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Derivative financial instruments
 6 Months Ended
Jun. 28, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative financial instruments Derivative financial instruments
We are exposed to certain financial risks relating to our ongoing business operations. From time to time, we use derivative financial instruments, principally foreign currency swaps, forward foreign currency contracts, interest rate caps (options) and interest rate swaps, to reduce our exposure to foreign currency risk and interest rate risk. We do not hold or issue derivatives for speculative purposes and monitor closely the credit quality of the institutions with which we transact.
We recognize derivative instruments as either assets or liabilities in the condensed consolidated balance sheets. We designate certain of our currency swaps as net investment hedges and designate our interest rate swaps as cash flow hedges. The gain or loss on the designated derivative instrument is recognized in other comprehensive income (“OCI”) and reclassified into net income in the same period or periods during which the hedged transaction affects earnings.
Derivative instruments that have not been designated in an effective hedging relationship are considered economic hedges, and their change in fair value is recognized in net income in each period.
The period end fair values of derivative financial instruments were as follows:
As of June 28, 2025
(dollars in millions)
Gross Notional Amount
Prepaid expenses and other assetsOther non-
current
assets		Accrued expenses and other
current
liabilities		Other
non-
current
liabilities		Net
Derivatives instruments designated as net investment hedges:
—Currency swaps and currency forward contract
$1,890.0 $14.4 $2.8 $— $(191.2)$(174.0)
Derivatives instruments designated as cash flow hedges:
—Interest rate swaps
$1,255.0 3.0 1.0 (1.5)(7.0)(4.5)
—Currency forward contracts
$167.9 $0.9 $— $(2.8)$— $(1.9)
Derivatives not designated as hedging instruments:
—Currency forward contracts
$0.2 — — — — — 
$18.3 $3.8 $(4.3)$(198.2)$(180.4)
As of December 28, 2024
(dollars in millions)
Gross Notional Amount
Prepaid expenses and other assetsOther non-
current
assets		Accrued expenses and other
current
liabilities		Other 
non-
current
liabilities		Net
Derivatives instruments designated as net investment hedges:
—Currency swaps
$1,320.0 $16.3 $1.3 $— $(37.0)$(19.4)
Derivatives instruments designated as cash flow hedges:
—Interest rate swaps
$1,255.0 13.4 0.2 (6.2)(0.3)7.1 
—Currency forward contracts$— $— $— $— $— $— 
Derivatives not designated as hedging instruments:
—Currency forward contracts
$147.5 2.1 — (0.4)— 1.7 
$31.8 $1.5 $(6.6)$(37.3)$(10.6)
A. Instruments designated as net investment hedges
We hold cross currency swaps that have been designated as net investment hedges of certain of our foreign subsidiaries. During the three months ended June 28, 2025, we expanded our net investment hedge activity by entering into cross currency swaps and foreign exchange forward contracts with a gross notional value at inception of $820.0 million and terms between three to five years, designated in hedges of portions of our net investment in Canadian, Chinese, and Japanese subsidiaries.
The fair value (losses) gains before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows:
Three months endedSix months ended
(dollars in millions)
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Net fair value (losses) gains recognized in OCI in relation to:
—Designated cross currency swaps & currency forwards$(118.3)$6.9 $(152.9)$25.9 
Total net fair value (losses) gains$(118.3)$6.9 $(152.9)$25.9 
During the three and six months ended June 28, 2025, a net gain of $5.7 million and $10.5 million related to the amount excluded from the hedging relationship, respectively, was recognized in interest expense in relation to our cross currency swaps and foreign exchange forward contracts that have been designated as net investment hedges, compared to a net gain of $1.1 million and $4.3 million, respectively, during the three and six months ended June 29, 2024.
B. Instruments designated as cash flow hedges
We use interest rate swaps as part of our interest rate risk management strategy to add stability to interest expense and to manage our exposure to interest rate movements. These instruments are all designated as cash flow hedges. In April 2025, we entered into an agreement to execute two additional pay-fixed, receive floating interest rate swaps to hedge the cash flow risk on a portion of our floating-rate debt, effective starting June 30, 2025 upon expiration of the previous interest rate swaps. The notional amount of these interest rate swaps are $470.0 million and $230.0 million with five-year terms.
During the three months ended June 28, 2025, we hedged portions of our forecasted sales and purchases which occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. These currency forward contracts are primarily used in respect of hedging our operational currency exposures in Europe to exchange currencies, principally between Euro and U.S. Dollar, Pound Sterling, Polish Zloty, and Czech Koruna.
The movements before tax recognized in OCI in relation to our cash flow hedges were as follows:
Three months endedSix months ended
(dollars in millions)
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Movement recognized in OCI in relation to:
 —Fair value gain on cash flow hedges$(3.4)$3.8 $(7.0)$17.4 
—Deferred OCI reclassified to net income(6.8)(9.0)(13.6)(18.0)
Total movement
$(10.2)$(5.2)$(20.6)$(0.6)
C. Derivative instruments not designated as hedging instruments
Prior to second quarter of 2025, we did not designate our currency forward contracts that are primarily used in respect of hedging our operational currency exposures in Europe as discussed above. As of June 28, 2025, the notional amount of outstanding currency forward contracts that are not designated as hedging instruments was $0.2 million related to other foreign currencies, compared to $147.5 million as of December 28, 2024. The fair value (losses) gains recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows:
Three months endedSix months ended
(dollars in millions)
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Fair value (losses) gains recognized in relation to:
—Currency forward contracts recognized in SG&A
$(0.3)$1.1 $1.1 $3.2 
Total
$(0.3)$1.1 $1.1 $3.2