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Retirement and Other Employee Benefits (Tables)
 12 Months Ended
Dec. 30, 2016
Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Defined Benefit Pension Plans and Post-Retirement Plans
The following table sets forth a reconciliation of benefit obligations, plan assets and funded status for our defined benefit pension plans and post-retirement plans as of December 30, 2016 and January 1, 2016, which are also their measurement dates (U.S. dollars in millions):
 
 
Pension plans (1)
 
Post-retirement plans
 
December 30, 2016
 
January 1,
2016
 
December 30, 2016

 
January 1, 2016

 
U.S.
 
U.K.
 
U.S.
 
U.K.
 
Central America
 
Central America
Change in Benefit Obligation:
 
 
 
 
 
 
 
 
 
 
 
Beginning benefit obligation
$
17.6

 
$
58.8

 
$
19.3

 
$
63.7

 
$
57.8

 
$
58.1

Service cost
—

 
—

 
—

 
—

 
5.2

 
5.8

Interest cost
0.7

 
1.9

 
0.7

 
2.2

 
3.8

 
3.7

Actuarial loss (gain)
0.1

 
10.8

 
(1.0
)
 
(1.5
)
 
1.3

 
(1.6
)
Benefits paid
(1.4
)
 
(4.3
)
 
(1.4
)
 
(2.3
)
 
(6.3
)
 
(8.1
)
Exchange rate changes (2)
—

 
(10.2
)
 
—

 
(3.3
)
 
0.1

 
(0.1
)
Ending benefit obligation
17.0

 
57.0

 
17.6

 
58.8

 
61.9

 
57.8

 
 
 
 
 
 
 
 
 
 
 
 
Change in Plan Assets:
 

 
 

 
 

 
 

 
 

 
 

Beginning fair value
13.4

 
53.4

 
14.1

 
55.4

 
—

 
—

Actual return on plan assets
0.8

 
8.7

 
(0.1
)
 
1.1

 
—

 
—

Company contributions
0.3

 
1.9

 
0.8

 
2.2

 
6.3

 
8.1

Benefits paid
(1.4
)
 
(4.3
)
 
(1.4
)
 
(2.3
)
 
(6.3
)
 
(8.1
)
Exchange rate changes (2)
—

 
(9.2
)
 
—

 
(3.0
)
 
—

 
—

Ending fair value
13.1

 
50.5

 
13.4

 
53.4

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in the Consolidated Balance Sheets:
 
 
 
 
 

 
 

 
 

 
 

Accounts payable and accrued expenses (current liability)
—

 
—

 
—

 
—

 
7.2

 
6.7

Retirement benefits liability (noncurrent liability)
3.9

 
6.5

 
4.1

 
5.5

 
54.7

 
51.1

Net amount recognized in the
 

 
 

 
 

 
 

 
 

 
 

Consolidated Balance Sheets
$
3.9

 
$
6.5

 
$
4.1

 
$
5.5

 
$
61.9

 
$
57.8

 
 
 
 
 
 
 
 
 
 
 
 
Amounts recognized in Accumulated other comprehensive income (loss)(3):
 
 

 
 

Net actuarial (loss) gain
(9.4
)
 
(2.8
)
 
(9.3
)
 
2.1

 
(14.6
)
 
(14.1
)
Net amount recognized in accumulated other comprehensive (loss) income
$
(9.4
)
 
$
(2.8
)
 
$
(9.3
)
 
$
2.1

 
$
(14.6
)
 
$
(14.1
)
 

(1) 
The accumulated benefit obligation is the same as the projected benefit obligation.
(2) 
The exchange rate difference included in the reconciliation of the change in benefit obligation and the change in plan assets above results from currency fluctuations of the U.S. dollar relative to the British pound for the U.K. plan and the U.S. dollar versus Central American currencies such as the Costa Rican colon and Guatemalan quetzal for the Central American plans as of December 30, 2016 and January 1, 2016, when compared to the previous year.   
(3) 
We had accumulated other comprehensive income of $5.2 million as of December 30, 2016 and $4.2 million as of January 1, 2016 related to tax effect of unamortized pension gains.
Roll Forward of AOCI Balances
The following table provides a roll forward of the accumulated other comprehensive income ("AOCI") balances (U.S. dollars in millions):
 
 
Pension plans
 
Post-retirement plans
 
Year ended
 
Year ended
 
December 30, 2016
 
January 1,
2016
 
December 30,
2016
 
January 1,
2016
Reconciliation of AOCI
U.S.
 
