Accrued expenses and other liabilities (Tables)

12 Months Ended

Dec. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following:

(dollars in millions)	As of December 30, 2023		As of December 31, 2022
Accrued compensation	$	96.2	$	60.2
Current portion of lease obligations	22.8		24.8
Derivative financial instruments	103.0		79.4
Payroll and related taxes payable	14.9		18.9
VAT and other taxes payable	9.9		7.2
Warranty reserve	15.9		17.6
Restructuring reserve	5.1		7.5
Workers’ compensation reserve	8.6		8.0
Other accrued expenses and other liabilities	95.2		98.7
	$	371.6	$	322.3

Schedule of Liabilities

The above liabilities are presented in Gates’ balance sheet as follows:

(dollars in millions)	As of December 30, 2023		As of December 31, 2022
—Accrued expenses and other current liabilities	$	248.5	$	222.6
—Other non-current liabilities	123.1		99.7
	$	371.6	$	322.3

Schedule of Warranty Liabilities

Changes in warranty reserves (included in accrued expenses and other liabilities) were as follows:

	For the year ended
(dollars in millions)	December 30, 2023		December 31, 2022		January 1, 2022
Balance at the beginning of the period	$	17.6	$	18.7	$	19.8
Charge for the period	6.1		10.8		10.3
Utilized during the period	(7.7)		(10.9)		(9.6)
Released during the period	—		(0.3)		(1.9)
Foreign currency translation	(0.1)		(0.7)		0.1
Balance at the end of the period	$	15.9	$	17.6	$	18.7