XML 117 R54.htm IDEA: XBRL DOCUMENT
v3.22.4

Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Postemployment Benefits [Abstract] |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table sets forth the funded status and amounts recognized in the consolidated balance sheet for the Company’s defined benefit plans.
(in millions) |  | December 31, 2022 |  | January 1, 2022 |  |  |  |
Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year(1) |  | $ | 21.7 |  |  | $ | — |  |  |  |  |
Actual net loss on plan assets |  | (2.5) |  |  | — |  |  |  |  |
Employer contributions |  | 1.5 |  |  | — |  |  |  |  |
Participant contributions |  | 0.5 |  |  |  |  |  |  |
Benefits paid |  | 2.8 |  |  | — |  |  |  |  |
Other, includes translation |  | (1.8) |  |  | — |  |  |  |  |
Fair value of plan assets at end of year |  | $ | 22.2 |  |  | $ | — |  |  |  |  |
Projected Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year(2) |  | $ | 32.3 |  |  | $ | — |  |  |  |  |
Service cost |  | 1.1 |  |  | — |  |  |  |  |
Interest cost |  | 0.1 |  |  | — |  |  |  |  |
Participant contributions |  | 0.5 |  |  | — |  |  |  |  |
Actuarial loss |  | (1.9) |  |  | — |  |  |  |  |
Benefits paid |  | 2.0 |  |  | — |  |  |  |  |
Other, includes translation |  | (1.8) |  |  | — |  |  |  |  |
Projected benefit obligation at end of year |  | $ | 32.3 |  |  | $ | — |  |  |  |  |
Funded status |  | $ | (10.1) |  |  | $ | — |  |  |  |  |
______________ (1) In connection with the Sound United Acquisition, the Company acquired $4.6 million of plan asset at April 11,2022, which is included in the fair value of plan assets amount at the beginning of the year. (2) In connection with the Sound United Acquisition, the Company assumed $12.9 million of pension benefit obligation at April 11,2022, which is included in the projected benefit obligation at beginning of year. International defined benefit plans with accumulated benefit obligations in excess of fair value of plan assets consist of the following:
(in millions) |  | December 31, 2022 |  | January 1, 2022
Projected benefit obligation |  | $ | 32.3 |  |  | $ | — |
Accumulated benefit obligation |  | 31.0 |  |  | — |
Fair value of plan assets |  | 22.1 |  |  | — |
Schedule of Net Benefit Costs | The Company’s consolidated statement of operations reflect the following components of net periodic defined benefit costs:
(in millions) |  | Year Ended December 31, 2022 |  | Year Ended January 1, 2022 |
Components of net periodic benefit cost |  | $ | — |  |  | $ | — |  |
Service cost |  | 1.1 |  |  | — |  |
Interest cost |  | 0.1 |  |  | — |  |
Expected return on plan assets |  | (0.6) |  |  | — |  |
Amortization of net losses |  | 0.1 |  |  | — |  |
Recognized net actuarial gain |  | 0.3 |  |  | — |  |
Net periodic defined benefit plan cost |  | $ | 1.0 |  |  | $ | — |
On a weighted-average basis, the following assumptions were used to determine benefit obligations and to determine net periodic benefit cost:
|  | Year Ended December 31, 2022 |  | Year Ended January 1, 2022
Assumptions - benefit obligations: |  |  |  |
Discount rate |  | 1.61 | % |  | — | %
Rate of compensation increase |  | 0.96 |  |  | — |
Assumptions - net periodic benefit costs: |  |  |  |
Discount rate |  | 0.49 | % |  | — | %
Rate of compensation increase |  | 0.09 |  |  | — |
Expected long-term return on plan assets(1) |  | 1.70 |  |  | — |
Interest credit rate |  | 2.34 |  |  | — |
______________ (1) The pension expected return on assets assumption is derived primarily from underlying investment allocations and historical risk premiums per each plan, adjusted for current and future expectations, such as easing of global inflationary pressure.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Classification of amounts recognized in the consolidated balance sheets are as follows:
(in millions) |  | December 31, 2022 |  | January 1, 2022
Non-current assets |  | $ | — |  |  | $ | — |
Current liability |  | — |  |  | — |
Non-current liability |  | 10.1 |  |  | — |
Schedule of Allocation of Plan Assets | The weighted-average asset allocations at year end by asset category were as follows:
|  |  |  | Actual Allocation
Asset Category |  |  |  | December 31, 2022 |  | January 1, 2022
Cash and cash equivalents |  |  |  | 3.0 | % |  | — | %
Equity securities |  |  |  | 30.0 |  |  | — |
Debt securities |  |  |  | 36.0 |  |  | — |
Other |  |  |  | 31.0 |  |  | — |
Schedule of Expected Benefit Payments | The estimated future benefit payments, based upon the same assumptions used to measure the benefit obligations and expected future employee service, were as follows:
(in millions) |  | Year Ended December 31, 2022
2023 |  | $ | 2.1 |
2024 |  | 3.5 |
2025 |  | 2.9 |
2026 |  | 2.7 |
2027 |  | 2.7 |
2028-2032 |  | 10.6 |
Total |  | $ | 24.5 |

X
- References No definition available. + Details
Name: | us-gaap_PostemploymentBenefitsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration