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Long-term Employee Benefits (Tables) | 12 Months Ended
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Dec. 29, 2024
Retirement Benefits [Abstract] |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following tables set forth the changes to the PBO and plan assets:
| Fiscal Year Ended
(In millions) | December 29, 2024 |  | December 31, 2023
Defined Benefit Plans |  |  |
Change in benefit obligation: |  |  |
PBO at beginning of year | $ | 36.9 |  |  | $ | 33.9 |
Service cost | 2.1 |  |  | 2.0 |
Interest cost | 1.1 |  |  | 1.0 |
Contributions by plan participants | 0.1 |  |  | — |
Benefits paid | (1.3) |  |  | (0.2) |
Actuarial (gain) loss | (1.4) |  |  | 2.8 |
Settlements | (1.8) |  |  | (2.4) |
Foreign currency exchange rate changes | (2.7) |  |  | (0.2) |
PBO at end of year | $ | 33.0 |  |  | $ | 36.9 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 20.4 |  |  | $ | 20.6 |
Actual return on plan assets | 1.0 |  |  | 1.1 |
Employer contributions | 2.6 |  |  | 2.1 |
Benefits paid | (1.0) |  |  | (0.2) |
Settlements | (1.9) |  |  | (2.4) |
Foreign currency exchange rate changes | (1.8) |  |  | (0.8) |
Fair value of plan assets at end of year | $ | 19.3 |  |  | $ | 20.4 |
Funded status at end of year | $ | (13.7) |  |  | $ | (16.5) |
Amounts recognized on the Consolidated Balance Sheets: |  |  |
Other assets | $ | 1.3 |  |  | $ | 0.7 |
Other current liabilities | (0.4) |  |  | (0.4) |
Other liabilities | (14.6) |  |  | (16.8) |
Net amount recognized | $ | (13.7) |  |  | $ | (16.5) |
| Fiscal Year Ended
(In millions) | December 29, 2024 |  | December 31, 2023
Other Post-employment Benefits |  |  |
Change in benefit obligation: |  |  |
PBO at beginning of year | $ | 18.5 |  |  | $ | 18.6 |
Service cost | 0.4 |  |  | 0.4 |
Interest cost | 0.8 |  |  | 0.9 |
Benefits paid | (1.3) |  |  | (1.1) |
Actuarial gain | (1.0) |  |  | (0.3) |
PBO at end of year | $ | 17.4 |  |  | $ | 18.5 |
Amounts recognized on the Consolidated Balance Sheets: |  |  |
Other current liabilities | $ | (3.8) |  |  | $ | (3.9) |
Other liabilities | (13.6) |  |  | (14.6) |
Net amount recognized | $ | (17.4) |  |  | $ | (18.5) |
Schedule of Defined Benefit Plans Disclosures | The following table reflects the ABO for all defined benefit plans as of December 29, 2024 and December 31, 2023. Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for defined benefit plans with PBO in excess of plan assets and for defined benefit plans with ABO in excess of plan assets.
(In millions) | December 29, 2024 |  | December 31, 2023
ABO | $ | 26.3 |  |  | $ | 29.3 |
Plans with PBO in excess of plan assets |  |  |
PBO | $ | 20.7 |  |  | $ | 22.2 |
Fair value of plan assets | 6.1 |  |  | 5.7
Plans with ABO in excess of plan assets |  |  |
PBO | $ | 18.6 |  |  | $ | 20.4 |
ABO | 16.2 |  |  | 17.6
Fair value of plan assets | 4.2 |  |  | 4.0
The pre-tax amounts that are not yet reflected in the net periodic benefit cost and are included in AOCI as of December 29, 2024 and December 31, 2023 include the following:
| Fiscal Year Ended
(In millions) | December 29, 2024 |  | December 31, 2023
Defined Benefit Plans |  |  |
Accumulated net actuarial losses | $ | (0.5) |  |  | $ | (2.3) |
Accumulated prior service credit | $ | 0.1 |  |  | $ | 0.1 |
Other Post-employment Benefits |  |  |
Accumulated net actuarial gains | $ | 1.9 |  |  | $ | 0.9 |
Defined Benefit Plan, Assumptions | The following assumptions were used to measure the fair value of the benefit obligations and associated plan assets for the periods below:
| December 29, 2024 |  | December 31, 2023
Defined Benefit Plans |  |  |
Weighted average discount rate | 3.3 | % |  | 3.3 | %
Weighted average rate of compensation increases | 3.3 | % |  | 3.2 | %
