Derivative financial instruments (Tables)

3 Months Ended

Mar. 29, 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 March 29, 2025										As of December 28, 2024
(dollars in millions)	Prepaid expenses and other assets		Other non- current assets		Accrued expenses and other current liabilities		Other non- current liabilities		Net		Prepaid expenses and other assets		Other non- current assets		Accrued expenses and other current liabilities		Other non- current liabilities		Net
Derivatives designated as hedging instruments:
—Currency swaps	$	14.4	$	—	$	—	$	(68.2)	$	(53.8)	$	16.3	$	1.3	$	—	$	(37.0)	$	(19.4)

—Interest rate swaps	6.8		—		(4.0)		(3.5)		(0.7)		13.4		0.2		(6.2)		(0.3)		7.1

Derivatives not designated as hedging instruments:

—Currency forward contracts	2.4		—		(0.6)		—		1.8		2.1		—		(0.4)		—		1.7
	$	23.6	$	—	$	(4.6)	$	(71.7)	$	(52.7)	$	31.8	$	1.5	$	(6.6)	$	(37.3)	$	(10.6)

Schedule of Derivative Effect on OCI

The fair value gain before tax recognized in OCI in relation to the instruments designated as net investment hedging instruments were as follows:


	Three months ended
(dollars in millions)		March 29, 2025		March 30, 2024
Net fair value (loss) gain recognized in OCI in relation to:

—Designated cross currency swaps		$	(34.6)	$	19.0
Total net fair value (loss) gain		$	(34.6)	$	19.0

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


	Three months ended
(dollars in millions)		March 29, 2025		March 30, 2024
Movement recognized in OCI in relation to:
—Fair value (loss) gain on cash flow hedges		$	(3.6)	$	13.6

—Reclassification from OCI to net income		(6.8)		(9.0)
Total movement		$	(10.4)	$	4.6

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:


	Three months ended
(dollars in millions)		March 29, 2025		March 30, 2024
Fair value gains recognized in relation to:
—Currency forward contracts recognized in SG&A		$	1.4	$	2.1

Total		$	1.4	$	2.1