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FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
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 millions20262027202820292030ThereafterTotal
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 liabilities198.8 166.7 137.9 111.5 82.3 280.4 977.6 
Other borrowings142.8 — — — — — 142.8 
Derivative financial liabilities4,687.2 346.2 — — — — 5,033.4 
Accounts payable769.8 — — — — — 769.8 
Total$5,854.2 $566.9 $191.9 $165.5 $136.3 $1,105.2 $8,020.0 
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(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 millionsCurrent borrowingsNon-current borrowingsLease liabilitiesDerivative 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, 2024136.5 790.8 555.9 24.2 
Cash flows3.5 — (145.6)(17.5)
Foreign exchange movement2.8 — — — 
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 millionsUSD
RMB
EURGBPJPYSEKCHF
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, 2024Currency of assets/(liabilities)
In millionsUSD
RMB
EURGBPSEKCHF
CAD
Interest-bearing intercompany receivables$342.8 N/AN/AN/A$6.0 $6.3 $89.7 
Interest-bearing intercompany liabilities(1,264.5)(396.1)115.8 (25.5)N/AN/AN/A
Non interest-bearing receivables and payables
(205.3)182.3 (4.1)8.8 8.6 4.9 8.2 
Foreign exchange derivatives475.9 186.0 (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 millions202520242023
Foreign exchange derivatives designated as cash flow hedges
$(42.8)$20.7 $(11.6)
The Company reclassified the following gains/(losses) on derivatives designated as cash flow hedges from accumulated other comprehensive income to locations on the consolidated statement of income and loss as follows:
For the year ended December 31,
In millions202520242023
Cost of sales$(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 millions202520242023
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 millions202520242023
Interest rate swaps and options designated as cash flow hedges$— $— $0.6 
The Company reclassified the following losses on derivatives designated as hedging instruments from other comprehensive income to interest expense:
For the year ended December 31,
In millions202520242023
Interest rate swaps and options designated as cash flow hedges$— $(10.1)$— 
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 millionsDecember 31, 2025December 31, 2024
Non-current financial assets
Other non-current financial assets$68.7 $55.6 
Promissory notes— 4.2 
Derivative financial instruments
Cross currency swaps1.5 — 
Foreign exchange derivatives0.5 2.2 
Current financial assets
Hold-to-collect accounts receivables750.8 630.7 
Available for sale receivables58.5 36.2 
Other interest-free receivables134.3 127.5 
Promissory notes4.4 7.0 
Derivative financial instruments
Foreign exchange derivatives22.3 44.5 
Cash and cash equivalents652.3 345.4 
Schedule of fair values and total notional values for derivative assets in consideration
The fair values and total notional values for derivative assets in consideration of their contractual maturities are as follows:
December 31, 2025
In millionsFair valueNotional value202620272028 and after
Hedge accounting-related
Foreign exchange derivatives hedging cash flows from operations$(38.6)$3,058.5 $2,711.5 $347.0 $— 
Cross-currency swaps1.5 50.0 — — 50.0 
Other derivative contracts
Foreign exchange derivatives3.6 1,951.0 1,951.0 — — 
December 31, 2024
In millionsFair valueNotional value202520262027 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 millionsGross amount of derivative financial instrumentsRelated assets/(liabilities) subject to master netting agreementsCollateral 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 millionsGross amount of derivative financial instrumentsRelated assets/(liabilities) subject to master netting agreementsCollateral given/(received)Net exposure
Derivative assets$57.4 $(29.1)$— $28.3 
Derivative liabilities(30.0)29.1 — (0.9)