Other Post-employment Benefits |  |  |
Weighted average discount rate | 5.0 | % |  | 4.8 | %
The critical assumptions used in determining the net periodic benefit cost for fiscal years ended 2024 and 2023 are as follows:
| December 29, 2024 |  | December 31, 2023
Defined Benefit Plans |  |  |
Weighted average discount rate | 3.3 | % |  | 3.1 | %
Weighted average expected rate of compensation increases | 3.2 | % |  | 3.0 | %
Weighted average expected return on plan assets | 2.9 | % |  | 2.5 | %
Other Post-employment Benefits |  |  |
Weighted average discount rate | 4.8 | % |  | 5.5 | %
Schedule of Health Care Cost Trend Rates | The health care cost trend rate assumptions for other post-retirement benefit plans are as follows:
| December 29, 2024
Health care cost trend rate assumed for next year - Pre-65 | 5.80 | %
Health care cost trend rate assumed for next year - Post-65 | 5.63 | %
Rate to which the cost trend rate is assumed to decline | 4.00 | %
Year that the trend rate reaches the ultimate trend rate | 2047
Schedule of Expected Benefit Payments | The following table reflects the total benefit payments expected to be made for defined benefit plans and other long-term post-employment benefits:
(In millions) | Defined Benefit Plans |  | Other Post-employment Benefit Plans
2025 | $ | 1.7 |  |  | $ | 3.8 |
2026 | 1.3 |  |  | 3.1 |
2027 | 2.2 |  |  | 2.6 |
2028 | 1.8 |  |  | 1.9 |
2029 | 2.0 |  |  | 1.5 |
2030-2034 | 13.3 |  |  | 5.6 |
Schedule of Allocation of Plan Assets | The tables below present the fair value of the defined benefit plans by level within the fair value hierarchy, as described in “—Note 1. Basis of Presentation and Summary of Significant Accounting Policies” at December 29, 2024 and December 31, 2023.
| Fair Value Measurements at December 29, 2024
(In millions) | Total |  | Level 1 |  | Level 2 |  | Level 3
U.S. equity securities | $ | 2.2 |  |  | $ | 2.2 |  |  | $ | — |  |  | $ | — |
Japan equity securities | 3.0 |  |  | 3.0 |  |  | — |  |  | — |
Other international equity securities | 0.9 |  |  | 0.9 |  |  | — |  |  | — |
U.S. government bonds | 0.5 |  |  | 0.5 |  |  | — |  |  | — |
Japan government bonds | 1.2 |  |  | 1.2 |  |  | — |  |  | — |
Other international government bonds | 1.8 |  |  | 1.8 |  |  | — |  |  | — |
Cash and cash equivalents | 3.6 |  |  | 3.6 |  |  | — |  |  | — |
Insurance contracts | 6.1 |  |  | — |  |  | — |  |  | 6.1 |
Total | $ | 19.3 |  |  | $ | 13.2 |  |  | $ | — |  |  | $ | 6.1 |
| Fair Value Measurements at December 31, 2023
(In millions) | Total |  | Level 1 |  | Level 2 |  | Level 3
U.S. equity securities | $ | 2.1 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |
Japan equity securities | 3.6 |  |  | 3.6 |  |  | — |  |  | — |
Other international equity securities | 1.5 |  |  | 1.5 |  |  | — |  |  | — |
U.S. government bonds | 0.4 |  |  | 0.4 |  |  | — |  |  | — |
Japan government bonds | 0.5 |  |  | 0.5 |  |  | — |  |  | — |
Other international government bonds | 1.5 |  |  | 1.5 |  |  | — |  |  | — |
Cash and cash equivalents | 5.1 |  |  | 5.1 |  |  | — |  |  | — |
Insurance contracts | 5.7 |  |  | — |  |  | — |  |  | 5.7 |
Total | $ | 20.4 |  |  | $ | 14.7 |  |  | $ | — |  |  | $ | 5.7 |
The table below presents a roll-forward of activity for the Level 3 assets for fiscal years ended 2024 and 2023:
(In millions) | Level 3 Assets
Balance at January 1, 2023 | $ | 6.1 |
Transfers out | (1.0) |
Net purchases and settlements | 0.6
Balance at December 31, 2023 | $ | 5.7 |
Net purchases and settlements | 0.4 |
Balance at December 29, 2024 | $ | 6.1 |

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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
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