U.K.
 
U.S.
 
U.K.
 
Central America
 
Central America
AOCI (loss) gain at beginning of plan year
$
(9.3
)
 
$
2.1

 
$
(9.7
)
 
$
2.5

 
$
(14.1
)
 
$
(16.9
)
Amortization of net losses recognized during the year
0.3

 
—

 
0.4

 
—

 
0.8

 
1.2

Net (losses) gains occurring during the year
(0.4
)
 
(4.7
)
 
—

 
(0.3
)
 
(1.3
)
 
1.6

Currency exchange rate changes
—

 
(0.2
)
 
—

 
(0.1
)
 
—

 
—

AOCI (loss) gain at end of plan year
$
(9.4
)
 
$
(2.8
)
 
$
(9.3
)
 
$
2.1

 
$
(14.6
)
 
$
(14.1
)
Post-retirement Healthcare Plans Assumptions

The amounts in AOCI expected to be amortized as a component of net period cost in the upcoming year are (U.S. dollars in millions):

 
 
Pension plans
 
Post-retirement
plans
 
U.S.
 
U.K.
 
Central America
2017 amortization of net losses
$
0.4

 
$
—

 
$
0.9
Net Periodic Pension Cost of Defined Benefit Pension and Post-Retirement Benefit Plans
The following table sets forth the net periodic pension cost of our defined benefit pension and post-retirement benefit plans (U.S. dollars in millions):
 
 
Pension plans
 
Post-retirement plans
 
Year ended
 
Year ended
 
December 30, 2016
 
January 1,
2016
 
December 26, 2014
 
December 30,
2016
 
January 1, 2016
 
December 26,
2014
 
U.S.
 
U.K.
 
U.S.
 
U.K.
 
U.S.
 
U.K.
 
Central
America
 
Central America
 
Central
America
Service cost
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
5.2

 
$
5.8

 
$
5.2

Interest cost
0.7

 
1.9

 
0.7

 
2.2

 
0.7

 
2.7

 
3.8

 
3.7

 
3.6

Expected return on assets
(1.0
)
 
(2.6
)
 
(1.0
)
 
(2.9
)
 
(0.9
)
 
(3.5
)
 
—

 
—

 
—

Net amortization
0.3

 
—

 
0.4

 
—

 
0.3

 
(0.1
)
 
0.8

 
1.1

 
0.9

Net periodic cost (income)
$
—

 
$
(0.7
)
 
$
0.1

 
$
(0.7
)
 
$
0.1

 
$
(0.9
)
 
$
9.8

 
$
10.6

 
$
9.7
Assumptions Used in the Calculation of Benefit Obligations and Net Periodic Pension Costs of U.S. and U.K. Defined Benefit Pension Plans and Central American Plans
The assumptions used in the calculation of the benefit obligations of our U.S. and U.K defined benefit pension plans and Central American plans consisted of the following:
 
 
December 30, 2016
 
 
 
January 1, 2016
 
  
 
December 26, 2014
 
Pension plans
 
Post-
retirement
plans
 
 
 
Pension plans
 
Post-
retirement
plans
 
  
 
Pension plans
 
Post-
retirement
plans
 
U.S.
 
U.K.
 
Central
America
 
 
 
U.S.
 
U.K.
 
Central
America
 
  
 
U.S.
 
U.K.
 
Central
America
Weighted average discount rate
3.85
%
 
2.60
%
 
7.29
%
 
 
 
4.00
%
 
3.70
%
 
7.23
%
 
(1) 
 
3.70
%
 
3.60
%
 
6.85
%
Rate of increase in compensation levels
—
%
 
2.50
%
 
4.75
%
 
 
 
—
%
 
2.20
%
 
4.64
%
 
 
 
—
%
 
2.20
%
 
5.20
%
 

The assumptions used in the calculation of the net periodic pension costs for our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following:
 
December 30, 2016
 
January 1, 2016
 
December 26, 2014
 
Pension plans
 
Post-
retirement
plans
 
Pension plans
 
Post-
retirement
plans
 
Pension plans
 
Post-
retirement
plans
 
U.S.
 
U.K.
 
Central
America
 
U.S.
 
U.K.
 
Central
America
 
U.S.
 
U.K.
 
