$GTES
Gates Industrial Corp plc

2024 Q3 Form 10-Q Financial Statement

#000171851224000065 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $830.7M $885.5M
YoY Change -11.28% -1.36%
Cost Of Revenue $494.9M $528.1M
YoY Change -15.6% -7.77%
Gross Profit $335.8M $357.4M
YoY Change -4.03% 9.94%
Gross Profit Margin 40.42% 40.36%
Selling, General & Admin $219.9M $218.3M
YoY Change 0.23% -5.95%
% of Gross Profit 65.49% 61.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.70M $54.50M
YoY Change -0.56% 0.0%
% of Gross Profit 15.99% 15.25%
Operating Expenses $219.9M $218.3M
YoY Change 0.18% -5.95%
Operating Profit $113.2M $136.2M
YoY Change -13.19% 56.01%
Interest Expense -$35.10M -$49.10M
YoY Change -17.61% -220.34%
% of Operating Profit -31.01% -36.05%
Other Income/Expense, Net $3.900M $3.100M
YoY Change -169.64% -1133.33%
Pretax Income $69.20M $90.20M
YoY Change -14.46% 95.24%
Income Tax $14.00M $12.30M
% Of Pretax Income 20.23% 13.64%
Net Earnings $47.60M $70.70M
YoY Change -26.66% 167.8%
Net Earnings / Revenue 5.73% 7.98%
Basic Earnings Per Share $0.18 $0.27
Diluted Earnings Per Share $0.18 $0.26
COMMON SHARES
Basic Shares Outstanding 261.6M shares 261.4M shares
Diluted Shares Outstanding 263.4M shares 266.8M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $574.4M $579.7M
YoY Change 1.66% -2.56%
Cash & Equivalents $574.4M $579.7M
Short-Term Investments
Other Short-Term Assets $226.5M $237.9M
YoY Change -9.54% 0.63%
Inventory $724.6M $696.5M
Prepaid Expenses
Receivables $811.8M $807.5M
Other Receivables $63.20M $54.90M
Total Short-Term Assets $2.401B $2.377B
YoY Change 1.1% 0.84%
LONG-TERM ASSETS
Property, Plant & Equipment $741.5M $727.3M
YoY Change -2.43% -5.2%
Goodwill $1.997B $1.967B
YoY Change -1.04% -2.43%
Intangibles $1.295B $1.309B
YoY Change -10.0% -10.94%
Long-Term Investments
YoY Change
Other Assets $17.50M $20.40M
YoY Change -97.39% -49.75%
Total Long-Term Assets $4.721B $4.658B
YoY Change -3.7% -5.43%
TOTAL ASSETS
Total Short-Term Assets $2.401B $2.377B
Total Long-Term Assets $4.721B $4.658B
Total Assets $7.122B $7.035B
YoY Change -2.14% -3.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $427.5M $441.3M
YoY Change -9.18% -2.39%
Accrued Expenses $265.3M $238.9M
YoY Change 11.33% 4.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $36.20M $21.80M
YoY Change -1.36% -21.3%
Total Short-Term Liabilities $795.6M $763.4M
YoY Change -0.33% 3.41%
LONG-TERM LIABILITIES
Long-Term Debt $2.342B $2.310B
YoY Change -7.11% -4.66%
Other Long-Term Liabilities $143.9M $87.90M
YoY Change -63.16% -22.14%
Total Long-Term Liabilities $2.485B $2.398B
YoY Change -14.63% -5.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $795.6M $763.4M
Total Long-Term Liabilities $2.485B $2.398B
Total Liabilities $3.664B $3.541B
YoY Change -12.91% -5.05%
SHAREHOLDERS EQUITY
Retained Earnings $1.570B $1.523B
YoY Change 18.89% 0.87%
Common Stock $2.500M $2.600M
YoY Change -3.85% -7.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $127.1M
YoY Change
Treasury Stock Shares
Shareholders Equity $3.110B $3.177B
YoY Change
Total Liabilities & Shareholders Equity $7.122B $7.035B
YoY Change -2.14% -3.4%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $47.60M $70.70M
YoY Change -26.66% 167.8%
Depreciation, Depletion And Amortization $53.70M $54.50M
YoY Change -0.56% 0.0%
Cash From Operating Activities $115.9M $93.80M
YoY Change -11.8% 78.67%
INVESTING ACTIVITIES
Capital Expenditures $28.00M $27.20M
YoY Change 84.21% 130.51%
Acquisitions
YoY Change
Other Investing Activities -$12.20M $6.600M
YoY Change -405.0%
Cash From Investing Activities -$40.20M -$20.60M
YoY Change 258.93% -31.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -95.90M -8.700M
YoY Change -39.42% 314.29%
NET CHANGE
Cash From Operating Activities 115.9M 93.80M
Cash From Investing Activities -40.20M -20.60M
Cash From Financing Activities -95.90M -8.700M
Net Change In Cash -20.20M 64.50M
YoY Change -46.98% 293.29%
FREE CASH FLOW
Cash From Operating Activities $115.9M $93.80M
Capital Expenditures $28.00M $27.20M
Free Cash Flow $87.90M $66.60M
YoY Change -24.35% 63.64%

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Accounting periods<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">The Company prepares its annual consolidated financial statements for the period ending on the Saturday nearest December 31. Accordingly, the condensed consolidated balance sheets as of June 29, 2024 and December 30, 2023, and the related condensed consolidated statements of operations, comprehensive income, cash flows, and shareholders’ equity are presented, where relevant, for the 91-day period from March 31, 2024 to June 29, 2024, with comparative information for the 91-day period from April 2, 2023 to July 1, 2023 and for the 182-day period from December 31, 2023 to June 29, 2024, with comparative information for the 182-day period from January 1, 2023 to July 1, 2023.</span></div>
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936300000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1748100000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1834000000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
885500000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
936300000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1748100000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1834000000 usd
CY2024Q2 gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
202200000 usd
CY2023Q3 gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
197300000 usd
gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
397800000 usd
gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
371800000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
77900000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
71300000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
124100000 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
102200000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12300000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46800000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24900000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
90200000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
80900000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
170900000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
127100000 usd
CY2024Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
49100000 usd
CY2023Q3 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
44500000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
86600000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
85300000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3100000 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3700000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4600000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000000.0 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
136200000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
129100000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
252900000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
216400000 usd
CY2024Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
54500000 usd
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
54000000.0 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
109100000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
108500000 usd
CY2024Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1200000 usd
CY2023Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
600000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1600000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
800000 usd
CY2024Q2 gtes Restructuring Charges Including Adjustments
