease component for all asset classes. We have therefore not allocated consideration in a contract between lease and non-lease components; and (ii)we recognize the payments on short-term leases (leases with terms at inception of 12 months or fewer) in net income on a straight-line basis over the lease term. No amount is recognized on the balance sheet with respect to these leases. M. Financial instruments (i) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits available on demand and other short-term, highly liquid investments with maturities on acquisition of 90 days or less. We have cash concentrations in certain large, highly-rated global financial institutions. Management closely monitors the credit quality of the institutions in which it holds deposits. (ii) Restricted cash Restricted cash, which is included in the prepaid expenses and other assets line in the consolidated balance sheets, includes cash given as collateral under letters of credit for insurance and regulatory purposes. Cash and cash equivalents for the purposes of the consolidated statement of cash flows includes restricted cash of $2.9 million as of December 31, 2025, compared to $2.8 million and $3.4 million as of December 28, 2024 and December 30, 2023, respectively. (iii) Trade accounts receivable Trade accounts receivable represent the amount of sales of goods to customers, net of discounts and rebates, for which payment has not been received, less an allowance for expected credit losses. Our businesses develop their expected loss estimates based either on the aging profile of outstanding receivables or by applying an experience factor (either a percentage of sales or a percentage of open receivables). These methodologies are based primarily on historical trends and experience, but credit controllers also regularly assess individual customer accounts to identify any potential increases or decreases in the level of expected credit loss needed to be applied to each customer based on current circumstances and future expectations. Before accepting a new customer, we assess their credit quality and establish a credit limit. Credit quality is assessed by using data maintained by reputable credit rating agencies, by checking of references included in credit applications and, where they are available, by reviewing the customer’s recent financial statements. Credit limits are subject to multiple levels of authorization and are reviewed on a regular basis. Although Gates has a wide variety of customers from multinational original equipment manufacturers and distributors to small family-owned businesses, the majority of our sales are generated from large companies with low credit risk. Movements in our allowance for expected credit losses during the periods presented are analyzed in Note 22. During Fiscal 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 statements of cash flows. In Fiscal 2025, the collection of $165.9 million of our trade accounts receivable had been accelerated under this program, compared to the accelerated collection of $148.6 million in Fiscal 2024. We incurred costs in respect of this program of $8.6 million during Fiscal 2025, which are recorded in interest expense, compared to $5.8 million in interest expense and $4.4 million in other (income) expenses during Fiscal 2024 and $8.0 million in other (income) expenses during Fiscal 2023. (iv) Debt Debt is initially measured at its principal amount, net of directly attributable transaction costs, if any, and is subsequently measured at amortized cost using the effective interest rate method. (v) Accounts payable Accounts payable represents the amount of invoices received from suppliers for purchases of goods and services and the amount of goods received but not invoiced, for which payment has not been made. (vi) Derivative financial instruments 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 all derivative financial instruments as either assets or liabilities at fair value on the balance sheet date. The accounting for the change in the fair value is recognized in net income based on the nature of the items being hedged unless the financial instrument has been designated in an effective cash flow or net investment hedging relationship, in which case the change in fair value is recognized in OCI. (vii) Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities that are held at fair value, or for which fair values are presented in these consolidated financial statements, have been categorized into one of three levels to reflect the degree to which observable inputs are used in determining the fair values. Where a change in the determination of the fair value of a financial asset or liability results in a transfer between the levels of the fair value hierarchy, we recognize that transfer at the end of the reporting period. N. Postretirement benefits Postretirement benefits comprise pension benefits provided to employees and other benefits, mainly healthcare, provided to certain employees worldwide. We account for our postretirement benefit plans in accordance with Topic 715 “Compensation – Retirement Benefits”, which is based on the principle that the cost of providing these benefits is recognized in net income over the service periods of the participating employees. For defined benefit plans, the net obligation or surplus arising from providing the benefits is recognized as a liability or an asset determined by actuarial valuations of each of the plans that are carried out annually by independent qualified actuaries as of the year end balance sheet date. Benefit obligations are measured using the projected unit credit method. Plan assets (if any) are measured at fair value. We recognize the service cost component of our net periodic pension and other postretirement benefit cost in the lines within operating income to which the relevant employees' other compensation costs are reported. All other components of the net periodic benefit cost (which include the interest cost, the expected return on plan assets, gains or losses on settlements and curtailments, the amortization of prior year service cost or credit and prior year actuarial gains and losses) are included in the other (expenses) income line, outside of operating income from continuing operations. Actuarial gains and losses represent differences between the expected and actual returns on the plan assets, gains and losses on the plan liabilities and the effect of changes in actuarial assumptions. We use the “corridor approach” whereby, to the extent that cumulative actuarial gains and losses exceed 10% of the greater of the market related value of the plan assets and the projected benefit obligation at the beginning of the fiscal year, they are reclassified from accumulated other comprehensive income to net income over the average remaining service periods of participating employees. Gains and losses on settlements and curtailments are recognized in net income in the period in which the curtailment or settlement occurs. O. Share-based compensation Share-based compensation has historically been provided to certain of our employees under share option, bonus and other share award plans. All share-award plans are equity settled, except for certain awards issued in the form of stock appreciation rights (“SARs”) to employees in China, where local regulations necessitate a cash-settled award. These SARs are therefore accounted for as liabilities rather than equity. We recognize compensation expense based on the fair value of the awards, measured using either the share price on the date of grant, a Black-Scholes option-pricing model or a Monte-Carlo valuation model, depending on the nature of the award. Fair value is determined at the date of grant and reflects market and performance conditions and all non-vesting conditions. Generally, the compensation expense for each separately vesting portion of the award is recognized on a straight-line basis over the vesting period for that portion of the award. Compensation expense is recognized for awards containing market conditions regardless of whether or not the market condition is met, whereas compensation expense for awards containing performance conditions is recognized only to the extent that it is probable that those performance conditions will be met. Adjustments are made to reflect expected and actual forfeitures during the vesting period due to failure to satisfy service conditions or performance conditions. For equity awards, fair value is not subsequently remeasured unless the conditions on which the award was granted are modified. An amount corresponding to the compensation expense for equity awards is recognized in equity as additional paid in capital. For liability awards, the fair value is remeasured each period and the change in fair value is recognized in net income for the period with a corresponding change in the outstanding liability. P. Income taxes Current tax is the amount of tax payable or receivable in respect of the taxable income for the period. Taxable income differs from financial reporting income because it excludes items of income or expense recognized for financial reporting purposes that are either not taxable or deductible for tax purposes or are taxable or deductible in other periods. Current tax is calculated using tax rates that have been enacted at the balance sheet date. Management assesses unrecognized tax benefits based upon an evaluation of the facts, circumstances and information available at the balance sheet date. Provision is made for unrecognized tax benefits to the extent that the amounts previously taken or expected to be taken in tax returns exceeds the tax benefits that are recognized in the consolidated financial statements in respect of the tax positions. A tax benefit is recognized in the consolidated financial statements only if management considers that it is more likely than not that the tax position will be sustained on examination by the relevant tax authority solely on the technical merits of the position and is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement assuming that the tax authority has full knowledge of all relevant information. Provisions for unrecognized tax benefits are reviewed regularly and are adjusted to reflect events such as the expiration of limitation periods for assessing tax, guidance given by the tax authorities and court decisions. Interest and penalties relating to unrecognized tax benefits are accrued in accordance with the applicable tax legislation on any excess of the tax benefit claimed or expected to be claimed in a tax return and the tax benefit recognized in the consolidated financial statements. Interest and penalties are recognized as a component of income tax benefit (expense) in the consolidated statements of operations and accrued interest and penalties are included under the related taxes payable line in the consolidated balance sheets. Deferred tax assets and liabilities are recognized based on the expected future tax consequences of the difference between the financial statement carrying amount and the respective tax basis. Deferred taxes are measured on the enacted rates expected to apply to taxable income at the time the difference is anticipated to reverse. Deferred tax assets are reduced through the establishment of a valuation allowance if it is more likely than not that the deferred tax asset will not be realized taking into account the timing and amount of the reversal of taxable temporary differences, expected future taxable income and tax planning strategies. Deferred tax is provided on taxable temporary differences arising on investments in foreign subsidiaries, except where we intend, and are able, to reinvest such amounts on a permanent basis or to remit such amounts in a tax-free manner. Q. Use of estimates 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 the timing and amount of revenue recognition, rebates, impairment of long-lived assets, intangible assets and goodwill, inventory valuation, financial instruments, expected credit losses, product warranties, income taxes and postretirement 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. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after December 31, 2025 may result in actual outcomes that differ from those contemplated by our assumptions and estimates.
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New Accounting Standards |
12 Months Ended |
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Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| New Accounting Standards | New Accounting Standards Recently Adopted Accounting Standard Updates (“ASU) •ASU 2023-09 “Income Taxes” (Topic 740): Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued an ASU that requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updated standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The updated standard is effective for our annual periods beginning in Fiscal 2025 and interim periods beginning in the first quarter of Fiscal 2026, and is applied prospectively. The adoption has modified our disclosures but has not had a material effect on our consolidated financial statements as disclosed in Note 6 “Income taxes”. Recently Issued Accounting Pronouncements The following accounting pronouncements are relevant to Gates’ operations but have not yet been adopted. •ASU 2025-6 “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40)” In September 2025, the 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 2027 and interim periods beginning in the first quarter of Fiscal 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 announced by the 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.
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Segment information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment information | Segment information A. Background The segment information provided in these 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 OEM channels, throughout the world. Our reportable segments are identified on the basis of our primary product lines, as this is the basis on which information is provided to the CEO for the purposes of allocating resources and assessing the performance of Gates’ businesses. Our operating and 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.
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 and by channels. The following table summarizes our net sales by key geographic region:
(1) Europe, Middle East and Africa (“EMEA”). The following table summarizes our segment net sales into OEM and Aftermarket channels:
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 for the period before net interest and other expenses (income), income taxes, depreciation and amortization. “Adjusted EBITDA” represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, the items excluded from EBITDA in computing Adjusted EBITDA primarily included: • non-cash charges in relation to share-based compensation; • inventory adjustments related to certain inventories accounted for on a LIFO basis; • transaction-related expenses incurred in relation to major corporate transactions, including the acquisition of businesses, and equity and debt transactions; • asset impairments; • restructuring expenses, including severance-related expenses; • loss on deconsolidation of Russian subsidiary; • credit (gain) loss related to a customer bankruptcy; • cybersecurity incident expenses; and • other expenses (income), excluding foreign currency transaction gain or loss and insurance recoveries. The following table provides summarized information about the Company’s operations by reportable segment for the years ended December 31, 2025, December 28, 2024 and December 30, 2023:
(1) Adjusted cost of sales excluded inventory impairments and adjustments primarily related to the reversal of the adjustment to remeasure certain inventories on a LIFO basis, and restructuring related expenses (included in cost of sales). (2) Adjusted selling, general and administrative expenses excluded acquired intangible assets amortization, share-based compensation expense, and restructuring related expenses (included in SG&A). (3) Other adjustments primarily relates to net foreign currency transaction (loss) gain and insurance recoveries. Reconciliation of income from continuing operations before taxes to Adjusted EBITDA:
(1) In July 2022, as a result of the conflict between Russia and Ukraine, Gates suspended our operations in Russia. As of September 28, 2024, we deconsolidated the Russian subsidiary upon loss of control and recognized a deconsolidation loss. (2) Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. (3) Inventory adjustments includes the reversal of the adjustment to remeasure certain inventories on a LIFO basis. (4) Other expenses (income) excludes foreign currency transaction losses and insurance recoveries of $4.8 million for the year ended December 31, 2025; foreign currency transaction gain of $6.5 million for the year ended December 28, 2024; and foreign currency transaction gain of $2.5 million for the year ended December 30, 2023. (5) In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023 for which we previously excluded $5.2 million of expenses from Adjusted EBITDA. E. Selected geographic information
F. Information about major customers Gates has a significant concentration of sales in the U.S., which accounted for 38.8% of Gates’ net sales by destination from continuing operations during Fiscal 2025, compared to 38.9% during Fiscal 2024 and 38.9% during Fiscal 2023. During Fiscal 2025, Fiscal 2024 and Fiscal 2023, no single customer accounted for more than 10% of Gates’ net sales. Two customers of our North America businesses accounted for 13.7% and 8.4%, respectively, of our total trade accounts receivable balance as of December 31, 2025, compared to 13.7% and 6.1%, respectively, as of December 28, 2024. These concentrations are due to the extended payment terms common in the industry in which these businesses operate.
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Restructuring, asset impairments, and restructuring related expenses |
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| Restructuring, asset impairments, and restructuring related expenses | Restructuring, asset impairments, and restructuring related expenses Gates continues to undertake various restructuring and other 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 selling, general and administrative (“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:
Restructuring expenses during Fiscal 2025 included $14.3 million of severance and related benefits expense related to a global cost reduction effort. In addition, during Fiscal 2025 we incurred $5.7 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico and $3.6 million of costs related to a manufacturing reduction in force in the Americas. Additional restructuring expenses during Fiscal 2025 were related to professional service fees and severance. Restructuring expenses during Fiscal 2024 included $2.1 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico. Additionally, we incurred $1.6 million in severance and other costs related to the consolidation of production activities across certain North American plants. Additional costs related to restructuring incurred during Fiscal 2024 included legal and consulting expenses, and costs associated with prior period facility closures or relocations in several countries. Restructuring expenses during Fiscal 2023 related primarily to relocating certain production activities in China and Mexico, which included severance and other costs of $4.5 million and $3.0 million, respectively. Additionally, we incurred $0.7 million in severance and other costs related to optimizing production in Europe and $0.9 million of non-severance labor and benefit costs related to relocation and integration of certain support functions into our regional shared service center in Europe. Other restructuring costs during the period included $3.4 million for legal and consulting expenses, as well as activities associated with prior period facility closures or relocations in several countries. Restructuring expenses and asset impairments by segment were as follows:
The following summarizes the reserve for restructuring expenses for the year ended December 31, 2025 and December 28, 2024, respectively:
Restructuring reserves, which are expected to be utilized during 2026, are included in the 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:
Restructuring related expenses during Fiscal 2025 included $6.4 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico. Other restructuring related expenses incurred during Fiscal 2025 were related to professional service fees and general severance. Restructuring related expenses during Fiscal 2024 included $2.0 million of costs related to the relocation of certain production activities and reorganization of our operations in Mexico. Other restructuring related expenses incurred during Fiscal 2024 were related to professional service fees and general severance. Restructuring related expense during Fiscal 2023 were primarily related to general severance.
