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Retirement Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The Company maintains certain defined contribution (“DC”) retirement plans covering qualifying employees. The total expense with respect to these DC plans was $7.0 million for the year ended December 31, 2022 (2021—$6.3 million; 2020—$6.0 million).
The Company also maintains several defined benefit (“DB”) plans acquired as a part of acquisitions covering certain U.S. and non-U.S. employees, referred to as the U.S. and International Plans, respectively. Retirement benefits are based on years of service multiplied by a monthly benefit factor. Pension costs are funded in accordance with the provisions of the applicable law.
Our U.S. Plan is closed to new participants and is frozen. Effective as of December 31, 2021, our U.S. Plan was terminated. In accordance with the amended plan documents, we anticipate making distributions for all plan participants (either directly to the participant or to an insurance company depending upon their optional payment election) and expect to distribute all plan assets in fiscal year 2023.
The Company uses a December 31, 2022 measurement date for all DB plans.
Obligations and Funded Status
The following table summarizes the change in the projected benefit obligation, change in plan assets and unfunded status of the DB plans as of December 31, 2022 and January 1, 2022:

December 31, 2022
(in millions of U.S. dollars)U.S.InternationalTotal
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year$9.4 $13.9 $23.3 
Service cost— 0.9 0.9 
Interest cost0.1 0.1 0.2 
Plan participant contributions— 0.2 0.2 
Benefit payments(0.6)(0.9)(1.5)
Actuarial gains(1.6)(3.2)(4.8)
Translation gains— (0.9)(0.9)
Projected benefit obligation at end of year$7.3 $10.1 $17.4 
Change in Plan Assets
Plan assets beginning of year$9.2 $6.2 $15.4 
Employer contributions— 0.3 0.3 
Plan participant contributions— 0.2 0.2 
Benefit payments(0.6)(0.6)(1.2)
Expected return on plan assets— 0.1 0.1 
Actual return on plan assets(1.5)— (1.5)
Translation losses— (0.2)(0.2)
Fair value at end of year$7.1 $6.0 $13.1 
Funded Status of Plan
Projected benefit obligation$(7.3)$(10.1)$(17.4)
Fair value of plan assets7.1 6.0 13.1 
Unfunded status$(0.2)$(4.1)$(4.3)
January 1, 2022
(in millions of U.S. dollars)U.S.InternationalTotal
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year$9.5 $13.4 $22.9 
Service cost— 0.8 0.8 
Interest cost0.2 0.1 0.3 
Plan participant contributions— 0.3 0.3 
Benefit payments(0.4)(1.2)(1.6)
Actuarial losses0.1 0.6 0.7 
Translation gains— (0.1)(0.1)
Projected benefit obligation at end of year$9.4 $13.9 $23.3 
Change in Plan Assets
Plan assets beginning of year$9.1 $6.0 $15.1 
Employer contributions0.2 0.4 0.6 
Plan participant contributions— 0.3 0.3 
Benefit payments(0.4)(0.7)(1.1)
Actuarial gains— 0.2 0.2 
Expected return on plan assets— 0.1 0.1 
Actual return on plan assets0.3 — 0.3 
Translation losses— (0.1)(0.1)
Fair value at end of year$9.2 $6.2 $15.4 
Funded Status of Plan
Projected benefit obligation$(9.4)$(13.9)$(23.3)
Fair value of plan assets9.2 6.2 15.4 
Unfunded status$(0.2)$(7.7)$(7.9)

The accumulated benefit obligation for the U.S. Plans equaled $7.3 million and $9.4 million at the end of 2022 and 2021, respectively. The accumulated benefit obligation for the International Plans equaled $10.1 million and $13.9 million at the end of 2022 and 2021, respectively.
Periodic Pension Costs
The components of net periodic pension cost were as follows:
December 31, 2022
(in millions of U.S. dollars)U.S. InternationalTotal
Service cost$— $0.9 $0.9 
Interest cost0.1 0.1 0.2 
Expected return on plan assets(0.1)(0.1)(0.2)
Net periodic pension cost$— $0.9 $0.9 

January 1, 2022
(in millions of U.S. dollars)U.S.InternationalTotal
Service cost$— $0.8 $0.8 
Interest cost0.2 0.1 0.3 
Expected return on plan assets(0.2)(0.1)(0.3)
Net periodic pension cost$— $0.8 $0.8 
January 2, 2021
(in millions of U.S. dollars)U.S.InternationalTotal
Service cost$— $1.0 $1.0 
Interest cost0.3 0.1 0.4 
Expected return on plan assets(0.5)(0.1)(0.6)
Curtailment gain— (0.3)(0.3)
Net periodic pension (benefit) cost$(0.2)$0.7 $0.5 

Accumulated Other Comprehensive (Loss) Income
Amounts included in accumulated other comprehensive (loss) income, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows:
December 31, 2022
(in millions of U.S. dollars)U.S.InternationalTotal
Unrecognized net actuarial (loss) income$(0.6)$1.8 $1.2 
Total accumulated other comprehensive (loss) income$(0.6)$1.8 $1.2 
January 1, 2022
(in millions of U.S. dollars)U.S.InternationalTotal
Unrecognized net actuarial loss$(0.6)$(1.1)$(1.7)
Total accumulated other comprehensive loss$(0.6)$(1.1)$(1.7)
January 2, 2021
(in millions of U.S. dollars)U.S.InternationalTotal
Unrecognized net actuarial loss$(0.4)$(0.7)$(1.1)
Total accumulated other comprehensive loss$(0.4)$(0.7)$(1.1)

Actuarial Assumptions
The following table summarizes the weighted average actuarial assumptions used to determine the projected benefit obligation:
For the Year Ended
December 31, 2022January 1, 2022January 2, 2021
U.S. Plans
Discount rate4.9 %2.5 %2.0 %
Expected long-term rate of return on plan assets1.0 %2.0 %6.3 %
International Plans
Discount rate4.5 %1.8 %1.3 %
Expected long-term rate of return on plan assets2.3 %2.0 %2.1 %
Rate of compensation increase2.7 %1.8 %1.2 %
CPI Inflation factor— %0.1 %0.1 %
The following table summarizes the weighted average actuarial assumptions used to determine net periodic benefit cost:

For the Year Ended
December 31, 2022January 1, 2022January 2, 2021
U.S. Plans
Discount rate1.0 %2.0 %3.0 %
Expected long-term rate of return on plan assets1.0 %2.0 %6.3 %
International Plans
Discount rate4.5 %1.8 %1.3 %
Expected long-term rate of return on plan assets2.3 %2.0 %2.1 %
Inflation factor— %0.1 %0.1 %

The Company utilizes a yield curve analysis to determine the discount rates for its DB plan obligations. The yield curve considers pricing and yield information for high quality corporate bonds with maturities matched to estimated payouts of future pension benefits. The Company evaluates its assumption regarding the estimated long-term rate of return on plan assets based on historical experience, future expectations of investment returns, asset allocations, and its investment strategy. The Company’s long-term rate of return on plan assets reflect expectations of projected weighted average market returns of plan assets. Changes in expected returns on plan assets also reflect any adjustments to the Company’s targeted asset allocation.
Asset Mix
Our DB plans weighted-average asset allocations by asset category were as follows:

December 31, 2022January 1, 2022
U.S. Plans
Cash and cash equivalents100.0 %— %
Fixed income investments— %100.0 %
International Plans
Cash and cash equivalents3.6 %— %
Equity securities28.6 %57.5 %
Fixed income investments57.1 %32.4 %
Real estate10.7 %10.1 %

Plan Assets
Our investment policy is that plan assets will be managed utilizing an investment philosophy and approach characterized by all of the following, listed in priority order: (1) emphasis on total return, (2) emphasis on high-quality securities, (3) sufficient income and stability of income, (4) safety of principal with limited volatility of capital through proper diversification and (5) sufficient liquidity.
In connection with termination of the U.S. Plan, the U.S. Plan assets were 100% allocated to cash and cash equivalents.
The target allocation percentages for the International Plans’ assets range between 20% to 60% in equity securities, 30% to 80% in fixed income investments, 0% to 30% in real estate and 0% to 15% in alternative investments. None of our equity or debt securities are included in plan assets.
Cash Flows
We expect to contribute $0.4 million to the DB plans during the 2023 fiscal year.
The following benefit payments are expected to be paid in the periods indicated below:
(in millions of U.S. dollars)U.S.InternationalTotal
Expected benefit payments
FY 2023$7.3 $1.1 $8.4 
FY 2024— 0.6 0.6 
FY 2025— 0.6 0.6 
FY 2026— 0.6 0.6 
FY 2027— 0.4 0.4 
FY 2028 through FY 2032— 2.2 2.2 

The fair values of the Company’s U.S. Plan assets are measured daily at their net asset value and valued at $7.1 million and $9.2 million at December 31, 2022 and January 1, 2022, respectively.
The fair values of the Company’s International Plan assets at December 31, 2022 and January 1, 2022 were as follows:
December 31, 2022
(in millions of U.S. dollars)Level 1Level 2Level 3
Cash and cash equivalents:
Cash and cash equivalents$0.2 $— $— 
Mutual funds:
Non-U.S. equity securities1.8 — — 
Fixed income:
Non-U.S. bonds1.7 — — 
Insurance contract— 1.7 — 
Real estate:
Real estate— 0.6 — 
Total$3.7 $2.3 $— 

January 1, 2022
(in millions of U.S. dollars)Level 1Level 2Level 3
Mutual funds:
Non-U.S. equity securities$1.9 $— $— 
Fixed income:
Non-U.S. bonds1.7 — — 
Insurance contract— 2.0 — 
Real estate:
Real estate— 0.6 — 
Total$3.6 $2.6 $—