RestructuringChargesIncludingAdjustments
1600000 usd
CY2023Q3 gtes Restructuring Charges Including Adjustments
RestructuringChargesIncludingAdjustments
2200000 usd
gtes Restructuring Charges Including Adjustments
RestructuringChargesIncludingAdjustments
2800000 usd
gtes Restructuring Charges Including Adjustments
RestructuringChargesIncludingAdjustments
7700000 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
5200000 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
6800000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
13800000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
16300000 usd
CY2024Q2 gtes Nonrecurring Income Expense Inventory Adjustments
NonrecurringIncomeExpenseInventoryAdjustments
3400000 usd
CY2023Q3 gtes Nonrecurring Income Expense Inventory Adjustments
NonrecurringIncomeExpenseInventoryAdjustments
3500000 usd
gtes Nonrecurring Income Expense Inventory Adjustments
NonrecurringIncomeExpenseInventoryAdjustments
17300000 usd
gtes Nonrecurring Income Expense Inventory Adjustments
NonrecurringIncomeExpenseInventoryAdjustments
4100000 usd
us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
11400000 usd
us-gaap Unusual Or Infrequent Item Net Of Insurance Proceeds
UnusualOrInfrequentItemNetOfInsuranceProceeds
0 usd
us-gaap Unusual Or Infrequent Item Net Of Insurance Proceeds
UnusualOrInfrequentItemNetOfInsuranceProceeds
5100000 usd
CY2023Q3 gtes Other Cost And Expense Income Operating Excluding Sponsor Fees
OtherCostAndExpenseIncomeOperatingExcludingSponsorFees
100000 usd
gtes Other Cost And Expense Income Operating Excluding Sponsor Fees
OtherCostAndExpenseIncomeOperatingExcludingSponsorFees
100000 usd
gtes Other Cost And Expense Income Operating Excluding Sponsor Fees
OtherCostAndExpenseIncomeOperatingExcludingSponsorFees
100000 usd
CY2024Q2 gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
202200000 usd
CY2023Q3 gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
197300000 usd
gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
397800000 usd
gtes Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
371800000 usd
us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
100000 usd
CY2024Q2 us-gaap Restructuring Charges
RestructuringCharges
1600000 usd
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
2200000 usd
us-gaap Restructuring Charges
RestructuringCharges
2800000 usd
us-gaap Restructuring Charges
RestructuringCharges
7700000 usd
CY2024Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
0 usd
CY2023Q3 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
300000 usd
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
100000 usd
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
1400000 usd
CY2024Q2 us-gaap Restructuring Charges
RestructuringCharges
1600000 usd
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
2200000 usd
us-gaap Restructuring Charges
RestructuringCharges
2800000 usd
us-gaap Restructuring Charges
RestructuringCharges
7700000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
5100000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
7500000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
5400000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
8300000 usd
gtes Net Restructuring Charges
NetRestructuringCharges
3500000 usd
gtes Net Restructuring Charges
NetRestructuringCharges
8100000 usd
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-700000 usd
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-400000 usd
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
100000 usd
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-100000 usd
CY2024Q2 us-gaap Restructuring Reserve
RestructuringReserve
2400000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
7000000.0 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12300000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
90200000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.136
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9600000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
80900000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.119
CY2024Q2 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-12200000 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1600000 usd
CY2023Q3 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-6400000 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1800000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46800000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
170900000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.274
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24900000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
127100000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
70700000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
64900000 usd
us-gaap Net Income Loss
NetIncomeLoss
110700000 usd
us-gaap Net Income Loss
NetIncomeLoss
91300000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
261440259 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
275875426 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
262057243 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
279697864 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5372251 shares
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4040022 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4893994 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4255220 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
266812510 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
279915448 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
266951237 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
283953084 shares
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1203541 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3307714 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3433099 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4622998 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2024Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
200700000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
168200000 usd
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
47000000.0 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
43300000 usd
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
448800000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
435700000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
696500000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
647200000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
2038700000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-72200000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
1966500000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2172400000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1332400000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
840000000.0 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2211500000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1294800000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
916700000 usd
CY2024Q2 gtes Indefinite Lived Intangible Assets Excluding Goodwill Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillGross
513400000 usd
CY2024Q2 gtes Indefinite Lived Intangible Assets Excluding Goodwill Impaired Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsExcludingGoodwillImpairedAccumulatedImpairmentLoss
44000000.0 usd
CY2024Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
469400000 usd
CY2023Q4 gtes Indefinite Lived Intangible Assets Excluding Goodwill Gross
IndefiniteLivedIntangibleAssetsExcludingGoodwillGross
513400000 usd
