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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

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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.

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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.

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Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

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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.

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