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes | Income taxes Provision for income taxes Gates Industrial Corporation plc is domiciled in the United Kingdom. Income from continuing operations before income taxes is summarized below based on the geographic location of the operation to which such earnings and income taxes are attributable.
Income tax expense on income from continuing operations analyzed by tax jurisdiction is as follows:
As described in Note 3, effective for the year ended December 31, 2025, we adopted ASU 2023-09 and applied the disclosure requirements on a prospective basis. In accordance with prospective application, we did not recast prior period disclosures. A reconciliation of the provisions for income taxes to the amount computed by applying the 25% U.K. federal statutory rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
(1) Other permanent items primarily consist of miscellaneous non-deductible expenses, non-taxable income, excess tax benefits, manufacturing incentives and other permanent differences that individually did not exceed the disclosure threshold. (2) Withholding taxes are accrued in the recipient entity and presented by taxing jurisdiction. A reconciliation of the provisions for income taxes to the amount computed by applying the respective U.K. federal statutory rate to income before income taxes prior to the adoption of ASU 2023-09 is as follows:
(1)“Tax on international operations” includes U.S. tax on foreign earnings and unremitted earnings of foreign subsidiaries, foreign deferred tax adjustments, and effects of global funding structures and differences between statutory and foreign tax rates. (2)“Manufacturing incentives” for Fiscal 2024 totaled $0.7 million, primarily related to incentives generated in the U.S. and Canada. Fiscal 2023 totaled $13.3 million, related to incentives generated in Türkiye, Poland and the U.S. (3)“Change in valuation allowance” is comprised primarily of:
(4)“Deferred income tax rate changes” includes Luxembourg rate changes which totaled $67.0 million, of which $44.2 million had a full valuation allowance against them. Income Taxes Paid (Net of Refunds):
Deferred income tax assets (liabilities) Deferred income tax assets (liabilities) recognized by the Company were as follows:
As of December 31, 2025, the Company had the following loss and credit carryforward amounts: •Gates had net operating losses amounting to $6,648.7 million consisting primarily of $6,400.7 million in Luxembourg, and $102.9 million in the U.S. (federal and state). Operating losses of $3,281.5 million can be carried forward indefinitely consisting primarily of $3,159.0 million in Luxembourg, and $122.5 million in the U.S. and other foreign jurisdictions. The remaining losses of $3,367.1 million have expiration dates between 2026 and 2045, consisting primarily of $3,241.7 million in Luxembourg, and $125.4 million in the U.S. and other foreign jurisdictions. We recognized a related deferred income tax asset of $574.8 million after valuation allowance of $998.8 million; •Gates had capital losses amounting to $812.7 million, consisting of $787.1 million in the U.K., and $25.6 million in the U.S. Capital losses of $800.9 million can be carried forward indefinitely, primarily consisting of $787.1 million in the U.K, and $11.8 million in the U.S. that expire in 2026. We recognized no related deferred income tax asset after valuation allowance of $202.7 million; •Gates had tax credits amounting to $45.9 million, consisting primarily of $38.3 million in U.S. federal foreign tax credits and $7.6 million of other credits in Poland related to special economic zone business credits which expire in 2026. We recognized a related deferred income tax asset of $7.7 million after valuation allowance of $38.2 million; and •Gates had interest expense deductions which can be carried forward amounting to $960.4 million, consisting primarily of $681.4 million in the U.S., $241.3 million in Luxembourg, and $37.7 million in other foreign jurisdictions. Interest expense deductions in these jurisdictions can be carried forward indefinitely. We recognized a related deferred tax asset of $204.6 million after valuation allowance of $21.5 million. As of December 31, 2025, income and withholding taxes in the various tax jurisdictions in which Gates operates have not been provided on certain taxable temporary differences related to the investments in the Company’s subsidiaries. These temporary differences represent the estimated excess of the financial reporting over the tax basis in our investments in those subsidiaries, which are primarily the result of purchase accounting adjustments. These temporary differences are not expected to reverse in the foreseeable future but could become subject to income and withholding taxes in the various tax jurisdictions in which Gates operates if they were to reverse. The amount of unrecognized deferred income tax liability on these taxable temporary differences has not been determined because the hypothetical calculation is not practicable due to the uncertainty as to how they may reverse. However, Gates has recognized a deferred income tax liability of $24.5 million on taxable temporary differences related to undistributed earnings of the Company’s subsidiaries. Recoverability of Deferred Income Tax Assets and Liabilities We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under U.S. GAAP and their respective tax bases, and for net operating loss carryforwards and tax credit carryforwards. We evaluate the recoverability of our deferred tax assets, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. As of each reporting date, we consider new evidence, both positive and negative, that could impact our view with regard to the future realization of deferred tax assets. We maintain our positions with regard to future realization of deferred tax assets, including those with respect to which we continue maintaining valuation allowances, until there is sufficient new evidence to support a change in expectations. Such a change in expectations could arise due to many factors, including those impacting our forecasts of future earnings, as well as changes in the international tax laws under which we operate and tax planning. It is not reasonably possible to forecast any such changes at the present time, but it is possible that, should they arise, our view of their effect on the future realization of deferred tax assets may materially impact our financial statements. After weighing all of the evidence, giving more weight to the evidence that was objectively verifiable, we determined in Fiscal 2025 that it was more likely than not that deferred income tax assets of $2.4 million primarily in Türkiye related to other deferred tax assets and net operating losses are not realizable. In Fiscal 2024 , we determined that it was more likely than not that deferred income tax assets of $5.5 million in Türkiye related to net operating losses, $3.7 million in Poland related to special economic zone business credits, and $3.4 million in the U.S. related to net operating losses, are not realizable. Similarly, we determined in Fiscal 2024 that it is more likely than not that deferred income tax assets in the U.S. related to foreign tax credits totaling $3.2 million are realizable as a result of changes in estimates of taxable profits against which these credits can be utilized. Unrecognized income tax benefits The following is a reconciliation of the gross beginning and ending amount of unrecognized income tax benefits, excluding interest and penalties:
Unrecognized income tax benefits represent the difference between the income tax benefits that we are able to recognize for financial reporting purposes and the income tax benefits that we have recognized or expect to recognize in filed tax returns. If all unrecognized income tax benefits were recognized, the net impact on the provision for income taxes which would impact the effective tax rate would be $17.2 million, including all competent authority offsets. As of December 31, 2025, December 28, 2024, and December 30, 2023, Gates had accrued $12.7 million, $17.7 million, and $15.6 million, respectively, for the payment of worldwide interest and penalties on unrecognized income tax benefits, which are not included in the table above. For the year ended December 31, 2025, Gates recognized a net benefit of $5.0 million related to interest and penalties on unrecognized income tax benefits. Gates recognizes interest and penalties relating to unrecognized income tax benefits in the provision for income tax expense. The primary driver of the reduction in unrecognized income tax benefits during Fiscal 2025 relates to audit settlements. As of December 31, 2025, Gates remains subject to examination in the US for tax years 2016 to 2025 and in other major jurisdictions for tax years 2008 to 2025.
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| 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:
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories
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| Property, plant and equipment | Property, plant and equipment
During Fiscal 2025, the depreciation expense in relation to the above assets was $85.2 million, compared to $88.3 million during Fiscal 2024 and $87.7 million during Fiscal 2023. Property, plant and equipment includes assets held under finance leases with a carrying amount of $4.3 million as of December 31, 2025, compared to $3.2 million as of December 28, 2024. Gates’ secured debt is jointly and severally, irrevocably and fully and unconditionally guaranteed by certain of its subsidiaries and are secured by liens on substantially all of their assets, including property, plant and equipment.
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Goodwill |
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| Goodwill | Goodwill
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible assets | Intangible assets
During Fiscal 2025, the amortization expense recognized in respect of intangible assets was $128.6 million, compared to $128.6 million for Fiscal 2024 and $129.8 million for Fiscal 2023. In addition, movements in foreign currency exchange rates resulted in an increase in the net carrying value of total intangible assets of $32.5 million in Fiscal 2025, compared to a decrease of $32.5 million in Fiscal 2024. The amortization expense for the next five years is estimated to be as follows:
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Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases
Maturity analysis of liabilities
Balance sheet presentation of leases as of December 31, 2025 and December 28, 2024
Right-of-use assets arising under finance leases are presented in the property, plant and equipment, net line item in the consolidated balance sheet. The amortization of right-of-use operating assets during Fiscal 2025 was $24.5 million, compared to $24.6 million and $23.9 million during Fiscal 2024 and Fiscal 2023, respectively. This is included in the change in prepaid expenses and other assets line in the consolidated statement of cash flows.
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| Leases | Leases
Maturity analysis of liabilities
Balance sheet presentation of leases as of December 31, 2025 and December 28, 2024
Right-of-use assets arising under finance leases are presented in the property, plant and equipment, net line item in the consolidated balance sheet. The amortization of right-of-use operating assets during Fiscal 2025 was $24.5 million, compared to $24.6 million and $23.9 million during Fiscal 2024 and Fiscal 2023, respectively. This is included in the change in prepaid expenses and other assets line in the consolidated statement of cash flows.
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Derivative financial instruments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 consolidated balance sheets. We designate certain of our currency swaps as net investment hedges and designate our interest rate caps and interest rate swaps as cash flow hedges. The gain or loss on the designated derivative instrument is recognized in 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:
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 to five years, designated in hedges of portions of our net investment in Canadian, Chinese, and Japanese subsidiaries and cancelled our USD to Chinese Yuan fixed-to-fixed cross currency swap with a notional principal amount of $250.0 million The fair value gains (losses) before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows:
During Fiscal 2025, a net gain of $23.1 million was recognized in interest expense in relation to our cross currency swaps that have been designated as net investment hedges, compared to a net gain of $14.6 million and $10.3 million during Fiscal 2024 and Fiscal 2023, respectively. B. Instruments designated as cash flow hedges We use interest rate swaps and interest rate caps as part of our interest rate risk management strategy to add stability to interest expense and to manage our exposure to interest rate movements. These instruments are all designated as cash flow hedges. 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 that occur within the next twelve months and 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:
As of December 31, 2025, we expect to reclassify an estimated $1.7 million of losses in OCI to earnings within the next twelve months associated with cash flow hedges along with the earnings effects of the related forecasted transactions. C. Derivative instruments not designated as hedging instruments Prior to the 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 December 31, 2025, the notional amount of outstanding currency forward contracts that were not designated as hedging instruments was $0.1 million related to other foreign currencies, compared to $147.5 million as of December 28, 2024. The fair value gains recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows:
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Fair value measurement |
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| 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. Refer to Note 17, “Postretirement benefits,” to the Consolidated Financial Statements for more detail surrounding the defined benefit plan’s asset fair values. 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:
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 further described in Note 15. 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:
Derivative assets and liabilities included in Level 2 represent foreign currency exchange forward and swap contracts, and interest rate derivative contracts. Cash equivalents included in Level 1 represent treasury bills and money market funds, while Level 2 represent certificates of deposit and commercial paper. We value our foreign currency exchange derivatives using models consistent with those used by a market participant that maximize the use of market observable inputs including forward prices for currencies. We value our interest rate derivative contracts using a widely accepted discounted cash flow valuation methodology that reflects the contractual terms of each derivative, including the period to maturity. The methodology derives the fair values of the derivatives using the market standard methodology of netting the discounted future cash payments and the discounted expected receipts. The inputs used in the calculation are based on observable market-based inputs, including interest rate curves, implied volatilities and credit spreads. We incorporate credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Transfers between levels of the fair value hierarchy During the periods presented, there were no transfers between Levels 1 and 2, and Gates had no assets or liabilities measured at fair value on a recurring basis using Level 3 inputs. D. Assets measured at fair value on a non-recurring basis Gates has non-recurring fair value measurements related to certain assets, including goodwill, intangible assets, and property, plant, and equipment. During Fiscal 2025, we recognized an asset impairment of $3.5 million, related to restructuring actions. During Fiscal 2024, no significant impairment of fixed and other assets were recognized and during Fiscal 2023, we recognized an asset impairment of $0.1 million. 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.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt
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 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. The principal payments due under our financing agreements over the next five years and thereafter are as follows:
Debt issuances and redemptions On June 4, 2024, we entered into an amendment to our credit agreement governing our term loans and our secured revolving credit facility. As part of this amendment, we upsized the revolving credit commitments and issued a tranche of $1,300.0 million of dollar-denominated term loans (the “2024 Dollar Term Loans”). The proceeds of the 2024 Dollar Term Loans were used to extinguish the entire outstanding principal balance of dollar-denominated term loans of $1,232.6 million, which was issued on February 24, 2021 (the “2021 Dollar Term Loans”), plus $1.1 million of accrued interest and to redeem a portion of the Dollar Senior Notes due 2026 (as defined below). We issued the 2024 Dollar Term Loans with no discount and incurred third party costs totaling approximately $9.5 million, which have been deferred and will be amortized to interest expense over the remaining term of the related borrowings using the effective interest method. The 2024 Dollar Term Loans require a prepayment premium in connection with certain repricing transactions occurring within nine months following the closing of the amendment. The repayment of our 2021 Dollar Term Loans resulted in the accelerated recognition of $11.2 million of deferred issuance costs (recognized in interest expense). Under the credit agreement amendment, we also repriced our dollar-denominated term loans drawn on November 16, 2022 (the “2022 Dollar Term Loans”), reducing the interest rate spread by 75 basis points from Term SOFR plus 3.00% to Term SOFR plus 2.25%. Third party costs of $0.9 million incurred with the 2022 Dollar Term Loans repricing were recognized in interest expense. Additionally, as part of the June 2024 amendment to our credit agreement, we increased borrowing capacity under our revolving credit facility from $250.0 million to $500.0 million and extended the maturity from November 18, 2026 to the date that is the earliest of (x) June 4, 2029 and (y) April 1, 2029, if greater than $500.0 million in aggregate principal amount of the Dollar Senior Notes due 2029 (as defined below) are outstanding. We incurred associated third party costs of approximately $2.5 million, which have been deferred and will be amortized to interest expense over the remaining term of the revolving credit facility. Concurrently with this amendment, we terminated the $250.0 million asset-backed revolving credit facility governed by the second amended and restated credit agreement dated as of July 3, 2014 (as amended and restated). The termination of our asset-backed revolving credit facility resulted in the accelerated recognition of $1.0 million of deferred issuance costs (recognized in interest expense). On June 4, 2024, we also issued new unsecured senior notes of $500.0 million (the “Dollar Senior Notes due 2029”), and fully redeemed our existing unsecured senior notes due 2026 of $568.0 million aggregate principal amount (the “Dollar Senior Notes due 2026”), which included the payment of $13.7 million of accrued interest thereon. We issued the Dollar Senior Notes due 2029 with no discount and incurred third party costs of approximately $7.6 million, which have been deferred and will be amortized to interest expense over the remaining term of the Dollar Senior Notes due 2029 using the effective interest method. The redemption of our Dollar Senior Notes due 2026 resulted in the accelerated recognition of $2.6 million of deferred issuance costs (recognized in interest expense). In July 2025, we made a voluntary principal debt repayment of $100.0 million against our 2022 Dollar Term Loans. As a result of this repayment, we accelerated the recognition of $2.8 million of deferred issuance costs (recognized in interest expense). Dollar Term Loans Our outstanding secured credit facilities consist of two loans, which include the 2024 Dollar Term Loans and the 2022 Dollar Term Loans described above. These term loan facilities bear interest at a floating rate, at our option, at either a base rate as defined in the credit agreement plus an applicable margin, or Term SOFR plus an applicable margin. On December 10, 2024, we amended our credit agreement to lower the margin with respect to the 2022 Dollar Term Loans and 2024 Dollar Term Loans by 50 basis points compared to the previous term. The 2022 Dollar Term Loans and 2024 Dollar Term Loans bear interest at our option at either Term SOFR (subject to a floor of 0.50%) plus a margin of 1.75% per annum, or the base rate (subject to a floor of 1.50%) plus 0.75% per annum. As of December 31, 2025, the 2024 Dollar Term Loans’ interest rate was Term SOFR, subject to a floor of 0.50%, plus a margin of 1.75%, and borrowings under this facility bore interest at a rate of 5.47% 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 December 31, 2025, the 2022 Dollar Term Loans’ interest rate as of December 31, 2025 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 5.47% per annum. 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 Fiscal 2025, we made amortization payments against the 2024 Dollar Term Loans and the 2022 Dollar Term Loans of $16.3 million and $7.2 million, respectively. During Fiscal 2024, we made amortization payments against the 2021 Dollar Term Loans, the 2024 Dollar Term Loans and 2022 Dollar Term Loans of $3.4 million, $0, and $4.3 million, respectively. Under the terms of the credit agreement, we are obliged to offer annually to the term loan lenders an “excess cash flow” amount as defined under the agreement, based on the preceding year’s final results. Based on our 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 December 31, 2025, we had $500.0 million of Dollar Senior Notes due 2029 outstanding that were issued on June 4, 2024. The Dollar Senior Notes due 2029 are scheduled to mature on July 1, 2029 and bear interest at an annual fixed rate of 6.875% with semi-annual interest payments. Prior to July 1, 2026, we may redeem the Dollar Senior Notes due 2029, at our option, in whole at any time or in part from time to time, at a “make-whole” redemption price. In addition, on or subsequent to July 1, 2026, we may redeem the Dollar Senior Notes due 2029, at our option, in whole at any time or in part from time to time, at the following redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid interest to the redemption date:
Additionally, net cash proceeds from an equity offering can be utilized at any time prior to July 1. 2026, to redeem up to 40% of the Dollar Senior Notes due 2029 at a redemption price equal to 106.875% of the principal amount thereof, plus accrued and unpaid interest through to the redemption date. Upon the occurrence of specified types of change of control or of certain qualifying asset sales, the holders of the Dollar Senior Notes due 2029 will have the right to require us to make an offer to repurchase each holder's notes at a price equal to 101% (in the case of a change of control offer) or 100% (in the case of an asset sale offer) of their principal amount, plus accrued and unpaid interest. As noted above, on June 4, 2024, we redeemed all $568.0 million in aggregate principal amount of our Dollar Senior Notes due 2026 using primarily the proceeds from the issuance of the Dollar Senior Notes due 2029. Revolving credit facility We have a secured revolving credit facility that provides for multi-currency revolving loans. On June 4, 2024, we amended the credit agreement governing this facility to increase the size of the facility from $250.0 million to $500.0 million, and extended the maturity date from November 18, 2026 to the date that is the earliest of (x) June 4, 2029 and (y) April 1, 2029, if greater than $500.0 million in aggregate principal amount of the Dollar Senior Notes due 2029 are outstanding. This facility also includes a letter of credit sub-facility of $150.0 million. Debt under the revolving credit facility bears interest at a floating rate, at our option, at either a base rate as defined in the credit agreement plus an applicable margin or the reference rate plus an applicable margin. On January 21, 2025, we amended our credit agreement to lower the margin with respect to the revolving loans by 50 basis points compared to the previous term. The revolving loans bear interest at our option either Term SOFR (subject to a floor of 0%) 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 December 31, 2025 and December 28, 2024, there were no drawings for cash under the revolving credit facility. The letters of credit outstanding under this facility were $29.0 million and $28.2 million as of December 31, 2025 and December 28, 2024, respectively. In addition, Gates had other outstanding performance bonds, letters of credit and bank guarantees amounting to $12.6 million as of December 31, 2025, compared to $12.3 million as of December 28, 2024.
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Accrued expenses and other liabilities |
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| Accrued expenses and other liabilities | Accrued expenses and other liabilities Accrued expenses and other liabilities consisted of the following:
The above liabilities are presented in Gates’ balance sheet as follows:
Warranty reserves Changes in warranty reserves (included in accrued expenses and other liabilities) were as follows:
An accrual is made for warranty claims on various products depending on specific market expectations and the type of product. These estimates are established using historical information on the nature, frequency and average cost of warranty claims. The majority of the warranty accruals are expected to be utilized during 2026, with the remainder estimated to be utilized within the next three years. An accrual is made for the cost of product recalls if management considers it probable that it will be necessary to recall a specific product and the amount can be reasonably estimated.
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Post-retirement benefits |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Post-retirement benefits | 17. Postretirement benefits Pension and Other Postretirement Benefit Plans Gates provides defined contribution benefits in most of the countries in which it operates; in particular, the majority of its employees in the U.S. are entitled to such benefits. During Fiscal 2025, the expense recognized by Gates in respect of defined contribution plans was $17.2 million, compared to $20.9 million in Fiscal 2024 and $21.0 million in Fiscal 2023. Gates provides defined benefit pension plans in certain of the countries in which it operates, in particular, in the U.S. and outside of the U.S. Generally, the pension benefits provided under these plans are based on pensionable salary and the period of service of the individual employees. Plan assets are held separately from those of Gates in funds that are under the control of trustees. All of the defined benefit pension plans are closed to new entrants. In addition to the funded defined benefit pension plans, Gates has non-qualified supplemental plans with certain current and former employees. Gates provides other postretirement benefits, principally health and life insurance coverage, on an unfunded basis to certain of its employees in the U.S. and Canada. Funded status The following tables provide the net deficit recognized in respect of defined benefit plans as presented in the consolidated balance sheet at December 31, 2025 and December 28, 2024:
The following table provides a reconciliation of the changes in the benefit obligations and in the fair value of the plan assets associated with the Company’s defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2025 and December 28, 2024:
Amounts recognized as a component of accumulated other comprehensive income (loss) that have not been recognized as a component of net periodic benefit cost are presented in the following table.
The following tables provide the components of net periodic benefit cost (income) and other amounts recognized in other comprehensive income (loss), before income tax effects, for the years ended December 31, 2025, December 28, 2024 and December 30, 2023.
Assumptions Major assumptions used in determining the benefit obligation and the net periodic benefit cost for defined benefit plans are presented in the following table as weighted averages:
In determining the expected return on plan assets, we consider the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes, and economic and other indicators of future performance. Return projections are validated using a simulation model that incorporates yield curves, credit spreads and risk premiums to project long-term prospective returns. Estimated future contributions and benefit payments Gates’ funding policy for its defined benefit pension plans is to contribute amounts determined annually on an actuarial basis to provide for current and future benefits in accordance with federal law and other regulations. During 2026, Gates expects to contribute approximately $10.6 million to its defined benefit pension plans (including non-qualified supplemental plans) and $2.6 million to its other defined benefit plans. Benefit payments, reflecting expected future service, are expected to be made by Gates’ defined benefit pension plans as follows:
Plan Asset Investment Strategy Gates’ investment objectives for pension plan assets are focused on maintaining an appropriate level of diversification to mitigate interest rate and market risks, while ensuring sufficient liquidity to meet both current and future benefit payment obligations. The target investment mix for Gates’ defined benefit pension plans is tailored to each country and aligned with the specific funding objectives of each plan. The portfolio typically consists of a blend of return‑seeking assets such as diversified equities, real assets, and liquid diversifiers, alongside liability‑hedging assets, including appropriate government and high-quality corporate bonds, deemed appropriate by the plan trustees. In certain circumstances, buy‑in annuities may be utilized to fully eliminate associated risks. Plan assets are periodically rebalanced to maintain alignment with the established target asset allocations. The Company’s target weighted average asset allocation for our U.S. and Non-U.S. defined benefit pension plans are as follows:
(1) The Non-U.S. target allocation primarily consists of annuity contracts. Certain benefit obligations outside the U.S. are matched by insurance contracts. Investments in equities and fixed income securities are held in collective investment trusts that are managed by investment managers on a passive (or “index-tracking”) basis. The trustees ensure that there is no significant concentration of credit risk in any one financial institution. Plan assets do not include any financial instruments issued by, any property occupied by, or other assets used by Gates. Fair Value Measurements The following tables present the fair values of the Company’s pension plan assets as of December 31, 2025 and December 28, 2024 by asset category within the ASC 820 hierarchy (as defined in Note 14 “Fair Value Measurements”).
(1) Collective investment funds are valued at the daily closing price as reported or published by the fund. These funds are not exchange‑traded; however, the prices per unit are published and represent the actual price at which the units held in the fund can be bought or sold. Accordingly, the funds have been determined to have a readily determinable fair value based on the published price and transact at that price. (2) The insurance buy-in contract is similar to an annuity contract, which matches cash flows with future benefit payments for a specific group of pensioners with the obligation remaining with the plan. This contract is issued by a third-party insurance company with no affiliation to us. The insurance contract is valued on an insurer pricing basis, which reflects the purchase price adjusted for changes in discount rates and other actuarial assumptions, which approximates fair value. (3) Investments encompassing a wide range of strategies, including but not limited to, global equity markets and long and short positions across the capital structure in a range of credit related assets. Changes in the fair value of plan assets measured using significant unobservable inputs (level 3) were as follows:
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Share-based compensation |
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| 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 Fiscal 2025, we recognized a charge of $27.2 million, compared to $28.8 million and $27.4 million during Fiscal 2024 and Fiscal 2023, respectively. Awards issued under the 2014 Omaha Topco Ltd. Stock Incentive Plan (the “2014 Plan”) Gates has a number of share-based incentive awards issued under the 2014 Plan, which was assumed by the Company and renamed the Gates Industrial Corporation plc Stock Incentive Plan in connection with our initial public offering in January 2018 (our “IPO”). No new awards have been granted under this plan since 2017. The options granted prior to our IPO were split equally into four tiers, each with specific vesting conditions. The Tier I, Tier II and Tier 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 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 or three years from the date of grant, subject to the participant’s continued provision of service to Gates on the vesting date. The outstanding PRSUs provide that 75% of the award will generally vest if Gates achieves a certain level of average annual adjusted return on invested capital as defined in the plan (“Adjusted ROIC”) and the remaining 25% of the PRSUs will generally vest if Gates achieves certain relative total shareholder return (“Relative TSR”) goals, in each case, measured over a three-year performance period and subject to the participant’s continued employment through the end of the performance period. The total number of PRSUs that vest at the end of the performance period will range from 0% to 200% of the target based on actual performance against a pre-established scale. New awards and movements in existing awards granted under this plan are summarized in the tables below. Summary of movements in options outstanding
As of December 31, 2025, the aggregate intrinsic value of options that were exercisable was $22.2 million, and these options had a weighted average remaining contractual term of 3.1 years. As of December 31, 2025, the aggregate intrinsic value of options that were vested or expected to vest was $22.4 million, and these options had a weighted average remaining contractual term of 3.2 years. As of December 31, 2025, the unrecognized compensation charge relating to the nonvested options was $0.2 million, which is expected to be recognized over a weighted-average period of 1.4 years. During Fiscal 2025, cash of $10.4 million was received in relation to the exercise of vested options, compared to $14.9 million and $18.7 million during Fiscal 2024 and Fiscal 2023, respectively. The aggregate intrinsic value of options exercised during Fiscal 2025 was $26.3 million, compared to $6.0 million and $5.2 million during Fiscal 2024 and Fiscal 2023, respectively. Summary of movements in RSUs and PRSUs outstanding
As of December 31, 2025, the unrecognized compensation charge relating to nonvested RSUs and PRSUs was $19.9 million, which is expected to be recognized over a weighted average period of 1.3 years, subject, where relevant, to the achievement of the performance conditions described above. The total fair value of RSUs and PRSUs that vested in Fiscal 2025 was $27.2 million, compared to $21.5 million, and $21.5 million during Fiscal 2024 and Fiscal 2023 respectively. Valuation of awards granted during the period The grant date fair value of the options and SARs are measured using a Black-Scholes valuation model. RSUs are valued at the share price on the date of grant. The premium-priced options and PRSUs were valued using Monte Carlo simulations. As Gates only has volatility data for its shares for the period since its initial public offering, 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:
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Equity |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Equity Movements in the Company’s number of shares in issue for the year ended December 31, 2025 and December 28, 2024, respectively, were as follows:
In February 2024, the Company’s Board approved a share repurchase program for up to $100.0 million in authorized share repurchases, with an expiration date of October 6, 2024. On February 12, 2024, the Company, certain selling shareholders affiliated with Blackstone Inc (“Blackstone”), and the representatives of the several underwriters entered into an underwriting agreement pursuant to which the selling shareholders sold to the underwriters 20,125,000 ordinary shares of the Company at a price of $12.045 per ordinary share (the “February 2024 Offering”). The Company did not receive any proceeds from the sale of ordinary shares in the February 2024 Offering, which closed on February 16, 2024. In connection with the February 2024 Offering, the Company repurchased 4,151,100 ordinary shares through Citigroup Global Markets Inc. from the same selling shareholders at a price of $12.045 per ordinary share for an aggregate consideration of approximately $50.0 million (the “February 2024 Repurchase”), plus costs paid directly related to the transaction of $0.3 million. This repurchase was funded by cash on hand. All shares repurchased pursuant to the February 2024 Repurchase have been cancelled. In July 2024, the Company’s Board cancelled the then existing share repurchase program and approved a new share repurchase program, providing for up to $250.0 million in share repurchases, with an expiration date of December 31, 2025. On August 16, 2024, the Company, certain selling shareholders affiliated with Blackstone, and the representatives of the several underwriters entered into an underwriting agreement pursuant to which the selling shareholders sold to the underwriters 23,000,000 ordinary shares of the Company at a price of $16.58 per ordinary share (the “August 2024 Offering”). The Company did not receive any proceeds from the sale of ordinary shares in the August 2024 Offering, which closed on August 21, 2024. In connection with the August 2024 Offering, the Company repurchased 7,539,203 ordinary shares through Citigroup Global Markets Inc. from the same selling shareholders at a price of $16.58 per ordinary share for an aggregate consideration of approximately $125.0 million (the “August 2024 Repurchase”), plus costs paid directly related to the transaction of $0.8 million. This repurchase was funded by cash on hand and a borrowing of $40.0 million under Gates’ secured revolving credit facility. All shares repurchased pursuant to the August 2024 Repurchase were cancelled. In March 2025, the Company repurchased 672,911 shares under the then-existing share repurchase program in the open market at a total cost of approximately $12.9 million, plus costs paid directly related to the transaction of $0.1 million. All shares repurchased pursuant to the March 2025 Repurchase were cancelled. 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. In the fourth quarter of 2025, the Company repurchased 4,829,073 shares under the existing share repurchase program in the open market at a total cost of approximately $105.7 million, plus costs paid directly related to the transaction of $0.6 million. Of the shares repurchased, 3,110,812 shares were cancelled while 1,718,261 shares were pending cancellation as of December 31, 2025. Approximately $194.3 million remained available under the share repurchase program as of December 31, 2025.
