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Employee Benefits (Tables)

12 Months Ended

Dec. 30, 2023

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 30, 2023						December 31, 2022
Plan Assets
Fair value of plan assets at beginning of year						$	22.2					$	21.7
Realized net gains (losses) on plan assets						1.1						(2.5)
Employer contributions						0.4						1.5
Participant contributions						0.6						0.5
Benefits paid						0.8						2.8
Foreign currency revaluation and translation gains and (losses)						(2.0)						(1.8)
Fair value of plan assets at end of year						$	23.1					$	22.2
Projected Benefit Obligation
Projected benefit obligation at beginning of year						$	32.3					$	32.3
Service cost						1.2						1.1
Interest cost						0.5						0.1
Participant contributions						0.6						0.5
Actuarial gains (losses)						2.3						(1.9)
Benefits paid						(0.5)			(1)			2.0
Foreign currency revaluation and translation gains and (losses)						(3.8)						(1.8)
Projected benefit obligation at end of year						$	32.6					$	32.3
Funded status						$	(9.5)					$	(10.1)

______________

(1)     Due to the timing of a cash transfer, there was a payable as of December 30, 2023, resulting in a negative allocation as of year end.

International defined benefit plans with accumulated benefit obligations in excess of fair value of plan assets consist of the following:

(in millions)						December 30, 2023						December 31, 2022
Projected benefit obligation						$	32.6					$	32.3
Accumulated benefit obligation						28.3						31.0
Fair value of plan assets						$	23.1					$	22.2

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 30, 2023						Year Ended December 31, 2022
Components of net periodic benefit cost						$	—					$	—
Service cost						1.2						1.1
Interest cost						0.5						0.1
Expected (gains) on plan assets						(0.7)						(0.6)
Amortization of net losses						—						0.1
Recognized net actuarial loss						—						0.3
Net periodic defined benefit plan cost						$	1.0					$	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 30, 2023						Year Ended December 31, 2022
Assumptions - benefit obligations:
Discount rate						1.35		%				1.61		%
Rate of compensation increase						1.04						0.96
Assumptions - net periodic benefit costs:
Discount rate						1.91		%				0.49		%
Rate of compensation increase						1.43						0.09
Expected long-term return on plan assets(1)						3.53						1.70
Interest credit rate						1.98						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 30, 2023						December 31, 2022
Non-current assets						$	—					$	—
Current liability						—						—
Non-current liability						9.5						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 30, 2023						December 31, 2022
Cash and cash equivalents												(5.0)		%	(1)			3.0		%
Equity securities												35.0						30.0
Debt securities												47.0						36.0
Other												24.0						31.0

______________

(1)     Due to the timing of a cash transfer , there was a payable as of December 30, 2023, resulting in a negative allocation as of year end.

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 30, 2023
2024						$	0.4
2025						2.5
2026						2.4
2027						2.5
2028						2.2
Thereafter						4.2
Total						$	14.2

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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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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.

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