Derivative financial instruments (Tables)

3 Months Ended

Mar. 28, 2020

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 28, 2020										As of December 28, 2019
(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	$	2.2	$	—	$	—	$	(14.8)	$	(12.6)	$	4.2	$	—	$	—	$	(19.3)	$	(15.1)
—Interest rate caps	—		—		(2.5)		(2.6)		(5.1)		—		—		(4.0)		(3.0)		(7.0)
—Interest rate swaps	—		—		(11.8)		(38.5)		(50.3)		—		—		(5.3)		(29.0)		(34.3)
Derivatives not designated as hedging instruments:
—Currency swaps	0.1		—		(0.7)		—		(0.6)		—		—		(0.1)		—		(0.1)
—Currency forward contracts	0.6		—		(0.3)		—		0.3		1.2		—		(0.2)		—		1.0
	$	2.9	$	—	$	(15.3)	$	(55.9)	$	(68.3)	$	5.4	$	—	$	(9.6)	$	(51.3)	$	(55.5)

Schedule of derivative effect on OCI

The fair value gains 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 28, 2020		March 30, 2019
Net fair value gains recognized in OCI in relation to:
—Euro-denominated debt	$	1.5	$	0.7
—Designated cross currency swaps	2.5		4.9
Total net fair value gains	$	4.0	$	5.6

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

	Three months ended
(dollars in millions)	March 28, 2020		March 30, 2019
Movement recognized in OCI in relation to:
—Fair value loss on cash flow hedges	$	(15.9)	$	(13.3)
—Deferred premium reclassified from OCI to net income	1.7		0.1
Total movement	$	(14.2)	$	(13.2)

Schedule of interest rate caps

The periods covered by our interest rate caps and their notional values are as follows:

(in millions)	Notional value
June 30, 2017 to June 30, 2020	$	200.0
June 28, 2019 to June 30, 2020	$	1,000.0
July 1, 2019 to June 30, 2023	€	425.0

Gain 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 28, 2020		March 30, 2019
Fair value gains recognized in relation to:
—Currency forward contracts recognized in SG&A	$	0.3	$	2.7
—Currency swaps recognized in other income	0.5		0.2
Total	$	0.8	$	2.9