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Analysis of accumulated other comprehensive (loss) income |
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| 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:
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Related party transactions |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related party transactions | Related party transactions A. Equity method investees Sales to and purchases from equity method investees were as follows:
Amounts outstanding in respect of these transactions were payables of $0.1 million as of December 31, 2025, compared to $0.1 million as of December 28, 2024. No dividends were received from our equity method investees during the periods presented. B. Non-Gates entities controlled by non-controlling shareholders Sales to and purchases from non-Gates entities controlled by non-controlling shareholders were as follows:
Amounts outstanding in respect of these transactions were as follows:
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Commitments and contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and contingencies | Commitments and contingencies A. Capital and other commitments As of December 31, 2025, we had entered into contractual commitments for the purchase of property, plant and equipment amounting to $6.9 million, compared to $8.6 million as of December 28, 2024, and for the purchase of non-integral computer software amounting to $5.1 million, compared to $6.1 million as of December 28, 2024. As of December 31, 2025, we had entered into contractual commitments for non-capital items such as raw materials and supplies amounting to $52.5 million, compared to $62.1 million as of December 28, 2024. B. Company–owned life insurance policies Gates is the beneficiary of a number of company-owned life insurance policies against which it borrows from the relevant life insurance company. As of December 31, 2025, the surrender value of the policies was $937.1 million, compared to $934.3 million as of December 28, 2024, and the amount outstanding on the related loans was $935.5 million, compared to $932.2 million as of December 28, 2024. For financial reporting purposes, these amounts are offset as a legal right of offset exists and the net receivable of $1.6 million as of December 31, 2025, compared to $2.1 million as of December 28, 2024, is included in other receivables. C. Contingencies The Company is, from time to time, party to general legal proceedings and claims, which arise in the ordinary course of business including those relating to environmental obligations, product liability, intellectual property, commercial and contractual disputes, employment matters and other business matters. 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 determined in accordance with 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. D. Allowance for expected credit losses Movements in our allowance for expected credit losses were as follows:
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Management and Strategy The Company’s cybersecurity program is designed to ensure our technology environment is operating and maintained in accordance with best practices, utilizing the International Organization for Standardization framework as a key component of its approach to risk management. To identify, assess, and manage cybersecurity threat risks, the Company: •maintains a 24-hour cybersecurity team to continuously monitor its technology systems and emerging threat types and to respond to identified vulnerabilities; •deploys a variety of defenses, including automatic blocking of potential cybersecurity threats; •utilizes third-party system scanning tools, cybersecurity threat intelligence reports as well as cybersecurity threat reports from its business partners, each of which assists our monitoring efforts; •utilizes a scoring system to prioritize non-urgent mitigation activities; •completes annual third-party testing, the results of which are discussed with the Company’s Audit Committee, and periodic third-party table-top exercises and gap assessments; •maintains a mandatory internal educational program for employees, including phishing simulations, required courses at the time of hire, and microlearning courses throughout the year, to ensure continual awareness of new and emerging threats; •has adopted information technology policies applicable to its employees, including the Company’s Acceptable Use Policy, Dual Use Device Policy, Information Security Policy, Password Policy and Security Incident Response Plan (“SIRP”). The Company conducts reputational analysis and security reviews for certain of its vendors to manage cybersecurity threats from the use of third-party services. We continue to make investments to enhance the protection of our information technology systems and our business from cybersecurity incidents, including maintaining a cybersecurity insurance policy. For a discussion of whether and how any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition,
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Company’s cybersecurity program is designed to ensure our technology environment is operating and maintained in accordance with best practices, utilizing the International Organization for Standardization framework as a key component of its approach to risk management. To identify, assess, and manage cybersecurity threat risks, the Company: •maintains a 24-hour cybersecurity team to continuously monitor its technology systems and emerging threat types and to respond to identified vulnerabilities; •deploys a variety of defenses, including automatic blocking of potential cybersecurity threats; •utilizes third-party system scanning tools, cybersecurity threat intelligence reports as well as cybersecurity threat reports from its business partners, each of which assists our monitoring efforts; •utilizes a scoring system to prioritize non-urgent mitigation activities; •completes annual third-party testing, the results of which are discussed with the Company’s Audit Committee, and periodic third-party table-top exercises and gap assessments; •maintains a mandatory internal educational program for employees, including phishing simulations, required courses at the time of hire, and microlearning courses throughout the year, to ensure continual awareness of new and emerging threats; •has adopted information technology policies applicable to its employees, including the Company’s Acceptable Use Policy, Dual Use Device Policy, Information Security Policy, Password Policy and Security Incident Response Plan (“SIRP”).
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Governance Our Board, with the assistance of its audit committee (“Audit Committee”), oversees the Company’s cybersecurity programs and strategies. At least annually, the Board receives a report on the Company’s information technology strategy, including cybersecurity measures, from our Chief Information Officer (“CIO”). The Audit Committee oversees the Company’s guidelines and policies with respect to risk assessment and risk management, including risk exposures related to information security, cybersecurity and data protection, and the steps management has taken to monitor and control such exposures. At least quarterly, the Audit Committee receives a report from our CIO on the Company’s cybersecurity risks and mitigation activities, including reports of any significant cybersecurity incident affecting the Company. Assessment and management of the Company’s risks from cybersecurity threats is led by our Chief Information Security Officer (“CISO”) and our CIO to whom our CISO reports. Our CISO maintains our SIRP and manages day-to-day incident identification, assessment and management and continuously updates our CIO on such matters. Our CIO and CISO lead our overall cybersecurity risk management program, including ongoing assessments of system vulnerabilities and mitigation efforts. Our CISO or CIO escalates cybersecurity incidents to other members of the Company’s leadership, as appropriate. In addition, to ensure cybersecurity risks are considered within the Company’s ERM process, our CIO serves on our Enterprise Risk Committee which directs the ERM process. Our CISO has over 13 years of experience assisting organizations in responding to cybersecurity incidents, serving as a chief information security officer for the past six years. He holds a Certified Information Systems Security Professional (CISSP) certification and a master’s degree in information technology management, with an emphasis on cybersecurity. He has also completed several supplemental courses on cyber incident response, including SANS 504 - Hacker Tools, Techniques, and Incident Handling. Our CIO has over 20 years of experience in cybersecurity. He founded and built Internet start-ups and Internet Service Providers, protecting them from threats, and responding to cybersecurity events. He has rebuilt and directed cybersecurity departments in global public companies for the last eight years. He is an advisory board member for various cybersecurity and technology companies and holds a B.S. in Computer Science and an MBA.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Assessment and management of the Company’s risks from cybersecurity threats is led by our Chief Information Security Officer (“CISO”) and our CIO to whom our CISO reports. Our CISO maintains our SIRP and manages day-to-day incident identification, assessment and management and continuously updates our CIO on such matters. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Assessment and management of the Company’s risks from cybersecurity threats is led by our Chief Information Security Officer (“CISO”) and our CIO to whom our CISO reports. Our CISO maintains our SIRP and manages day-to-day incident identification, assessment and management and continuously updates our CIO on such matters. Our CIO and CISO lead our overall cybersecurity risk management program, including ongoing assessments of system vulnerabilities and mitigation efforts. Our CISO or CIO escalates cybersecurity incidents to other members of the Company’s leadership, as appropriate. In addition, to ensure cybersecurity risks are considered within the Company’s ERM process, our CIO serves on our Enterprise Risk Committee which directs the ERM process. |
| Cybersecurity Risk Role of Management [Text Block] | Assessment and management of the Company’s risks from cybersecurity threats is led by our Chief Information Security Officer (“CISO”) and our CIO to whom our CISO reports. Our CISO maintains our SIRP and manages day-to-day incident identification, assessment and management and continuously updates our CIO on such matters. Our CIO and CISO lead our overall cybersecurity risk management program, including ongoing assessments of system vulnerabilities and mitigation efforts. Our CISO or CIO escalates cybersecurity incidents to other members of the Company’s leadership, as appropriate. In addition, to ensure cybersecurity risks are considered within the Company’s ERM process, our CIO serves on our Enterprise Risk Committee which directs the ERM process. Our CISO has over 13 years of experience assisting organizations in responding to cybersecurity incidents, serving as a chief information security officer for the past six years. He holds a Certified Information Systems Security Professional (CISSP) certification and a master’s degree in information technology management, with an emphasis on cybersecurity. He has also completed several supplemental courses on cyber incident response, including SANS 504 - Hacker Tools, Techniques, and Incident Handling. Our CIO has over 20 years of experience in cybersecurity. He founded and built Internet start-ups and Internet Service Providers, protecting them from threats, and responding to cybersecurity events. He has rebuilt and directed cybersecurity departments in global public companies for the last eight years. He is an advisory board member for various cybersecurity and technology companies and holds a B.S. in Computer Science and an MBA.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Board, with the assistance of its audit committee (“Audit Committee”), oversees the Company’s cybersecurity programs and strategies. At least annually, the Board receives a report on the Company’s information technology strategy, including cybersecurity measures, from our Chief Information Officer (“CIO”). The Audit Committee oversees the Company’s guidelines and policies with respect to risk assessment and risk management, including risk exposures related to information security, cybersecurity and data protection, and the steps management has taken to monitor and control such exposures. At least quarterly, the Audit Committee receives a report from our CIO on the Company’s cybersecurity risks and mitigation activities, including reports of any significant cybersecurity incident affecting the Company. Assessment and management of the Company’s risks from cybersecurity threats is led by our Chief Information Security Officer (“CISO”) and our CIO to whom our CISO reports. Our CISO maintains our SIRP and manages day-to-day incident identification, assessment and management and continuously updates our CIO on such matters. Our CIO and CISO lead our overall cybersecurity risk management program, including ongoing assessments of system vulnerabilities and mitigation efforts. Our CISO or CIO escalates cybersecurity incidents to other members of the Company’s leadership, as appropriate. In addition, to ensure cybersecurity risks are considered within the Company’s ERM process, our CIO serves on our Enterprise Risk Committee which directs the ERM process.
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| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our CISO has over 13 years of experience assisting organizations in responding to cybersecurity incidents, serving as a chief information security officer for the past six years. He holds a Certified Information Systems Security Professional (CISSP) certification and a master’s degree in information technology management, with an emphasis on cybersecurity. He has also completed several supplemental courses on cyber incident response, including SANS 504 - Hacker Tools, Techniques, and Incident Handling. Our CIO has over 20 years of experience in cybersecurity. He founded and built Internet start-ups and Internet Service Providers, protecting them from threats, and responding to cybersecurity events. He has rebuilt and directed cybersecurity departments in global public companies for the last eight years. He is an advisory board member for various cybersecurity and technology companies and holds a B.S. in Computer Science and an MBA.
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| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | At least annually, the Board receives a report on the Company’s information technology strategy, including cybersecurity measures, from our Chief Information Officer (“CIO”). The Audit Committee oversees the Company’s guidelines and policies with respect to risk assessment and risk management, including risk exposures related to information security, cybersecurity and data protection, and the steps management has taken to monitor and control such exposures. At least quarterly, the Audit Committee receives a report from our CIO on the Company’s cybersecurity risks and mitigation activities, including reports of any significant cybersecurity incident affecting the Company. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant accounting policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Basis of preparation | Basis of presentationThe 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. | ||||||||||||||||||||||||
| New accounting pronouncements adopted and policies not yet adopted | The accounting policies used in preparing these consolidated financial statements and related notes are the same as those applied in the prior year.New Accounting Standards Recently Adopted Accounting Standard Updates (“ASU) •ASU 2023-09 “Income Taxes” (Topic 740): Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“FASB”) issued an ASU that requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updated standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions and applies to all entities subject to income taxes. The updated standard is effective for our annual periods beginning in Fiscal 2025 and interim periods beginning in the first quarter of Fiscal 2026, and is applied prospectively. The adoption has modified our disclosures but has not had a material effect on our consolidated financial statements as disclosed in Note 6 “Income taxes”. Recently Issued Accounting Pronouncements The following accounting pronouncements are relevant to Gates’ operations but have not yet been adopted. •ASU 2025-6 “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40)” In September 2025, the 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 2027 and interim periods beginning in the first quarter of Fiscal 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 announced by the 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.
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| Accounting periods | Accounting periods The Company prepares its annual consolidated financial statements as of December 31. In prior periods, the Company prepared its annual consolidated financial statements as of the Saturday nearest December 31. Accordingly, the consolidated balance sheets are presented as of December 31, 2025 and December 28, 2024 and the related consolidated statements of operations, comprehensive income, cash flows, and shareholders’ equity are presented, where relevant, for the 368-day period from December 29, 2024 to December 31, 2025 (“Fiscal 2025”), with comparative information for the 364-day period from December 31, 2023 to December 28, 2024 (“Fiscal 2024”) and the 364-day period from January 1, 2023 to December 30, 2023 (“Fiscal 2023”).
