Retirement Plans (Tables)

12 Months Ended

Jan. 02, 2016

Summary of Change in Benefit Obligations, Change in Plan Assets and Unfunded Status of Three Plans

The following table summarizes the change in the projected benefit obligation, change in plan assets and unfunded status of the four DB plans as of January 2, 2016 and January 3, 2015:


(in millions of U.S. dollars)	January 2, 2016			January 3, 2015
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$	77.9		$	62.5
Transfer in		—			10.5
Service cost		—			0.2
Interest cost		2.8			2.7
Benefit payments		(1.7	)		(1.9	)
Actuarial (gains) losses		(5.5	)		8.5
Settlement losses		—			0.1
Curtailment gains		—			(0.9	)
Translation gains		(2.8	)		(3.8	)

Projected benefit obligation at end of year	$	70.7		$	77.9

Change in Plan Assets
Plan assets beginning of year	$	59.1		$	49.6
Transfer in		—			7.1
Employer contributions		3.0			2.2
Benefit payments		(1.6	)		(1.8	)
Actual return on plan assets		(0.4	)		4.7
Translation gains		(2.2	)		(2.7	)

Fair value at end of year	$	57.9		$	59.1

Funded Status of Plan
Projected benefit obligation	$	(70.7	)	$	(77.9	)
Fair value of plan assets		57.9			59.1

Unfunded status	$	(12.8	)	$	(18.8	)

Schedule of Components of Net Periodic Pension Cost

The components of net periodic pension cost were as follows:


	For the Year Ended
	January 2,			January 3,			December 28,
(in millions of U.S. dollars)	2016			2015			2013
Service cost	$	—		$	0.2		$	0.5
Interest cost		2.8			2.7			2.4
Expected return on plan assets		(3.2	)		(3.0	)		(2.4	)
Amortization of prior service costs		0.1			0.1			0.1
Amortization of net actuarial loss		0.4			0.3			0.3

Net periodic pension cost	$	0.1		$	0.3		$	0.9

Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax which have Not yet been Recognized in Net Periodic Benefit Cost

Amounts included in accumulated other comprehensive income, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows:


	For the Year Ended
	January 2,			January 3,			December 28,
(in millions of U.S. dollars)	2016			2015			2013
Unamortized prior service cost	$	(0.1	)	$	(0.1	)	$	(0.2	)
Unrecognized net actuarial loss		(10.0	)		(12.3	)		(8.2	)

Total accumulated other comprehensive loss	$	(10.1	)	$	(12.4	)	$	(8.4	)

Schedule of Pension Plan Weighted-Average Asset Allocations by Asset Category

Our DB plans weighted-average asset allocations by asset category were as follows:


	January 2, 2016			January 3, 2015
Cash and cash equivalents		4.4	%		3.2	%
Equity securities		48.0	%		57.6	%
Fixed income investments		47.6	%		39.2	%

Schedule of Benefit Payments Expected to be Paid

The following benefit payments are expected to be paid in the periods indicated below:


(in millions of U.S. dollars)
Expected benefit payments
FY 2016	$	1.8
FY 2017		1.9
FY 2018		2.0
FY 2019		1.9
FY 2020		2.0
through FY 2021		11.0

Schedule of Fair Values of Company's Pension Plan Assets

The fair values of the Company’s pension plan assets at January 2, 2016 were as follows:

January 2, 2016

(in millions of U.S. dollars)

Level 1

Level 2

Level 3

Cash and cash equivalents:

Cash and cash equivalents

2.5

—

Equities:

International mutual funds

5.3

0.9

—

U.S. mutual funds

1.9

3.6

—

Balanced

15.3

0.4

—

Property

0.3

—

Other

0.1

—

Fixed income:

Mutual funds

22.9

2.9

—

Insurance contract

—

1.8

—

Total

48.3

9.6

—

The fair values of the Company’s pension plan assets at January 3, 2015 were as follows:


	January 3, 2015
(in millions of U.S. dollars)	Level 1		Level 2		Level 3
Cash and cash equivalents:
Cash and cash equivalents	$	1.9	$	—	$	—
Equities:
International mutual funds		5.4		1.0		—
Index mutual funds		6.8		—		—
U.S. mutual funds		1.4		3.5		—
Balanced		15.4		0.4		—
Property		0.1		—		—
Other		0.1		—		—
Fixed income:
Mutual funds		18.0		3.2		—
Insurance contract		—		1.9		—

Total	$	49.1	$	10.0	$	—

Benefit Obligations [Member]

Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

The following table summarizes the weighted average actuarial assumptions used to determine the projected benefit obligation:


	For the Year Ended
	January 2, 2016			January 3, 2015			December 28, 2013
U.K. Plans
Discount rate		3.9	%		3.6	%		4.5	%
Rate of compensation increase		n/a			n/a			3.4	%¹
CPI Inflation factor		2.0	%		1.9	%		2.4	%
U.S. Plans
Discount rate		4.0	%		3.9	%		4.4	%
Rate of compensation increase		n/a			n/a			n/a

^1.

Applicable to the plan covering certain employees of Cott Beverages Limited. This plan closed to future benefit accruals during the year ended January 3, 2015, which resulted in a curtailment gain. As a result, no assumption for rate of compensation increase was necessary in estimating the projected benefit obligation at January 3, 2015.

Net Periodic Benefit Cost [Member]

Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

The following table summarizes the weighted average actuarial assumptions used to determine net periodic benefit cost:


	For the Year Ended
	January 2, 2016			January 3, 2015			December 28, 2013
U.K. Plans
Discount rate		3.8	%		4.5	%		4.6	%
Expected long-term rate of return on plan assets		5.2	%		6.2	%		5.7	%
Inflation factor		1.9	%		2.4	%		2.5	%
U.S. Plans
Discount rate		3.9	%		4.2	%		3.5	%
Expected long-term rate of return on plan assets		7.2	%		7.2	%		7.0	%