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Retirement and Other Employee Benefits (Tables)
12 Months Ended
Dec. 30, 2022
Retirement Benefits [Abstract]  
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, 2022 and December 31, 2021, which are also their measurement dates (U.S. dollars in millions):
 
 
Pension plans(1)
Post-retirement plans
 December 30, 2022December 31, 2021December 30, 2022December 31, 2021
 U.S.U.K.U.S.U.K.Central AmericaCentral America
Change in Benefit Obligation:      
Beginning benefit obligation$14.9 $63.5 $16.4 $69.0 $66.9 $68.0 
Service cost— — — — 5.7 6.0 
Interest cost0.4 1.0 0.3 1.0 3.9 4.0 
Actuarial (gain) loss(2.7)(18.9)(0.6)(4.4)(3.7)(6.6)
Benefits paid(1.2)(3.0)(1.2)(2.4)(6.1)(4.6)
Exchange rate changes(2)
— (6.4)— 0.3 — 0.1 
Plan amendment— — — — — — 
Ending benefit obligation11.4 36.2 14.9 63.5 66.7 66.9 
Change in Plan Assets:      
Beginning fair value14.3 72.5 13.7 67.1 — — 
Actual return on plan assets(2.0)(26.2)1.6 5.6 — — 
Company contributions— 1.8 0.2 2.0 6.1 4.6 
Benefits paid(1.2)(3.0)(1.2)(2.4)(6.1)(4.6)
Exchange rate changes(2)
— (7.2)— 0.2 — — 
Ending fair value11.1 37.9 14.3 72.5 — — 
Amounts recognized in the Consolidated Balance Sheets:    
Accounts payable and accrued expenses (current liability)— — — — (10.2)(8.4)
Retirement benefits liability (noncurrent liability)(0.3)— (0.6)— (56.5)(58.5)
Other noncurrent assets— 1.7 — 9.0 — — 
Net (liability) asset recognized in the Consolidated Balance Sheets$(0.3)$1.7 $(0.6)$9.0 $(66.7)$(66.9)
Amounts recognized in Accumulated other comprehensive loss:(3)
  
Net actuarial (loss) gain(7.5)(8.4)(7.8)0.8 2.8 (1.0)
Net amount recognized in accumulated other comprehensive loss$(7.5)$(8.4)$(7.8)$0.8 $2.8 $(1.0)
(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, 2022 and December 31, 2021, when compared to the previous year.  
(3)We had accumulated other comprehensive income of $3.1 million as of December 30, 2022 and $2.4 million as of December 31, 2021 related to the tax effect of unamortized pension gains and losses.
Roll Forward of AOCI Balances
The following table provides a rollforward of the accumulated other comprehensive loss balances (U.S. dollars in millions):
 
 Pension plansPost-retirement plans
 Year endedYear ended
 December 30,
2022
December 31,
2021
December 30,
2022
December 31,
2021
Reconciliation of accumulated other comprehensive lossU.S.U.K.U.S.U.K.Central AmericaCentral America
Accumulated other comprehensive (loss) gain at beginning of plan year$(7.8)$0.8 $(9.6)$(7.4)$(1.0)$(7.5)
Amortization of net losses recognized during the year0.5 0.1 0.5 0.1 0.1 — 
Net gain (loss) during the year(0.2)(9.1)1.3 8.7 3.7 6.6 
Currency exchange rate changes— (0.2)— (0.6)— (0.1)
Accumulated other comprehensive (loss) gain at end of plan year$(7.5)$(8.4)$(7.8)$0.8 $2.8 $(1.0)
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 plansPost-retirement plans
Year endedYear ended
December 30, 2022December 31, 2021January 1, 2021December 30, 2022December 31, 2021January 1, 2021
 U.S.U.K.U.S.U.K.U.S.U.K.Central AmericaCentral AmericaCentral America
Service cost$— $— $— $— $— $— $5.7 $6.0 $6.3 
Interest cost0.4 1.0 0.3 1.0 0.5 1.1 3.9 4.0 4.2 
Expected return on assets(0.8)(1.8)(0.8)(1.4)(1.0)(1.5)— — — 
Net amortization0.5 0.1 0.5 0.1 0.5 0.1 0.1 — 0.7 
Net periodic cost (income)$0.1 $(0.7)$— $(0.3)$— $(0.3)$9.7 $10.0 $11.2 
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, 2022December 31, 2021
 