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| Basis of consolidation | Basis of consolidation The consolidated financial statements include the results of operations, cash flows and assets and liabilities of Gates and its majority-owned subsidiaries, and our share of the results of our equity method investees. We consolidate entities in which we have a controlling interest or when we are considered the primary beneficiary of a variable interest entity. The consolidated financial statements reflect the assets, liabilities, revenues and expenses of consolidated subsidiaries and the non-controlling parties’ ownership interest is presented as a non-controlling interest. Intercompany transactions and balances, and any unrealized profits or losses arising from intercompany transactions, are eliminated on consolidation. In 2022, as a result of the conflict between Russia and Ukraine, the Company began exiting substantially all its activities in Russia with only residual cash and de minimis administrative costs remaining in 2024. During the year ended December 28, 2024, the Company concluded that the inability to repatriate remaining cash coupled with the significant government regulations and restrictions in place severely limited its ability to manage and control its Russian subsidiary. As a result, the Company's Russian subsidiary was deconsolidated as of December 28, 2024. The impact of the deconsolidation was a $12.7 million loss included in the results of operations for the year ended December 28, 2024.
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| Foreign currency transactions and translation | Foreign currency transactions and translationTransactions denominated in currencies other than an entity’s functional currency (foreign currencies) are translated into the entity’s functional currency at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing on the reporting date. Exchange differences arising from changes in exchange rates are recognized in net income for the period. During the twelve months ended December 31, 2025, we reclassified foreign currency gains and losses from Selling, general and administrative expenses to Other expenses (income) within the statements of operations. In addition, we have reclassified the amounts relating to prior period results to conform to current period presentation. The results of reclassification did not impact net income and are not considered material. On consolidation, the results of operations of entities whose functional currency is other than the U.S. dollar are translated into U.S. dollars at the weighted average exchange rate for the period and their assets and liabilities are translated into U.S. dollars at the exchange rate prevailing on the balance sheet date. Currency translation differences are recognized within other comprehensive income (“OCI”) as a separate component of accumulated OCI. In the event that a foreign operation is sold, or substantially liquidated, the cumulative currency translation differences that are attributable to the operation are reclassified to net income. In the statement of cash flows, the cash flows of operations whose functional currency is other than the U.S. dollar are translated into U.S. dollars at the weighted average exchange rate for the period.
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| Net sales | Net sales Gates derives its net sales primarily from the sale of 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 OEM channels, throughout the world. Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We apply the five-step model under Topic 606 (“Revenue from Contracts with Customers”) to all contracts. The five steps are: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) we satisfy a performance obligation. In most of our agreements with customers, we consider accepted customer purchase orders, which in some cases are governed by master sales agreements, to represent the contracts with our customers. Revenue from the sale of goods under these contracts is measured at the invoiced amount, net of estimated returns, early settlement discounts and rebates. Taxes collected from customers relating to product sales and remitted to government authorities are excluded from revenues. Where a customer has the right to return goods, future returns are estimated based on historical returns profiles. Settlement discounts that may apply to unpaid invoices are estimated based on the settlement histories of the relevant customers. Our transaction prices often include variable consideration, usually in the form of discounts and rebates that may apply to issued invoices. The reduction in the transaction price for variable consideration requires that we make estimations of the expected total qualifying sales to the relevant customers. These estimates, including an analysis for potential constraint on variable consideration, take into account factors such as the nature of the rebate program, historical information and expectations of customer and consumer behavior. Overall, the transaction price is reduced to reflect our estimate of the consideration that is not probable of significant reversal. We allocate the transaction price to each distinct performance obligation based on their relative standalone selling price. The product price as specified on the accepted purchase order is considered to be the standalone selling price. In substantially all of our contracts with customers, our performance obligations are satisfied at a point in time, rather than over a period of time, when control of the product is transferred to the customer. This occurs typically at shipment. In determining whether control has transferred and the customer is consequently able to control the use of the product for their own benefit, we consider if there is a present right to payment, legal title and physical possession has been transferred, whether the risks and rewards of ownership have transferred to the customer, and if acceptance of the asset by the customer is more than perfunctory.
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| Selling, general and administrative expenses | Selling, general and administrative expenses Shipping and handling costs Costs of outbound shipping and handling are included in SG&A.
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| Research and development costs | Research and development costs Research and development costs are charged to net income in the period in which they are incurred.
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| Advertising costs | Advertising costs Advertising costs are expensed as incurred and included in SG&A.
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| Restructuring expenses | Restructuring expenses Restructuring expenses are incurred in major projects undertaken to rationalize and improve our cost competitiveness. Restructuring expenses incurred during the periods presented are analyzed in Note 5. Liabilities in respect of termination benefits provided to employees who are involuntarily terminated under the terms of a one-time benefit arrangement are recognized over the future service period when those employees are required to render services to the entity beyond the minimum retention period. If employees are not required to render service until they are terminated or if they will not be retained to render service beyond 60 days or a longer legal notification period, the liability is recognized on the communication date. Termination benefits that are covered by a contract or an ongoing benefit arrangement are recognized when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. Benefits that are offered for a short period of time in exchange for voluntary termination are recognized when the employees accept the offer. Restructuring expenses other than termination benefits and lease exit costs are recognized only when the Company has incurred a related liability.
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| Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. A valuation adjustment is made to inventory for any excess, obsolete or slow-moving items based on management’s review of on-hand inventories compared to historical and estimated future sales and usage profiles. Any consequent write-down of inventory results in a new cost basis for inventory. Cost represents the expenditure incurred in bringing inventories to their existing location and condition, which may include the cost of raw materials, direct labor costs, other direct costs and related production overheads. Cost is generally determined on a first in, first out (“FIFO”) basis, but the cost of certain inventories is determined on a last in, first out (“LIFO”) basis.
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| Goodwill | Goodwill Goodwill arising in a business combination is allocated to the reporting unit that is expected to benefit from the synergies of the acquisition. Where goodwill is attributable to more than one reporting unit, the goodwill is determined by allocating the purchase consideration in proportion to their respective business enterprise values and comparing the allocated purchase consideration with the fair value of the identifiable assets and liabilities of the reporting unit. Goodwill is not amortized but is tested for impairment on the first day of the fourth quarter or more frequently whenever events or changes in circumstances indicate that the carrying value may not be recoverable and is carried at cost less any recognized impairment. For both reporting units, which are also our reportable segments, the fair values exceeded the carrying values and no goodwill impairments were therefore recognized during Fiscal 2025, Fiscal 2024 or Fiscal 2023. To identify a potential impairment of goodwill, the fair value of the reporting unit to which the goodwill is allocated is compared to its carrying amount, including goodwill. We calculate fair values using a weighted blend of income and market approaches. If the fair value of the reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not considered impaired. If the fair value is lower than the carrying amount, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the amount of goodwill allocated to that reporting unit.
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| Other intangible assets | Other intangible assets Other intangible assets are stated at cost less accumulated amortization and any recognized impairment. (i) Assets acquired in business combinations An acquired intangible asset with a finite useful life is amortized on a straight-line basis so as to charge its cost, which represents its fair value at the date of acquisition, to net income over the Company’s expectation of its useful life, as follows:
Acquired brands and trade names are considered to have an indefinite useful life and are not amortized but are tested at least annually for impairment and are carried at cost less any recognized impairment. (ii) Computer software Computer software that is not integral to an item of property, plant and equipment is recognized separately as an intangible asset. Computer software is amortized on a straight-line basis over its estimated useful life, which ranges from 2 to 6 years.
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| Property, plant and equipment | Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and any recognized impairment losses. Major improvements are capitalized. Expenditures for repairs and maintenance that do not significantly extend the useful life of the asset are expensed as incurred. Land and assets under construction are not depreciated. Depreciation of property, plant and equipment, other than land and assets under construction, is generally expensed on a straight-line basis over their estimated useful lives. The Company’s estimated useful lives of items of property, plant and equipment are generally in the following ranges:
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| Leases | Leases Gates has a large number of leases covering a wide variety of tangible assets that are used in our operations across the world. The value of our global leases is concentrated in a relatively small number of real estate leases, which accounted for approximately 89% of the lease liability under non-cancellable leases as of December 31, 2025. The remaining leases are predominantly comprised of equipment and vehicle leases. In determining the impact of renewal options on the lease term, we consider various economic factors, including real estate strategies, the nature, length and underlying terms of the agreement, as well as the uncertainty of the condition of leased equipment at the end of the lease term. Certain payments under our lease agreements, such as property taxes and utility costs, are excluded from the measurement of our right-of-use assets and lease liabilities and are recognized instead as variable payments in the period in which the obligation for those payments is incurred. A number of our leases, particularly real estate leases, include base rent escalation clauses. The majority of these are based on the change in a local consumer price or similar inflation index. Payments that vary based on an index or rate are included in the measurement of our right-of-use assets and lease liabilities at the rate as of the commencement date with any subsequent changes to those payments being recognized as variable payments in the period in which they occur. Gates does not have any significant leases containing residual value guarantees, restrictions or covenants. Additionally, as of December 31, 2025, there were no significant new leases that have not yet commenced. The discount rate used to calculate the present value of the future minimum lease payments is the rate implicit in the lease, when readily available. As most of our leases do not have a readily determinable implicit rate, we discount the future minimum lease payments using an incremental borrowing rate which represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We determine this rate at a country or lower level and take into account factors including currency, country risk premium, industry risk and adjustments for collateralized debt. Appropriate yield curves are used to derive different debt tenors to approximate the applicable lease term. The discount rate is reassessed when there is a remeasurement of the lease liability, which happens predominantly when there is a contract modification and that modification does not result in a separate contract. We have adopted the following practical expedients: (i)we will not separate the lease component from the non-lease component for all asset classes. We have therefore not allocated consideration in a contract between lease and non-lease components; and (ii)we recognize the payments on short-term leases (leases with terms at inception of 12 months or fewer) in net income on a straight-line basis over the lease term. No amount is recognized on the balance sheet with respect to these leases.
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| Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents comprise cash on hand, deposits available on demand and other short-term, highly liquid investments with maturities on acquisition of 90 days or less. We have cash concentrations in certain large, highly-rated global financial institutions. Management closely monitors the credit quality of the institutions in which it holds deposits. | ||||||||||||||||||||||||
| Restricted cash | Restricted cashRestricted cash, which is included in the prepaid expenses and other assets line in the consolidated balance sheets, includes cash given as collateral under letters of credit for insurance and regulatory purposes. | ||||||||||||||||||||||||
| Trade accounts receivable | Trade accounts receivable Trade accounts receivable represent the amount of sales of goods to customers, net of discounts and rebates, for which payment has not been received, less an allowance for expected credit losses. Our businesses develop their expected loss estimates based either on the aging profile of outstanding receivables or by applying an experience factor (either a percentage of sales or a percentage of open receivables). These methodologies are based primarily on historical trends and experience, but credit controllers also regularly assess individual customer accounts to identify any potential increases or decreases in the level of expected credit loss needed to be applied to each customer based on current circumstances and future expectations. Before accepting a new customer, we assess their credit quality and establish a credit limit. Credit quality is assessed by using data maintained by reputable credit rating agencies, by checking of references included in credit applications and, where they are available, by reviewing the customer’s recent financial statements. Credit limits are subject to multiple levels of authorization and are reviewed on a regular basis. Although Gates has a wide variety of customers from multinational original equipment manufacturers and distributors to small family-owned businesses, the majority of our sales are generated from large companies with low credit risk. Movements in our allowance for expected credit losses during the periods presented are analyzed in Note 22. During Fiscal 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 statements of cash flows.
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| Debt | Debt Debt is initially measured at its principal amount, net of directly attributable transaction costs, if any, and is subsequently measured at amortized cost using the effective interest rate method.
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| Accounts payable | Accounts payable Accounts payable represents the amount of invoices received from suppliers for purchases of goods and services and the amount of goods received but not invoiced, for which payment has not been made.
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| Derivative financial instruments | Derivative financial instruments 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 all derivative financial instruments as either assets or liabilities at fair value on the balance sheet date. The accounting for the change in the fair value is recognized in net income based on the nature of the items being hedged unless the financial instrument has been designated in an effective cash flow or net investment hedging relationship, in which case the change in fair value is recognized in OCI.
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| Fair Value | Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities that are held at fair value, or for which fair values are presented in these consolidated financial statements, have been categorized into one of three levels to reflect the degree to which observable inputs are used in determining the fair values. Where a change in the determination of the fair value of a financial asset or liability results in a transfer between the levels of the fair value hierarchy, we recognize that transfer at the end of the reporting period.
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| Post-retirement benefits | Postretirement benefits Postretirement benefits comprise pension benefits provided to employees and other benefits, mainly healthcare, provided to certain employees worldwide. We account for our postretirement benefit plans in accordance with Topic 715 “Compensation – Retirement Benefits”, which is based on the principle that the cost of providing these benefits is recognized in net income over the service periods of the participating employees. For defined benefit plans, the net obligation or surplus arising from providing the benefits is recognized as a liability or an asset determined by actuarial valuations of each of the plans that are carried out annually by independent qualified actuaries as of the year end balance sheet date. Benefit obligations are measured using the projected unit credit method. Plan assets (if any) are measured at fair value. We recognize the service cost component of our net periodic pension and other postretirement benefit cost in the lines within operating income to which the relevant employees' other compensation costs are reported. All other components of the net periodic benefit cost (which include the interest cost, the expected return on plan assets, gains or losses on settlements and curtailments, the amortization of prior year service cost or credit and prior year actuarial gains and losses) are included in the other (expenses) income line, outside of operating income from continuing operations. Actuarial gains and losses represent differences between the expected and actual returns on the plan assets, gains and losses on the plan liabilities and the effect of changes in actuarial assumptions. We use the “corridor approach” whereby, to the extent that cumulative actuarial gains and losses exceed 10% of the greater of the market related value of the plan assets and the projected benefit obligation at the beginning of the fiscal year, they are reclassified from accumulated other comprehensive income to net income over the average remaining service periods of participating employees. Gains and losses on settlements and curtailments are recognized in net income in the period in which the curtailment or settlement occurs.