Central America
Weighted average discount rate
4.00
%
 
3.70
%
 
7.23
%
 
3.70
%
 
3.60
%
 
6.85
%
(1) 
4.45
%
 
4.50
%
 
7.56
%
Rate of increase in compensation levels
—
%
 
2.20
%
 
4.64
%
 
—
%
 
2.20
%
 
5.20
%
 
—
%
 
2.50
%
 
5.39
%
Expected long-term rate of return on assets
7.50
%
 
5.47
%
 
—
%
 
7.50
%
 
5.36
%
 
—
%
 
7.50
%
 
6.41
%
 
—
%
 

(1) 
The increase or decrease in the weighted average discount rate assumption for the benefit obligation and net periodic pension costs increased due to an increase or decrease in inflation assumptions and country-specific investments.
Expected Benefit Payments
Cash Flows
 
 
Pension plans
 
Post-retirement
plans
 
U.S.
 
U.K.
 
Central America
Expected benefit payments for:
 
 
 
 
 
2017
$
1.4

 
$
1.7

 
$
7.2

2018
1.4

 
1.9

 
6.5

2019
1.3

 
1.9

 
6.8

2020
1.3

 
1.9

 
6.6

2021
1.3

 
2.0

 
6.2

Next 5 years
5.6

 
11.9

 
30.5

Expected benefit payments over the next 10 years
$
12.3

 
$
21.3

 
$
63.8
United Kingdom  
Fair Values of Plan Assets by Asset Category
The fair values of our U.K. plan assets by asset category are as follows:
 
 
 
 
Fair Value Measurements at
December 30, 2016 (U.S. dollars in millions)
Asset Category
Total Fair
Value at
December 30, 2016
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant Observable
Inputs
(Level 2)
 
Significant Unobservable
Inputs
(Level 3)
Cash
$
0.4

 
$
0.4

 
$
—

 
$
—

Equity securities:
 

 
 
 
 

 
 

United Kingdom companies
4.8

 


 
4.8

 
—

Diversified growth funds
17.4

 


 
17.4

 
—

Other international companies
17.1

 


 
17.1

 
—

Fixed income securities:
 

 
 
 
 

 
 

United Kingdom government bonds
4.4

 


 
4.4

 
—

Liability-driven investments
6.4

 


 
6.4

 
—

Total
$
50.5

 
$
0.4

 
$
50.1

 
$
—


 
 
 
Fair Value Measurements at
January 1, 2016 (U.S. dollars in millions)
Asset Category
Total Fair
Value at
January 1, 2016
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant Observable
Inputs
(Level 2)
 
Significant Unobservable
Inputs
(Level 3)
Cash
$
0.3

 
$
0.3

 
$
—

 
$
—

Equity securities:
 

 
 

 
 

 
 

United Kingdom companies
22.1

 


 
22.1

 
—

Other international companies
20.1

 


 
20.1

 
—

Fixed income securities:
 

 
 

 
 

 
 

United Kingdom government bonds
4.6

 


 
4.6

 
—

United Kingdom corporate bonds
6.3

 


 
6.3

 
—

Total
$
53.4

 
$
0.3

 
$
53.1

 
$
—
United States  
Fair Values of Plan Assets by Asset Category
The fair values of our U.S. plan assets by asset category are as follows:
 
 
 
 
Fair Value Measurements at
December 30, 2016 (U.S. dollars in millions)
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
Asset Category
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Mutual Funds:
 
 
 
 
 
 
 
Fixed income securities
$
1.8

 
$
1.8

 
$
—

 
$
—

Bond securities
3.6

 
3.6

 
—

 
—

Value securities
4.2

 
4.2

 
—

 
—

Growth securities
3.5

 
3.5

 
—

 
—

Total
$
13.1

 
$
13.1

 
$
—

 
$
—

 
14. Retirement and Other Employee Benefits (continued)

The fair values of our U.S. plan assets by asset category are as follows:

 
 
 
Fair Value Measurements at
January 1, 2016 (U.S. dollars in millions)
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
Asset Category
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Mutual Funds:
 
 
 
 
 
 
 
Fixed income securities
$
2.9

 
$
2.9

 
$
—

 
$
—

Bond securities
2.6

 
2.6

 
—

 
—

Value securities
4.7

 
4.7

 
—

 
—

Growth securities
3.2

 
3.2

 
—

 
—

Total
$
13.4

 
$
13.4

 
$
—

 
$
—