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Derivative financial instruments (Tables)

6 Months Ended

Jun. 28, 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:

									As of June 28, 2025
(dollars in millions)			Gross Notional Amount						Prepaid expenses and other assets						Other 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 assets						Other 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)

Schedule of Derivative Effect on OCI

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 ended												Six 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

The movements before tax recognized in OCI in relation to our cash flow hedges were as follows:

			Three months ended												Six 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)

Schedule of Gain Recognized from Derivative Instruments

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 ended												Six 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

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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