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| Share-based compensation | Share-based compensation Share-based compensation has historically been provided to certain of our employees under share option, bonus and other share award plans. All share-award plans are equity settled, except for certain awards issued in the form of stock appreciation rights (“SARs”) to employees in China, where local regulations necessitate a cash-settled award. These SARs are therefore accounted for as liabilities rather than equity. We recognize compensation expense based on the fair value of the awards, measured using either the share price on the date of grant, a Black-Scholes option-pricing model or a Monte-Carlo valuation model, depending on the nature of the award. Fair value is determined at the date of grant and reflects market and performance conditions and all non-vesting conditions. Generally, the compensation expense for each separately vesting portion of the award is recognized on a straight-line basis over the vesting period for that portion of the award. Compensation expense is recognized for awards containing market conditions regardless of whether or not the market condition is met, whereas compensation expense for awards containing performance conditions is recognized only to the extent that it is probable that those performance conditions will be met. Adjustments are made to reflect expected and actual forfeitures during the vesting period due to failure to satisfy service conditions or performance conditions. For equity awards, fair value is not subsequently remeasured unless the conditions on which the award was granted are modified. An amount corresponding to the compensation expense for equity awards is recognized in equity as additional paid in capital. For liability awards, the fair value is remeasured each period and the change in fair value is recognized in net income for the period with a corresponding change in the outstanding liability.
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| Income taxes | Income taxes Current tax is the amount of tax payable or receivable in respect of the taxable income for the period. Taxable income differs from financial reporting income because it excludes items of income or expense recognized for financial reporting purposes that are either not taxable or deductible for tax purposes or are taxable or deductible in other periods. Current tax is calculated using tax rates that have been enacted at the balance sheet date. Management assesses unrecognized tax benefits based upon an evaluation of the facts, circumstances and information available at the balance sheet date. Provision is made for unrecognized tax benefits to the extent that the amounts previously taken or expected to be taken in tax returns exceeds the tax benefits that are recognized in the consolidated financial statements in respect of the tax positions. A tax benefit is recognized in the consolidated financial statements only if management considers that it is more likely than not that the tax position will be sustained on examination by the relevant tax authority solely on the technical merits of the position and is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement assuming that the tax authority has full knowledge of all relevant information. Provisions for unrecognized tax benefits are reviewed regularly and are adjusted to reflect events such as the expiration of limitation periods for assessing tax, guidance given by the tax authorities and court decisions. Interest and penalties relating to unrecognized tax benefits are accrued in accordance with the applicable tax legislation on any excess of the tax benefit claimed or expected to be claimed in a tax return and the tax benefit recognized in the consolidated financial statements. Interest and penalties are recognized as a component of income tax benefit (expense) in the consolidated statements of operations and accrued interest and penalties are included under the related taxes payable line in the consolidated balance sheets. Deferred tax assets and liabilities are recognized based on the expected future tax consequences of the difference between the financial statement carrying amount and the respective tax basis. Deferred taxes are measured on the enacted rates expected to apply to taxable income at the time the difference is anticipated to reverse. Deferred tax assets are reduced through the establishment of a valuation allowance if it is more likely than not that the deferred tax asset will not be realized taking into account the timing and amount of the reversal of taxable temporary differences, expected future taxable income and tax planning strategies. Deferred tax is provided on taxable temporary differences arising on investments in foreign subsidiaries, except where we intend, and are able, to reinvest such amounts on a permanent basis or to remit such amounts in a tax-free manner.
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| Use of estimates | Use of estimates 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 the timing and amount of revenue recognition, rebates, impairment of long-lived assets, intangible assets and goodwill, inventory valuation, financial instruments, expected credit losses, product warranties, income taxes and postretirement 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. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after December 31, 2025 may result in actual outcomes that differ from those contemplated by our assumptions and estimates.
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Significant accounting policies (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets Acquired Amortization Schedule | An acquired intangible asset with a finite useful life is amortized on a straight-line basis so as to charge its cost, which represents its fair value at the date of acquisition, to net income over the Company’s expectation of its useful life, as follows:
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| Schedule of Property Plant, and Equipment | The Company’s estimated useful lives of items of property, plant and equipment are generally in the following ranges:
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Segment information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
The following table provides summarized information about the Company’s operations by reportable segment for the years ended December 31, 2025, December 28, 2024 and December 30, 2023:
(1) Adjusted cost of sales excluded inventory impairments and adjustments primarily related to the reversal of the adjustment to remeasure certain inventories on a LIFO basis, and restructuring related expenses (included in cost of sales). (2) Adjusted selling, general and administrative expenses excluded acquired intangible assets amortization, share-based compensation expense, and restructuring related expenses (included in SG&A). (3) Other adjustments primarily relates to net foreign currency transaction (loss) gain and insurance recoveries.
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| Schedule of Net sales by Key Geographic Regions and Markets | The following table summarizes our net sales by key geographic region:
(1) Europe, Middle East and Africa (“EMEA”). The following table summarizes our segment net sales into OEM and Aftermarket channels:
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| Schedule of Reconciliation of Adjusted EBITDA to Net Income from Continuing Operations | Reconciliation of income from continuing operations before taxes to Adjusted EBITDA:
(1) In July 2022, as a result of the conflict between Russia and Ukraine, Gates suspended our operations in Russia. As of September 28, 2024, we deconsolidated the Russian subsidiary upon loss of control and recognized a deconsolidation loss. (2) Transaction-related expenses relate primarily to advisory fees and other costs recognized in respect of major corporate transactions, including the acquisition of businesses, and equity and debt transactions. (3) Inventory adjustments includes the reversal of the adjustment to remeasure certain inventories on a LIFO basis. (4) Other expenses (income) excludes foreign currency transaction losses and insurance recoveries of $4.8 million for the year ended December 31, 2025; foreign currency transaction gain of $6.5 million for the year ended December 28, 2024; and foreign currency transaction gain of $2.5 million for the year ended December 30, 2023. (5) In July 2025, we received insurance recoveries related to a previously disclosed cybersecurity incident that occurred in February 2023 for which we previously excluded $5.2 million of expenses from Adjusted EBITDA.
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Restructuring, asset impairments, and restructuring related expenses (Tables) |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring Costs | Restructuring expenses by expense type and asset impairments are included in the table below:
Certain expenses related to strategic initiatives, not qualified as restructuring under U.S. GAAP, have been provided in the table below:
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| Schedule of Restructuring Reserves Activity | The following summarizes the reserve for restructuring expenses for the year ended December 31, 2025 and December 28, 2024, respectively:
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Income taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income from Continuing Operations Before Taxes | Gates Industrial Corporation plc is domiciled in the United Kingdom. Income from continuing operations before income taxes is summarized below based on the geographic location of the operation to which such earnings and income taxes are attributable.
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| Schedule of Income Tax Expense (Benefit) on Income from Continuing Operations Analyzed by Tax Jurisdiction | Income tax expense on income from continuing operations analyzed by tax jurisdiction is as follows:
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| Schedule of Effective Income Tax Rate Reconciliation | As described in Note 3, effective for the year ended December 31, 2025, we adopted ASU 2023-09 and applied the disclosure requirements on a prospective basis. In accordance with prospective application, we did not recast prior period disclosures. A reconciliation of the provisions for income taxes to the amount computed by applying the 25% U.K. federal statutory rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
(1) Other permanent items primarily consist of miscellaneous non-deductible expenses, non-taxable income, excess tax benefits, manufacturing incentives and other permanent differences that individually did not exceed the disclosure threshold. (2) Withholding taxes are accrued in the recipient entity and presented by taxing jurisdiction. A reconciliation of the provisions for income taxes to the amount computed by applying the respective U.K. federal statutory rate to income before income taxes prior to the adoption of ASU 2023-09 is as follows:
(1)“Tax on international operations” includes U.S. tax on foreign earnings and unremitted earnings of foreign subsidiaries, foreign deferred tax adjustments, and effects of global funding structures and differences between statutory and foreign tax rates. (2)“Manufacturing incentives” for Fiscal 2024 totaled $0.7 million, primarily related to incentives generated in the U.S. and Canada. Fiscal 2023 totaled $13.3 million, related to incentives generated in Türkiye, Poland and the U.S. (3)“Change in valuation allowance” is comprised primarily of:
(4)“Deferred income tax rate changes” includes Luxembourg rate changes which totaled $67.0 million, of which $44.2 million had a full valuation allowance against them.
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| Schedule of Income Taxes Paid (Net of Refunds) | Income Taxes Paid (Net of Refunds):
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| Schedule of Deferred Tax Assets (Liabilities) | Deferred income tax assets (liabilities) recognized by the Company were as follows:
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| Schedule of Unrecognized Tax Positions | The following is a reconciliation of the gross beginning and ending amount of unrecognized income tax benefits, excluding interest and penalties:
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Earnings per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Computation of Net Income Per Share | The computation of earnings per share is presented below:
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories |
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Property, plant and equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property Plant, and Equipment | The Company’s estimated useful lives of items of property, plant and equipment are generally in the following ranges:
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Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill |
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Intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets |
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| Schedule of Indefinite-Lived Intangible Assets |
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| Schedule of Future Amortization of Finite-Lived Intangible Assets | The amortization expense for the next five years is estimated to be as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Cost and Quantitative Disclosures |
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| Operating Lease - Maturity Analysis of Liability | Maturity analysis of liabilities
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| Finance Lease - Maturity Analysis of Liability | Maturity analysis of liabilities
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| Balance Sheet Location | Balance sheet presentation of leases as of December 31, 2025 and December 28, 2024
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Derivative financial instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Values of Derivative Financial Instruments | The period end fair values of derivative financial instruments were as follows:
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| 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:
The movements before tax recognized in OCI in relation to our cash flow hedges were as follows:
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| Schedule of Gain (Losses) 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:
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Fair value measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying Amount and Fair Value of Debt | The carrying amount and fair value of our debt are set out below:
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| 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:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt |
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| Schedule of Principal Maturities Due | The principal payments due under our financing agreements over the next five years and thereafter are as follows:
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| 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:
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Accrued expenses and other liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following:
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| Schedule of Liabilities | The above liabilities are presented in Gates’ balance sheet as follows:
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| Schedule of Warranty Liabilities | Changes in warranty reserves (included in accrued expenses and other liabilities) were as follows:
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Post-retirement benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pensions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Benefit Obligation in Excess of Fair Value of Plan Assets | The following tables provide the net deficit recognized in respect of defined benefit plans as presented in the consolidated balance sheet at December 31, 2025 and December 28, 2024:
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| Schedule of Funded Status and Balance Sheet Location | The following tables provide the net deficit recognized in respect of defined benefit plans as presented in the consolidated balance sheet at December 31, 2025 and December 28, 2024:
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| Schedule of Changes in the Projected Benefit Obligation | The following table provides a reconciliation of the changes in the benefit obligations and in the fair value of the plan assets associated with the Company’s defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2025 and December 28, 2024:
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| Schedule of Components of Net Periodic Benefit Income for Pensions and Other Post-Retirement Benefits | The following tables provide the components of net periodic benefit cost (income) and other amounts recognized in other comprehensive income (loss), before income tax effects, for the years ended December 31, 2025, December 28, 2024 and December 30, 2023.
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| Schedule of Major Assumptions Used | Major assumptions used in determining the benefit obligation and the net periodic benefit cost for defined benefit plans are presented in the following table as weighted averages:
The Company’s target weighted average asset allocation for our U.S. and Non-U.S. defined benefit pension plans are as follows:
(1) The Non-U.S. target allocation primarily consists of annuity contracts.
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| Schedule of Plan Asset by Category | The following tables present the fair values of the Company’s pension plan assets as of December 31, 2025 and December 28, 2024 by asset category within the ASC 820 hierarchy (as defined in Note 14 “Fair Value Measurements”).
(1) Collective investment funds are valued at the daily closing price as reported or published by the fund. These funds are not exchange‑traded; however, the prices per unit are published and represent the actual price at which the units held in the fund can be bought or sold. Accordingly, the funds have been determined to have a readily determinable fair value based on the published price and transact at that price. (2) The insurance buy-in contract is similar to an annuity contract, which matches cash flows with future benefit payments for a specific group of pensioners with the obligation remaining with the plan. This contract is issued by a third-party insurance company with no affiliation to us. The insurance contract is valued on an insurer pricing basis, which reflects the purchase price adjusted for changes in discount rates and other actuarial assumptions, which approximates fair value. (3) Investments encompassing a wide range of strategies, including but not limited to, global equity markets and long and short positions across the capital structure in a range of credit related assets.
