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Debt (Tables)
 6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Schedule of long-term debt
Long-term debt, including the current portion and bank overdrafts, was as follows:
(dollars in millions)
As of June 30, 2018
 
As of December 30, 2017
Secured debt:
 
 
 
—Dollar Term Loan
$
1,720.7

 
$
1,729.4

—Euro Term Loan
759.4

 
785.6

Unsecured debt:
 
 
 
—Dollar Senior Notes
568.0

 
1,190.0

—Euro Senior Notes
—

 
282.5

—Other loans
1.2

 
0.4

Total principal of debt
3,049.3


3,987.9

Deferred issuance costs
(53.2
)
 
(73.2
)
Accrued interest
16.3

 
41.0

Total carrying value of debt
3,012.4


3,955.7

Debt, current portion
42.0

 
66.4

Debt, less current portion
$
2,970.4


$
3,889.3
Foreign exchange gains (losses)
Up to the date of their redemption, foreign exchange gains (losses) were recognized in respect of the Euro Senior Notes as summarized in the table below. A portion of these gains (losses) were recognized in OCI for the period during which the facility was designated as a net investment hedge of certain of Gates' Euro investments.
 
Three months ended
 
Six months ended
(dollars in millions)
June 30, 2018
 
July 1, 2017
 
June 30, 2018
 
July 1, 2017
Loss recognized in statement of operations
$
—

 
$
—

 
$
(4.2
)
 
$
—

Loss recognized in OCI
—

 
(15.8
)
 
(5.0
)
 
(22.4
)
Total losses
$
—

 
$
(15.8
)
 
$
(9.2
)
 
$
(22.4
)
During the periods presented, foreign exchange gains (losses) were recognized in respect of the Euro Term Loans as summarized in the table below. As a portion of the facility was designated as a net investment hedge of certain of Gates' Euro investments, a corresponding portion of the foreign exchange gains (losses) were recognized in OCI.
 
Three months ended
 
Six months ended
(dollars in millions)
June 30, 2018
 
July 1, 2017
 
June 30, 2018
 
July 1, 2017
Gain (loss) recognized in statement of operations
$
36.6

 
$
(36.3
)
 
$
29.1

 
$
(36.3
)
Gain (loss) recognized in OCI
3.4

 
(14.8
)
 
(6.8
)
 
(20.2
)
Total gains (losses)
$
40.0

 
$
(51.1
)
 
$
22.3

 
$
(56.5
)
Schedule of redemption prices plus accrued and unpaid interest
Gates may redeem the Dollar Senior Notes, at its option, in whole at any time or in part from time to time, at the following redemption prices (expressed as a percentage of the principal amount), plus accrued and unpaid interest to the redemption date:
 
Dollar Senior Note
Redemption price
During the year commencing:
 
—July 15, 2018
101.500
%
—July 15, 2019 and thereafter
100.000
%