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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of nature and extent of risks arising from financial instruments [abstract] |
Schedule of contractual undiscounted future cash flow requirements | The following table summarizes the amount of contractual undiscounted future cash flow requirements of the Company’s financial liabilities as of December 31, 2025.
In millions |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
Non-current borrowings |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 800.0 |  |  | $ | 800.0 |
Interest on borrowings (1) |  | 55.6 |  |  | 54.0 |  |  | 54.0 |  |  | 54.0 |  |  | 54.0 |  |  | 24.8 |  |  | 296.4 |
Lease liabilities |  | 198.8 |  |  | 166.7 |  |  | 137.9 |  |  | 111.5 |  |  | 82.3 |  |  | 280.4 |  |  | 977.6 |
Other borrowings |  | 142.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142.8 |
Derivative financial liabilities |  | 4,687.2 |  |  | 346.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,033.4 |
Accounts payable |  | 769.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 769.8 |
Total |  | $ | 5,854.2 |  |  | $ | 566.9 |  |  | $ | 191.9 |  |  | $ | 165.5 |  |  | $ | 136.3 |  |  | $ | 1,105.2 |  |  | $ | 8,020.0 |
__________________________________________________ (1)Interest on borrowings is calculated based on the loan balance and the interest rate on the Senior Secured Notes, which bear interest at a rate of 6.75%, and the outstanding China Facilities which bear interest at rates of 2.15% and 2.20%. Refer to Note 19. Borrowings for additional information.
Schedule of changes in liabilities arising from financing activities |
In millions |  | Current borrowings |  | Non-current borrowings |  | Lease liabilities |  | Derivative financial instruments
Balance at January 1, 2024 |  | $ | 381.0 |  |  | $ | 5,940.4 |  |  | $ | 339.8 |  |  | $ | 33.0 |
Cash flows |  | (226.9) |  |  | (2,501.7) |  |  | (124.7) |  |  | (18.2) |
Foreign exchange movement |  | (17.6) |  |  | (85.9) |  |  | — |  |  | — |
Changes in fair values |  | — |  |  | — |  |  | — |  |  | 9.4 |
Changes in leases |  | — |  |  | — |  |  | 340.8 |  |  | — |
Equitization |  | — |  |  | (2,562.0) |  |  | — |  |  | — |
Balance at December 31, 2024 |  | 136.5 |  |  | 790.8 |  |  | 555.9 |  |  | 24.2 |
Cash flows |  | 3.5 |  |  | — |  |  | (145.6) |  |  | (17.5) |
Foreign exchange movement |  | 2.8 |  |  | — |  |  | — |  |  | — |
Changes in fair values |  | — |  |  | — |  |  | — |  |  | 64.7 |
Changes in leases |  | — |  |  | — |  |  | 407.7 |  |  | — |
Amortization of discount |  | — |  |  | 1.5 |  |  | — |  |  | — |
Balance at December 31, 2025 |  | $ | 142.8 |  |  | $ | 792.3 |  |  | $ | 818.0 |  |  | $ | 71.4 |
Schedule of monetary assets/(liabilities) in currencies | The following tables summarize the monetary assets/(liabilities) in currencies to which the Company has significant exposure. The information is inclusive of the impact of forward contracts in place to hedge the foreign currency exposures.
December 31, 2025 |  | Currency of assets/(liabilities)
In millions |  | USD |  | RMB |  | EUR |  | GBP |  | JPY |  | SEK |  | CHF |  | CAD
Interest-bearing intercompany receivables |  | $ | 444.9 |  |  | N/A |  | $ | 222.5 |  |  | N/A |  | $ | 13.6 |  |  | $ | 2.2 |  |  | N/A |  | $ | 136.9 |
Interest-bearing intercompany liabilities |  | (1,357.4) |  |  | (484.2) |  |  | N/A |  | (28.4) |  |  | N/A |  | (1.4) |  |  | (3.9) |  |  | N/A
Non interest-bearing receivables and payables |  | (246.3) |  |  | 170.0 |  |  | (7.6) |  |  | 9.7 |  |  | 10.0 |  |  | 8.1 |  |  | 5.3 |  |  | 7.5 |
Foreign exchange derivatives |  | 1,211.6 |  |  | (257.0) |  |  | (253.6) |  |  | (119.3) |  |  | (135.7) |  |  | (83.6) |  |  | (73.9) |  |  | (122.6) |
December 31, 2024 |  | Currency of assets/(liabilities)
In millions |  | USD |  | RMB |  | EUR |  | GBP |  | SEK |  | CHF |  | CAD
Interest-bearing intercompany receivables |  | $ | 342.8 |  |  | N/A |  | N/A |  | N/A |  | $ | 6.0 |  |  | $ | 6.3 |  |  | $ | 89.7 |
Interest-bearing intercompany liabilities |  | (1,264.5) |  |  | (396.1) |  |  | 115.8 |  |  | (25.5) |  |  | N/A |  | N/A |  | N/A
Non interest-bearing receivables and payables |  | (205.3) |  |  | 182.3 |  |  | (4.1) |  |  | 8.8 |  |  | 8.6 |  |  | 4.9 |  |  | 8.2 |
Foreign exchange derivatives |  | 475.9 |  |  | 186.0 |  |  | (299.8) |  |  | (106.6) |  |  | (80.0) |  |  | (75.1) |  |  | (100.4) |
Schedule of unrealized gains/(losses) included in accumulated other comprehensive income | The following unrealized gains/(losses) were included in accumulated other comprehensive income:
|  | For the year ended December 31,
In millions |  | 2025 |  | 2024 |  | 2023
