Property, plant and equipment

12 Months Ended

Dec. 30, 2023

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Property, plant and equipment

(dollars in millions)	As of December 30, 2023		As of December 31, 2022
Cost
Land and buildings	$	335.0	$	321.4
Machinery, equipment and vehicles	996.8		884.6
Assets under construction	55.1		100.9
	1,386.9		1,306.9
Less: Accumulated depreciation and impairment	(756.9)		(669.4)
Total	$	630.0	$	637.5

During Fiscal 2023, the depreciation expense in relation to the above assets was $87.7 million, compared to $88.8 million during Fiscal 2022 and $90.0 million during Fiscal 2021.

During Fiscal 2023, impairments of property, plant and equipment of $0.1 million were recognized, compared to $0.2 million in Fiscal 2022, and $0.6 million in Fiscal 2021.

Property, plant and equipment includes assets held under finance leases with a carrying amount of $2.7 million as of December 30, 2023, compared to $3.5 million as of December 31, 2022.

Gates’ secured debt is jointly and severally, irrevocably and fully and unconditionally guaranteed by certain of its subsidiaries and are secured by liens on substantially all of their assets, including property, plant and equipment.