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| Schedule of Changes in the Fair Value of Plan Assets Measured Using Significant Unobservable Inputs | Changes in the fair value of plan assets measured using significant unobservable inputs (level 3) were as follows:
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| Other post-retirement benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Defined Benefit Amounts Recognized in OCI | Amounts recognized as a component of accumulated other comprehensive income (loss) that have not been recognized as a component of net periodic benefit cost are presented in the following table.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Future Payments | Benefit payments, reflecting expected future service, are expected to be made by Gates’ defined benefit pension plans as follows:
|
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Share-based compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock Option Activity | Summary of movements in options outstanding
|
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| Schedule of RSU and PRSU Activity | Summary of movements in RSUs and PRSUs outstanding
|
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| Schedule of Share Based Compensation Valuation Techniques | The weighted average fair values and relevant assumptions were as follows:
|
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Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Movement in Number of Shares in Issue | Movements in the Company’s number of shares in issue for the year ended December 31, 2025 and December 28, 2024, respectively, were as follows:
|
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Analysis of accumulated other comprehensive (loss) income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accumulated Other Comprehensive (Loss) Income | Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows:
|
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Related party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | Sales to and purchases from equity method investees were as follows:
Sales to and purchases from non-Gates entities controlled by non-controlling shareholders were as follows:
Amounts outstanding in respect of these transactions were as follows:
|
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Commitments and contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Allowance for Expected Credit Losses | Movements in our allowance for expected credit losses were as follows:
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Background (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
Significant accounting policies - Basis of Consolidation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Loss on deconsolidation of Russian subsidiary | $ 0.0 | $ 12.7 | $ 0.0 |
Significant accounting policies - Foreign Currency Transaction and Translation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Foreign currency transaction gain (loss) | $ 25.2 | $ 44.2 | $ 24.8 |
| Operating Income (Loss) | |||
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Foreign currency transaction gain (loss) | (5.2) | 6.5 | 2.5 |
| Other Income | |||
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Foreign currency transaction gain (loss) | $ (6.0) | $ 13.7 | $ (4.2) |
Significant accounting policies - Selling, General and Administrative Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Condensed Income Statements | |||
| Selling, general and administrative expenses | $ 876.1 | $ 876.5 | $ 884.7 |
| Shipping and Handling | |||
| Condensed Income Statements | |||
| Selling, general and administrative expenses | $ 173.1 | $ 177.6 | $ 167.2 |
Significant accounting policies - Research and Development Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Research and development costs | $ 71.9 | $ 66.5 | $ 66.0 |
Significant accounting policies - Advertising Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Advertising cost | $ 16.5 | $ 15.6 | $ 14.0 |
Significant accounting policies - Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Percentage of LIFO inventory | 29.60% | 33.30% |
| Increase in inventory balances if measured with FIFO method | $ 77.4 | $ 58.3 |
Significant accounting policies - Goodwill (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
Significant accounting policies - Property, Plant and Equipment (Details) |
Dec. 31, 2025 |
|---|---|
| Buildings and improvements | Minimum | |
| Property, Plant and Equipment | |
| Fixed assets (useful life) | 30 years |
| Buildings and improvements | Maximum | |
| Property, Plant and Equipment | |
| Fixed assets (useful life) | 40 years |
| Machinery, equipment and vehicles | Minimum | |
| Property, Plant and Equipment | |
| Fixed assets (useful life) | 2 years |
| Machinery, equipment and vehicles | Maximum | |
| Property, Plant and Equipment | |
| Fixed assets (useful life) | 20 years |
Significant accounting policies - Leases (Details) |
Dec. 31, 2025 |
|---|---|
| Real estate funds | |
| Property, Plant and Equipment | |
| Percentage of total lease liability (percent) | 89.00% |
Significant accounting policies - Restricted Cash (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|---|
| Accounting Policies [Abstract] | |||
| Restricted cash | $ 2.9 | $ 2.8 | $ 3.4 |
Significant accounting policies - Trade Accounts Receivable (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Trade account receivables held for sale | $ 165.9 | $ 148.6 | |
| Interest Expense | |||
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Expenses related to the reclassification of receivables | $ 8.6 | 5.8 | |
| Other income expense | |||
| New Accounting Pronouncements or Change in Accounting Principle | |||
| Expenses related to the reclassification of receivables | $ 4.4 | $ 8.0 | |
Segment information - Long Lived Assets by Geography (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | $ 609.0 | $ 579.5 |
| U.S. | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | 146.7 | 154.9 |
| Rest of North America | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | 140.2 | 116.3 |
| U.K. | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | 28.6 | 30.4 |
| Rest of EMEA | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | 163.9 | 151.1 |
| East Asia and India | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | 39.0 | 36.4 |
| Greater China | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | 63.3 | 67.9 |
| South America | ||
| Revenues from External Customers and Long-Lived Assets | ||
| Long-lived assets | $ 27.3 | $ 22.5 |
Segment information - Narratives (Details) - customer |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| U.S. | Geographic concentration risk | Revenue | |||
| Segment Reporting Information | |||
| Concentration risk (percent) | 38.80% | 38.90% | 38.90% |
| North America | Customer concentration risk | Accounts receivable | Major customer two | |||
| Segment Reporting Information | |||
| Concentration risk (percent) | 13.70% | 13.70% | |
| Number of customers (customer) | 2 | 2 | |
| North America | Customer concentration risk | Accounts receivable | Major customer one | |||
| Segment Reporting Information | |||
| Concentration risk (percent) | 8.40% | 6.10% | |
Restructuring, asset impairments, and restructuring related expenses - Restructuring Costs by Segment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Restructuring Cost and Reserve | |||
| Total expenses related to other strategic initiatives | $ 29.8 | $ 6.5 | $ 11.7 |
| Power Transmission | |||
| Restructuring Cost and Reserve | |||
| Total expenses related to other strategic initiatives | 18.2 | 1.8 | 7.1 |
| Fluid Power | |||
| Restructuring Cost and Reserve | |||
| Total expenses related to other strategic initiatives | $ 11.6 | $ 4.7 | $ 4.6 |
Restructuring, asset impairments, and restructuring related expenses - Restructuring Reserve Activity (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
|
| Restructuring reserves | ||
| Balance as of the beginning of the period | $ 2.8 | $ 5.1 |
| Utilized during the period | (13.2) | (8.7) |
| Charge for the period | 26.7 | 7.2 |
| Released during the period | (0.4) | (0.7) |
| Foreign currency translation | 0.4 | (0.1) |
| Balance as of the end of the period | $ 16.3 | $ 2.8 |
Income taxes - Schedule of Income from Continuing Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Income Tax Examination | |||
| Income from continuing operations before taxes | $ 340.2 | $ 328.0 | $ 285.3 |
| U.K. | |||
| Income Tax Examination | |||
| Income from domestic operations | 38.6 | 87.8 | 26.4 |
| U.S. | |||
| Income Tax Examination | |||
| Income from foreign operations | 112.4 | 44.0 | (58.2) |
| Other foreign | |||
| Income Tax Examination | |||
| Income from foreign operations | $ 189.2 | $ 196.2 | $ 317.1 |
Income taxes - Income Tax Expense (Benefit) on Income from Continuing Operations Analyzed (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Current tax | |||
| U.S. | $ 65.9 | $ 44.5 | $ 18.9 |
| Total current tax expense | 89.1 | 119.6 | 94.0 |
| Deferred income tax | |||
| U.S. | (23.6) | (36.0) | (48.6) |
| Total deferred income tax (benefit) | (26.0) | (12.1) | (65.7) |
| Income tax expense | 63.1 | 107.5 | 28.3 |
| U.K. | |||
| Current tax | |||
| Current tax, foreign | 0.4 | (7.6) | 0.2 |
| Deferred income tax | |||
| Deferred tax, foreign | 8.1 | 16.1 | 9.0 |
| Other foreign | |||
| Current tax | |||
| Current tax, foreign | 22.8 | 82.7 | 74.9 |
| Deferred income tax | |||
| Deferred tax, foreign | $ (10.5) | $ 7.8 | $ (26.1) |
Income taxes - Effective Income Tax Rate Reconciliation Pre ASU 2023-09 (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Percentages | |||
| U.K. federal statutory rate | 25.00% | 25.00% | 23.50% |
| Effect of: | |||
| —State tax provision, net of federal benefit | 0.30% | (1.50%) | |
| —Changes in unrecognized tax benefits | (3.20%) | (3.20%) | (4.30%) |
| —Company-owned life insurance | (3.10%) | (3.50%) | |
| —Statutory tax rate differential | 3.30% | 2.60% | |
| —Manufacturing incentives | (0.20%) | (4.70%) | |
| —Changes in valuation allowance | (13.90%) | (3.10%) | |
| Deferred income tax rate changes | 20.70% | 0.50% | |
| —Other permanent differences | 1.00% | (0.20%) | |
| Reported effective income tax rate | 18.60% | 32.80% | 9.90% |
Income taxes - Income Taxes Paid (Net of Refunds) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Foreign: | |||
| Total Foreign | $ 0.0 | ||
| Income taxes paid | 111.5 | $ 122.3 | $ 110.5 |
| Canada | |||
| Foreign: | |||
| Total Foreign | 9.0 | ||
| China | |||
| Foreign: | |||
| Total Foreign | 21.3 | ||
| Japan | |||
| Foreign: | |||
| Total Foreign | 10.1 | ||
| U.S. | |||
| Foreign: | |||
| Total Foreign | 32.4 | ||
| Other Foreign Jurisdictions | |||
| Foreign: | |||
| Total Foreign | $ 38.7 | ||
Income taxes - Change in Deferred Tax Asset Valuation (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Luxembourg currency revaluation on indefinite-lived net operating losses | ||
| Valuation Allowance | ||
| —Changes in valuation allowance | $ (9.4) | $ (5.7) |
| Luxembourg deferred income tax rate change | ||
| Valuation Allowance | ||
| —Changes in valuation allowance | (42.9) | 0.0 |
| Poland tax credits | ||
| Valuation Allowance | ||
| —Changes in valuation allowance | 3.7 | 0.0 |
| Türkiye net operating losses | ||
| Valuation Allowance | ||
| —Changes in valuation allowance | 5.5 | 0.0 |
| U.S. foreign tax credits | ||
| Valuation Allowance | ||
| —Changes in valuation allowance | (3.2) | 0.4 |
| U.S. finite-lived net operating losses | ||
| Valuation Allowance | ||
| —Changes in valuation allowance | $ 3.4 | $ (2.1) |
Income taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Deferred income tax assets: | ||
| Accounts receivable | $ 27.8 | $ 34.0 |
| Lease liabilities | 40.2 | 40.9 |
| Accrued expenses | 28.3 | 35.8 |
| Postretirement benefit obligations | 14.0 | 16.9 |
| Compensation | 16.6 | 22.8 |
| Net operating losses | 1,573.6 | 1,478.0 |
| Capital losses | 202.7 | 190.1 |
| Credits | 45.9 | 67.9 |
| Interest | 226.1 | 212.3 |
| Other items | 10.0 | 8.5 |
| Deferred tax assets, gross | 2,185.2 | 2,107.2 |
| Valuation allowances | (1,270.0) | (1,240.6) |
| Total deferred income tax assets | 915.2 | 866.6 |
| Deferred income tax liabilities: | ||
| Inventories | (12.9) | (12.3) |
| Property, plant and equipment | (16.2) | (22.1) |
| Lease right-of-use assets | (35.8) | (36.1) |
| Intangible assets | (235.1) | (278.7) |
| Undistributed earnings | (24.5) | (20.7) |
| Total deferred income tax liabilities | (324.5) | (369.9) |
| Net deferred income tax assets | $ 590.7 | $ 496.7 |
Income taxes - Unrecognized Tax Positions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Reconciliation of Unrecognized Tax Benefits | |||
| At the beginning of the period | $ 68.4 | $ 72.5 | $ 76.0 |
| Increases for tax positions related to the current period | 0.0 | 10.7 | 8.5 |
| Increases for tax positions related to prior periods | 11.7 | 4.0 | 1.8 |
| Decreases for tax positions related to prior periods | (26.1) | (11.7) | (15.0) |
| Decreases related to settlements | 0.0 | (2.2) | 0.0 |
| Decreases due to lapsed statute of limitations | (3.8) | 0.0 | (2.7) |
| Foreign currency translation | 2.6 | 3.9 | |
| Foreign currency translation | (4.9) | ||
| At the end of the period | $ 52.8 | $ 68.4 | $ 72.5 |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Earnings Per Share [Abstract] | |||
| Net income attributable to shareholders | $ 251.4 | $ 194.9 | $ 232.9 |
| Weighted average number of shares outstanding (in shares) | 256,663,101 | 259,483,897 | 271,880,047 |
| Dilutive effect of share-based awards (in shares) | 3,871,764 | 5,191,669 | 3,768,281 |
| Diluted weighted average number of shares outstanding (in shares) | 260,534,865 | 264,675,566 | 275,648,328 |
| Number of anti-dilutive shares excluded from the diluted earnings per share calculation (in shares) | 530,576 | 1,949,256 | 4,417,967 |
| Basic earnings per share (in usd per share) | $ 0.98 | $ 0.75 | $ 0.86 |
| Diluted earnings per share (in usd per share) | $ 0.96 | $ 0.74 | $ 0.84 |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials and supplies | $ 207.4 | $ 194.3 |
| Work in progress | 40.2 | 43.1 |
| Finished goods | 452.4 | 438.6 |
| Total inventories | $ 700.0 | $ 676.0 |
Property, plant and equipment - Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Property, Plant and Equipment | ||
| Property, plant and equipment, gross | $ 1,524.6 | $ 1,376.5 |
| Less: Accumulated depreciation and impairment | (915.6) | (797.0) |
| Total | 609.0 | 579.5 |
| Land and buildings | ||
| Property, Plant and Equipment | ||
| Property, plant and equipment, gross | 343.2 | 322.0 |
| Machinery, equipment and vehicles | ||
| Property, Plant and Equipment | ||
| Property, plant and equipment, gross | 1,101.7 | 991.2 |
| Assets under construction | ||
| Property, Plant and Equipment | ||
| Property, plant and equipment, gross | $ 79.7 | $ 63.3 |
Property, plant and equipment - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation | $ 85.2 | $ 88.3 | $ 87.7 |
| Right-of-use assets | $ 4.3 | $ 3.2 | |
Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
|
| Cost and carrying amount | ||
| Beginning balance | $ 1,908.9 | $ 2,038.7 |
| Foreign currency translation | 126.3 | (129.8) |
| Ending balance | 2,035.2 | 1,908.9 |
| Power Transmission | ||
| Cost and carrying amount | ||
