Derivative financial instruments (Tables)

6 Months Ended

Jun. 27, 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 June 27, 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	$	1.3	$	—	$	—	$	(17.4)	$	(16.1)	$	4.2	$	—	$	—	$	(19.3)	$	(15.1)
—Interest rate caps	—		—		(1.0)		(2.4)		(3.4)		—		—		(4.0)		(3.0)		(7.0)
—Interest rate swaps	—		—		(12.1)		(48.6)		(60.7)		—		—		(5.3)		(29.0)		(34.3)
Derivatives not designated as hedging instruments:
—Currency swaps	0.1		—		—		—		0.1		—		—		(0.1)		—		(0.1)
—Currency forward contracts	0.2		—		(0.8)		—		(0.6)		1.2		—		(0.2)		—		1.0
	$	1.6	$	—	$	(13.9)	$	(68.4)	$	(80.7)	$	5.4	$	—	$	(9.6)	$	(51.3)	$	(55.5)

Schedule of derivative effect on OCI

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

	Three months ended				Six months ended
(dollars in millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Net fair value (losses) gains recognized in OCI in relation to:
—Euro-denominated debt	$	(2.1)	$	(1.4)	$	(0.6)	$	(0.7)
—Designated cross currency swaps	(3.7)		(3.4)		(1.2)		1.5
Total net fair value (losses) gains	$	(5.8)	$	(4.8)	$	(1.8)	$	0.8

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

	Three months ended				Six months ended
(dollars in millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Movement recognized in OCI in relation to:
—Fair value loss on cash flow hedges	$	(10.6)	$	(14.6)	$	(26.5)	$	(27.9)
—Deferred premium reclassified from OCI to net income	1.9		0.2		3.6		0.3
Total movement	$	(8.7)	$	(14.4)	$	(22.9)	$	(27.6)

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 (losses) gains recognized in net income in relation to derivative instruments that have not been designated as hedging instruments were as follows:

	Three months ended				Six months ended
(dollars in millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Fair value (losses) gains recognized in relation to:
—Currency forward contracts recognized in SG&A	$	(0.8)	$	(1.0)	$	(0.5)	$	1.7
—Currency swaps recognized in other income	0.4		(0.2)		0.9		—
Total	$	(0.4)	$	(1.2)	$	0.4	$	1.7