CY2023Q4 gtes Indefinite Lived Intangible Assets Excluding Goodwill Impaired Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsExcludingGoodwillImpairedAccumulatedImpairmentLoss
44000000.0 usd
CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
469400000 usd
CY2024Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2685800000 usd
CY2024Q2 gtes Intangible Assets Excluding Goodwill Accumulated Amortization And Impairment Loss
IntangibleAssetsExcludingGoodwillAccumulatedAmortizationAndImpairmentLoss
1376400000 usd
CY2024Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1309400000 usd
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2724900000 usd
CY2023Q4 gtes Intangible Assets Excluding Goodwill Accumulated Amortization And Impairment Loss
IntangibleAssetsExcludingGoodwillAccumulatedAmortizationAndImpairmentLoss
1338800000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1386100000 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
32200000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
32200000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-10800000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-1900000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
64700000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
64300000 usd
us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-19600000 usd
us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
7300000 usd
CY2024Q2 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-18800000 usd
CY2023Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-48900000 usd
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
5000000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2364900000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2471900000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
35900000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
37400000 usd
CY2024Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
3100000 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
17000000.0 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
2332100000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
2451500000 usd
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
21800000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
36500000 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2310300000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2415000000 usd
CY2024Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1000000.0 usd
CY2023Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
900000 usd
CY2024Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
6400000 usd
CY2023Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
6600000 usd
CY2024Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6400000 usd
CY2023Q3 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6600000 usd
CY2024Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
600000 usd
CY2023Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
800000 usd
CY2024Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
400000 usd
CY2023Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
100000 usd
CY2024Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
2300000 usd
CY2023Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
2400000 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2000000.0 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1900000 usd
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
12800000 usd
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
13200000 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
12900000 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
13000000.0 usd
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
1200000 usd
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
1700000 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
700000 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
400000 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
4900000 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
5600000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5200000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
13800000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6800000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
16300000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9726970 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.90
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
22100 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3535 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
25000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
16.08
gtes Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Net Of Amounts Settled In Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodNetOfAmountsSettledInShares
770381 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.89
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8950154 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.90
CY2024Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4600000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
7100000 usd
CY2023Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5400000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16700000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3949891 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
14.47
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1600859 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
233551 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
14.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
1027318 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
14.86
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
4289881 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
14.67
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
264259788 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
282578917 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
635615 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2104358 shares
gtes Vesting Of Restricted Shares And Stock Units Shares
VestingOfRestrictedSharesAndStockUnitsShares
857681 shares
gtes Vesting Of Restricted Shares And Stock Units Shares
VestingOfRestrictedSharesAndStockUnitsShares
937102 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4151100 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
21934634 shares
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
261601984 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
263685743 shares
CY2024Q2 gtes Number Of Classes Of Stock
NumberOfClassesOfStock
1 class
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-119100000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-140000000.0 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
87600000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
68300000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15900000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
17600000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4700000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4000000.0 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4400000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4100000 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
0 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-100000 usd
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-200000 usd
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-300000 usd
CY2024Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
16000000.0 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
17100000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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