| Beginning balance | 1,257.5 | 1,338.5 |
| Foreign currency translation | 85.6 | (81.0) |
| Ending balance | 1,343.1 | 1,257.5 |
| Fluid Power | ||
| Cost and carrying amount | ||
| Beginning balance | 651.4 | 700.2 |
| Foreign currency translation | 40.7 | (48.8) |
| Ending balance | $ 692.1 | $ 651.4 |
Intangible assets - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization expense | $ 128.6 | $ 128.6 | $ 129.8 |
| Intangible assets, foreign currency translation gain (loss) | $ 32.5 | $ (32.5) | |
Intangible assets - Schedule of Future Amortization of Finite-Lived Intangible Assets (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Fiscal year: | |
| —2026 | $ 139.6 |
| —2027 | 139.6 |
| —2028 | 133.6 |
| —2029 | 131.1 |
| —2030 | $ 131.3 |
Leases - Minimum Future Payments (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Operating leases | ||
| Next 12 months | $ 34.0 | |
| Year 2 | 31.1 | |
| Year 3 | 26.7 | |
| Year 4 | 22.1 | |
| Year 5 | 16.6 | |
| Year 6 and beyond | 68.1 | |
| Total lease payments | 198.6 | |
| Interest | (50.7) | |
| Total present value of lease liabilities | 147.9 | $ 150.3 |
| Finance leases | ||
| Next 12 months | 2.0 | |
| Year 2 | 0.7 | |
| Year 3 | 0.4 | |
| Year 4 | 0.4 | |
| Year 5 | 0.1 | |
| Year 6 and beyond | 0.0 | |
| Total lease payments | 3.6 | |
| Interest | (0.3) | |
| Total present value of lease liabilities | $ 3.3 | $ 2.2 |
Leases - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Leases [Abstract] | |||
| Amortization of right of use assets | $ 24.5 | $ 24.6 | $ 23.9 |
Derivative financial instruments - Net Investment Hedging Instruments in OCI (Details) - Net Investment Hedges - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Derivative Instruments, Gain (Loss) | |||
| Total net fair value (losses) gains | $ (144.2) | $ 49.8 | $ (33.2) |
| —Designated cross currency swaps | |||
| Derivative Instruments, Gain (Loss) | |||
| Total net fair value (losses) gains | $ (144.2) | $ 49.8 | $ (33.2) |
Derivative financial instruments - OCI Movement (Details) - Interest Rate Contract - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Movement recognized in OCI in relation to: | |||
| —Fair value (loss) gain on cash flow hedges | $ (7.2) | $ 13.0 | $ 7.4 |
| —Amortization to net income of prior period fair value losses | 0.0 | 0.0 | 8.9 |
| —Reclassification from OCI to net income | (13.7) | (34.7) | (33.0) |
| Total movement | $ (20.9) | $ (21.7) | $ (16.7) |
Derivative financial instruments - Gains (Losses) From Derivative Instruments Not Designated as Hedging Instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Derivative Instruments, Gain (Loss) | |||
| Gain (losses) on derivative, recognized in the income statement | $ 1.2 | $ 5.7 | $ 5.6 |
| —Currency forward contracts recognized in other expense (income) | |||
| Derivative Instruments, Gain (Loss) | |||
| Gain (losses) on derivative, recognized in the income statement | $ 1.2 | $ 5.7 | $ 5.6 |
Fair value measurement - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Carrying amount | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Current | $ 36.2 | $ 39.1 |
| Non-current | 2,196.3 | 2,311.5 |
| Fair value of debt | 2,232.5 | 2,350.6 |
| Fair value | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Current | 36.0 | 38.7 |
| Non-current | 2,230.2 | 2,314.3 |
| Fair value of debt | $ 2,266.2 | $ 2,353.0 |
Fair value measurement - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
Apr. 30, 2024 |
|
| Debt Instrument | ||||
| —Impairment of fixed and other assets | $ 3.5 | $ 0.0 | $ 0.1 | |
| Equity investment in a privately held company | $ 5.0 | |||
| Two Dollar Term Loan | Term loan | ||||
| Debt Instrument | ||||
| Variable rate (as a percent) | 0.50% | |||
Fair value measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Derivative liabilities | $ (201.7) | $ (43.9) |
| Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Derivative assets | 32.2 | 33.3 |
| Derivative liabilities | (201.7) | (43.9) |
| Cash equivalents | 23.1 | 72.3 |
| Quoted prices in active markets (Level 1) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Derivative assets | 0.0 | 0.0 |
| Derivative liabilities | 0.0 | 0.0 |
| Cash equivalents | 0.0 | 41.5 |
| Significant observable inputs (Level 2) | Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
| Derivative assets | 32.2 | 33.3 |
| Derivative liabilities | (201.7) | (43.9) |
| Cash equivalents | $ 23.1 | $ 30.8 |
Debt - Long-Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
Jun. 04, 2024 |
|---|---|---|---|
| Debt Instrument | |||
| Total principal of debt | $ 2,240.1 | $ 2,363.5 | |
| Deferred issuance costs | (25.0) | (33.2) | |
| Accrued interest | 17.4 | 20.3 | |
| Total carrying value of debt | 2,232.5 | 2,350.6 | |
| Debt, current portion | 36.2 | 39.1 | |
| Debt, less current portion | $ 2,196.3 | $ 2,311.5 | |
| Weighted average interest rate (as a percent) | 5.78% | 6.44% | |
| Secured debt: | —2024 Dollar Term Loans due June 4, 2031 | |||
| Debt Instrument | |||
| Stated interest rate on debt (as a percent) | 0.75% | ||
| Total principal of debt | $ 1,283.8 | $ 1,300.0 | |
| Deferred issuance costs | $ (9.5) | ||
| Secured debt: | —2022 Dollar Term Loans due November 16, 2029 | |||
| Debt Instrument | |||
| Stated interest rate on debt (as a percent) | 1.75% | ||
| Total principal of debt | $ 456.3 | 563.5 | |
| Unsecured debt: | —6.875% Dollar Senior Notes due July 1, 2029 | |||
| Debt Instrument | |||
| Stated interest rate on debt (as a percent) | 6.875% | ||
| Total principal of debt | $ 500.0 | $ 500.0 |
Debt - Principal Maturities Due (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Fiscal year: | ||
| —2026 | $ 18.8 | |
| —2027 | 18.8 | |
| —2028 | 18.8 | |
| —2029 | 952.0 | |
| —2030 | 13.0 | |
| Thereafter | 1,218.7 | |
| Total carrying value of debt | $ 2,240.1 | $ 2,363.5 |
Debt - 2024 Unsecured Senior Notes Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Jun. 04, 2024 |
|
| Debt Instrument | |||
| Total principal of debt | $ 2,240.1 | $ 2,363.5 | |
| Unsecured debt: | |||
| Debt Instrument | |||
| Redemption price in the event of change in control (as a percent) | 101.00% | ||
| Redemption price in the event of sale (as a percent) | 100.00% | ||
| Unsecured debt: | —6.875% Dollar Senior Notes due July 1, 2029 | |||
| 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% | ||
| Unsecured debt: | —6.875% Dollar Senior Notes due July 1, 2029 | Prior to July 1, 2026 | |||
| Debt Instrument | |||
| Redemption price (as a percent) | 106.875% | ||
| Unsecured debt: | —6.25% Dollar Senior Notes due 2026 | |||
| Debt Instrument | |||
| Redeemable amount | $ 568.0 |
Debt - Redemption Prices Plus Accrued and Unpaid Interest (Details) - —6.875% Dollar Senior Notes due July 1, 2029 - Unsecured Debt |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| —July 1, 2026 | |
| Debt Instrument, Redemption | |
| Redemption price (as a percent) | 103.438% |
| —July 1, 2027 | |
| Debt Instrument, Redemption | |
| Redemption price (as a percent) | 101.719% |
| —July 1, 2028 and thereafter | |
| Debt Instrument, Redemption | |
| Redemption price (as a percent) | 100.00% |
Accrued expenses and other liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Payables and Accruals [Abstract] | ||||
| Accrued compensation | $ 73.2 | $ 93.9 | ||
| Current portion of lease obligations | 26.7 | 25.3 | ||
| Derivative financial instruments | 201.7 | 43.9 | ||
| Payroll and related taxes payable | 17.9 | 16.7 | ||
| VAT and other taxes payable | 9.3 | 9.9 | ||
| Warranty reserve | 15.5 | 16.4 | $ 15.9 | $ 17.6 |
| Restructuring reserve | 16.3 | 2.8 | $ 5.1 | |
| Workers’ compensation reserve | 7.5 | 8.7 | ||
| Other accrued expenses and other liabilities | 96.2 | 102.4 | ||
| Accrued expenses and other liabilities | $ 464.3 | $ 320.0 | ||
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities, Other non-current liabilities | Accrued expenses and other current liabilities, Other non-current liabilities |
Accrued expenses and other liabilities - Classification (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| —Accrued expenses and other current liabilities | $ 238.5 | $ 251.3 |
| —Other non-current liabilities | 225.8 | 68.7 |
| Accrued expenses and other liabilities | $ 464.3 | $ 320.0 |
Accrued expenses and other liabilities - Warranty Reserves (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Warranty reserves | |||
| Balance as of the beginning of the period | $ 16.4 | $ 15.9 | $ 17.6 |
| Charge for the period | 9.6 | 10.8 | 6.1 |
| Utilized during the period | (9.1) | (8.2) | (7.7) |
| Released during the period | (1.8) | (1.7) | 0.0 |
| Foreign currency translation | 0.4 | (0.4) | (0.1) |
| Balance as of the end of the period | $ 15.5 | $ 16.4 | $ 15.9 |
Post-retirement benefits - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Pensions | |||
| Defined Benefit Plan Disclosure | |||
| Defined contribution expense | $ 17.2 | $ 20.9 | $ 21.0 |
| Expected future employer contributions in current fiscal year | 10.6 | ||
| Other post-retirement benefits | |||
| Defined Benefit Plan Disclosure | |||
| Expected future employer contributions in current fiscal year | $ 2.6 | ||
Post-retirement benefits - Cumulative Losses (Gains) Not Recognized in Net Period Pension Plan (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|---|---|---|---|
| Pensions | |||
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||
| Actuarial loss | $ 53.7 | $ 50.8 | $ 43.9 |
| Prior service costs | 7.2 | 8.1 | 9.0 |
| Amounts included in AOCI other than foreign currency translation | 60.9 | 58.9 | 52.9 |
| Foreign currency translation | 5.9 | 0.6 | 2.0 |
| Cumulative total | 66.8 | 59.5 | 54.9 |
| Other post-retirement benefits | |||
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||
| Actuarial loss | (28.5) | (29.6) | (32.2) |
| Prior service costs | (1.4) | (1.8) | (2.2) |
| Amounts included in AOCI other than foreign currency translation | (29.7) | (31.2) | (34.2) |
| Other adjustments | 0.2 | 0.2 | 0.2 |
| Foreign currency translation | 0.5 | 1.0 | 0.1 |
| Cumulative total | $ (29.2) | $ (30.2) | $ (34.1) |
Post-retirement benefits - Components of Net Periodic Benefit (Income) Cost (Details) - Other post-retirement benefits - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans | |||
| Interest cost | $ 1.2 | $ 1.3 | $ 1.5 |
| Amortization of prior net actuarial (gain) loss | (2.6) | (2.8) | (3.0) |
| Amortization of prior service cost | (0.4) | (0.4) | (0.5) |
| Net periodic benefit cost (income) | $ (1.8) | $ (1.9) | $ (2.0) |
Post-retirement benefits - Expected Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Pensions | U.S. | |
| Fiscal year: | |
| —2026 | $ 19.1 |
| —2027 | 16.5 |
| —2028 | 16.0 |
| —2029 | 14.6 |
| —2030 | 14.0 |
| —2031 through 2035 | 56.6 |
| Pensions | Non-U.S. Plans | |
| Fiscal year: | |
| —2026 | 24.2 |
| —2027 | 23.8 |
| —2028 | 25.9 |
| —2029 | 28.4 |
| —2030 | 29.5 |
| —2031 through 2035 | 141.0 |
| Other post-retirement benefits | |
| Fiscal year: | |
| —2026 | 2.6 |
| —2027 | 2.5 |
| —2028 | 2.3 |
| —2029 | 2.2 |
| —2030 | 2.1 |
| —2031 through 2035 | $ 8.6 |
Post-retirement benefits - Changes in the Fair Value of Plan Assets Measured Using Significant Unobservable Inputs (Details) - Pensions - Significant unobservable inputs (Level 3) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
|
| Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation | ||
| Plan assets at the beginning of the period | $ 242.7 | $ 285.1 |
| Actual (loss) gain on plan assets | 12.2 | (23.2) |
| Purchases, sales, issuances, and settlements, net | (17.2) | (14.7) |
| Foreign currency translation | 17.7 | (4.5) |
| Plan assets at the end of the period | $ 255.4 | $ 242.7 |
Share-based compensation - Fair Value and Valuation Assumptions (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| —SARs | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Weighted average grant date fair value (in usd per share) | $ 9.96 | $ 6.95 | $ 6.57 |
| Expected volatility (as a percent) | 41.10% | 41.70% | 42.80% |
| Expected option life (in years) | 6 years | 6 years | 6 years |
| Risk-free interest rate (as a percent) | 4.09% | 4.22% | 4.03% |
| —RSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Weighted average grant date fair value (in usd per share) | $ 21.63 | $ 15.16 | $ 13.79 |
| —PRSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award | |||
| Weighted average grant date fair value (in usd per share) | $ 23.55 | $ 16.37 | $ 15.88 |
| Expected volatility (as a percent) | 31.60% | 31.60% | 37.70% |
| Risk-free interest rate (as a percent) | 3.95% | 4.38% | 4.60% |
Equity - Movement in Number of Shares in Issue (Details) - shares |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Mar. 31, 2025 |
Dec. 31, 2025 |
Dec. 31, 2025 |
Dec. 28, 2024 |
|
| Increase (Decrease) in Stockholders' Equity | ||||
| Balance as of the beginning of the period (in shares) | 255,203,987 | 264,259,788 | ||
| Exercise of share options (in shares) | 2,432,685 | 1,376,987 | ||
| Vesting of restricted stock units, net of withholding taxes (in shares) | 1,408,852 | 1,257,515 | ||
| Shares repurchased and cancelled (in shares) | (672,911) | (4,829,073) | (5,501,984) | (11,690,303) |
| Balance as of the end of the period (in shares) | 253,543,540 | 253,543,540 | 255,203,987 | |
Related party transactions - Narratives (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Affiliated Entity | ||
| Related Party Transaction | ||
| Payables to related parties | $ 2.9 | $ 2.8 |
| Equity Method Investees | ||
| Related Party Transaction | ||
| Payables to related parties | $ 0.1 | $ 0.1 |
Related party transactions - Purchases with Equity Method Investees (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Equity Method Investees | |||
| Related Party Transaction | |||
| Purchases | $ (15.2) | $ (16.0) | $ (18.4) |
Related party transactions - Transactions with Non-Gates Entities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Related Party Transaction | |||
| Net sales | $ 3,443.2 | $ 3,408.2 | $ 3,570.2 |
| Affiliated Entity | |||
| Related Party Transaction | |||
| Net sales | 42.5 | 42.6 | 44.1 |
| Purchases | (14.8) | (14.6) | $ (15.4) |
| Receivables | 3.5 | 3.7 | |
| Payables | $ (2.9) | $ (2.8) | |
Commitments and contingencies - Narratives (Details) - USD ($) $ in Millions |
Dec. 31, 2025 |
Dec. 28, 2024 |
|---|---|---|
| Long-term Purchase Commitment | ||
| Cash surrender value | $ 937.1 | $ 934.3 |
| Underlying loan for life assurance policy | 935.5 | 932.2 |
| Estimated receivable from policy | 1.6 | 2.1 |
| Property, Plant and Equipment | ||
| Long-term Purchase Commitment | ||
| Remaining minimum amount committed | 6.9 | 8.6 |
| Computer software | ||
| Long-term Purchase Commitment | ||
| Remaining minimum amount committed | 5.1 | 6.1 |
| Inventories | ||
| Long-term Purchase Commitment | ||
| Remaining minimum amount committed | $ 52.5 | $ 62.1 |
Commitments and contingencies - Allowance for Expected Credit Losses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounts Receivable, Allowance for Credit Loss | |||
| Balance at beginning of year | $ 24.4 | $ 15.7 | $ 4.2 |
| Current period provision for expected credit losses | 3.2 | 5.8 | 12.6 |
| Write-offs charged against allowance | 0.2 | 3.4 | |
| Write-offs charged against allowance | (1.1) | ||
| Foreign currency translation | 1.4 | (0.5) | 0.0 |
| Balance at end of year | $ 29.2 | $ 24.4 | $ 15.7 |