January 1, 2021
Pension plansPost-retirement plans Pension plansPost-retirement plans
 
Pension plansPost-retirement plans
 U.S.U.K.Central
America
 U.S.U.K.Central
America
 
U.S.U.K.Central
America
Weighted average discount rate5.15 %5.00 %8.26 %2.65 %1.80 %6.39 %2.15 %1.40 %7.98 %
Rate of increase in compensation levels— — 4.80 %— — 4.82 %— — 4.74 %
 

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, 2022December 31, 2021January 1, 2021
 Pension plansPost-retirement plans Pension plansPost-retirement plansPension plansPost-retirement plans
 U.S.U.K.Central
America
 U.S.U.K.Central
America
U.S.U.K.Central
America
Weighted average discount rate2.65 %1.80 %6.39 %2.15 %1.40 %6.34 %3.00 %2.00 %6.27 %
Rate of increase in compensation levels— — 4.69 %— — 4.70 %— — 4.74 %
Expected long-term rate of return on assets6.50 %2.77 %— 6.50 %1.98 %— 7.50 %2.58 %— 
 

Cash Flows
 
 Pension plansPost-retirement plans
 U.S.U.K.Central America
Expected benefit payments for:   
2023$1.2 $2.0 $10.2 
20241.1 2.4 8.9 
20251.1 2.2 9.0 
20261.0 2.0 8.0 
20271.0 2.1 8.0 
Next 5 years4.3 11.3 39.9 
Expected benefit payments over the next 10 years$9.7 $22.0 $84.0 
 
14. Retirement and Other Employee Benefits (continued)

For 2023, there are no expected contributions for the U.S. pension plan. Expected contributions for the U.K. pension plan are $1.7 million for 2023. Contributions for the U.S. and U.K. pension plans are actuarially determined based on funding regulations.
Fair Values of Plan Assets by Asset Category
The fair values of our U.S. plan assets by asset category are as follows as of the years ended December 30, 2022 and December 31, 2021 (U.S. dollars in millions):
 
Fair Value Measurements at
December 30, 2022
Quoted Prices in
Active Markets for
Identical Assets
Significant
Observable
Inputs
Significant
Unobservable
Inputs
Asset CategoryTotal(Level 1)(Level 2)(Level 3)
Mutual Funds:    
Fixed income securities$4.7 $4.7 $— $— 
Value securities2.3 2.3 — — 
Growth securities4.1 4.1 — — 
Total$11.1 $11.1 $— $— 
 

Fair Value Measurements at
December 31, 2021
Quoted Prices in
Active Markets for
Identical Assets
Significant
Observable
Inputs
Significant
Unobservable
Inputs
Asset CategoryTotal(Level 1)(Level 2)(Level 3)
Mutual Funds:    
Fixed income securities$5.3 $5.3 $— $— 
Value securities3.0 3.0 — — 
Growth securities6.0 6.0 — — 
Total$14.3 $14.3 $— $— 
The fair values of our U.K. plan assets by asset category are as follows as of the years ended December 30, 2022 and December 31, 2021 (U.S. dollars in millions):
 
Fair Value Measurements at
December 30, 2022
Asset CategoryTotalQuoted 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:   
Diversified growth funds8.4 — 8.4 — 
Other international companies0.8 — 0.8 — 
Real estate investment trusts1.2 — 1.2 — 
Fixed income securities:   
Government and corporate bonds19.5 — 19.5 — 
Liability-driven investments7.7 — 7.7 — 
Total$37.9 $0.3 $37.6 $— 
14. Retirement and Other Employee Benefits (continued)
Fair Value Measurements at
December 31, 2021
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash$0.5 $0.5 $— $— 
Equity securities:    
Diversified growth funds20.8 — 20.8 — 
Other international companies3.5 — 3.5 — 
Real estate investment trusts3.5— 3.5— 
Fixed income securities:    
Government and corporate bonds24.9 — 24.9 — 
Liability-driven investments19.3 — 19.3 — 
Total$72.5 $0.5 $72.0 $—