Foreign exchange derivatives designated as cash flow hedges |  | $ | (42.8) |  |  | $ | 20.7 |  |  | $ | (11.6) |
The Company reclassified the following gains/(losses) on derivatives designated as cash flow hedges from accumulated other comprehensive income to locations on the consolidated statement of income and loss as follows:
|  | For the year ended December 31,
In millions |  | 2025 |  | 2024 |  | 2023
Cost of sales |  | $ | (1.5) |  |  | $ | 1.1 |  |  | $ | 18.2 |
Foreign currency exchange gains/(losses), net & other finance costs |  | (8.1) |  |  | 1.6 |  |  | — |
The following unrealized gains/(losses) were included in accumulated other comprehensive income:
|  | For the year ended December 31,
In millions |  | 2025 |  | 2024 |  | 2023
Cross-currency swaps designated as net investment hedges |  | $ | 1.2 |  |  | $ | (1.0) |  |  | $ | — |
The following unrealized gains were included in accumulated other comprehensive income:
|  | For the year ended December 31,
In millions |  | 2025 |  | 2024 |  | 2023
Interest rate swaps and options designated as cash flow hedges |  | $ | — |  |  | $ | — |  |  | $ | 0.6 |
The Company reclassified the following losses on derivatives designated as hedging instruments from other comprehensive income to interest expense:
|  | For the year ended December 31,
In millions |  | 2025 |  | 2024 |  | 2023
Interest rate swaps and options designated as cash flow hedges |  | $ | — |  |  | $ | (10.1) |  |  | $ | — |
Schedule of maximum amount of the credit risk at the reporting dates | The following table sets out the consolidated statement of financial position values of financial assets which represent the maximum amount of the credit risk at the reporting dates:
In millions |  | December 31, 2025 |  | December 31, 2024
Non-current financial assets |  |  |  |
Other non-current financial assets |  | $ | 68.7 |  |  | $ | 55.6 |
Promissory notes |  | — |  |  | 4.2 |
Derivative financial instruments |  |  |  |
Cross currency swaps |  | 1.5 |  |  | — |
Foreign exchange derivatives |  | 0.5 |  |  | 2.2 |
Current financial assets |  |  |  |
Hold-to-collect accounts receivables |  | 750.8 |  |  | 630.7 |
Available for sale receivables |  | 58.5 |  |  | 36.2 |
Other interest-free receivables |  | 134.3 |  |  | 127.5 |
Promissory notes |  | 4.4 |  |  | 7.0 |
Derivative financial instruments |  |  |  |
Foreign exchange derivatives |  | 22.3 |  |  | 44.5 |
Cash and cash equivalents |  | 652.3 |  |  | 345.4 |
Schedule of fair values and total notional values for derivative assets in consideration | The fair values and total notional values for derivative assets in consideration of their contractual maturities are as follows:
|  | December 31, 2025
In millions |  | Fair value |  | Notional value |  | 2026 |  | 2027 |  | 2028 and after
Hedge accounting-related |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives hedging cash flows from operations |  | $ | (38.6) |  |  | $ | 3,058.5 |  |  | $ | 2,711.5 |  |  | $ | 347.0 |  |  | $ | — |
Cross-currency swaps |  | 1.5 |  |  | 50.0 |  |  | — |  |  | — |  |  | 50.0 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | 3.6 |  |  | 1,951.0 |  |  | 1,951.0 |  |  | — |  |  | — |
|  | December 31, 2024
In millions |  | Fair value |  | Notional value |  | 2025 |  | 2026 |  | 2027 and after
Hedge accounting-related |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives hedging cash flows from operations |  | $ | 32.7 |  |  | $ | 1,701.0 |  |  | $ | 1,479.6 |  |  | $ | 221.4 |  |  | $ | — |
Cross-currency swaps |  | (1.2) |  |  | 50.0 |  |  | — |  |  | — |  |  | 50.0 |
Other derivative contracts |  |  |  |  |  |  |  |  |  |
Foreign exchange derivatives |  | (4.1) |  |  | 1,559.5 |  |  | 1,559.5 |  |  | — |  |  | — |
Schedule of financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | Financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as of December 31, 2025:
|  | Related amounts not set off |  |
In millions |  | Gross amount of derivative financial instruments |  | Related assets/(liabilities) subject to master netting agreements |  | Collateral given/(received) |  | Net exposure
Derivative assets |  | $ | 43.7 |  |  | $ | (43.1) |  |  | $ | — |  |  | $ | 0.6 |
Derivative liabilities |  | (77.2) |  |  | 43.1 |  |  | — |  |  | (34.1) |
Financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as at December 31, 2024:
|  | Related amounts not set off |  |
In millions |  | Gross amount of derivative financial instruments |  | Related assets/(liabilities) subject to master netting agreements |  | Collateral given/(received) |  | Net exposure
Derivative assets |  | $ | 57.4 |  |  | $ | (29.1) |  |  | $ | — |  |  | $ | 28.3 |
Derivative liabilities |  | (30.0) |  |  | 29.1 |  |  | — |  |  | (0.9) |

X
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