The Company’s estimated useful lives of items of property, plant and equipment are generally in the following ranges:
Buildings and improvements
30 to 40 years
Leasehold improvementsShorter of lease term or useful life
Machinery, equipment and vehicles
2 to 20 years
(dollars in millions)
As of
December 31, 2025
As of
December 28, 2024
Cost
Land and buildings$343.2 $322.0 
Machinery, equipment and vehicles1,101.7 991.2 
Assets under construction79.7 63.3 
1,524.6 1,376.5 
Less: Accumulated depreciation and impairment(915.6)(797.0)
Total$609.0 $579.5 
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About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.