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Retirement and Other Employee Benefits (Tables) | 12 Months Ended
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Dec. 29, 2023
Retirement Benefits [Abstract] |
Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Defined Benefit Pension Plans and Post-Retirement Plans | The following table sets forth a reconciliation of benefit obligations, plan assets and funded status for our defined benefit pension plans and post-retirement plans as of December 29, 2023 and December 30, 2022, which are also their measurement dates (U.S. dollars in millions):
| Pension plans(1) |  | Post-retirement plans
| December 29, 2023 |  | December 30, 2022 |  | December 29, 2023 |  | December 30, 2022
| U.S. |  | U.K. |  | U.S. |  | U.K. |  | Central America |  | Central America
Change in Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |
Beginning benefit obligation | $ | 11.4 |  |  | $ | 36.2 |  |  | $ | 14.9 |  |  | $ | 63.5 |  |  | $ | 66.7 |  |  | $ | 66.9 |
Service cost | — |  |  | — |  |  | — |  |  | — |  |  | 6.0 |  |  | 5.7 |
Interest cost | 0.6 |  |  | 1.8 |  |  | 0.4 |  |  | 1.0 |  |  | 5.2 |  |  | 3.9 |
Actuarial loss (gain) | 0.4 |  |  | 2.6 |  |  | (2.7) |  |  | (18.9) |  |  | (2.4) |  |  | (3.7) |
Benefits paid | (1.2) |  |  | (2.1) |  |  | (1.2) |  |  | (3.0) |  |  | (6.0) |  |  | (6.1) |
Exchange rate changes(2) | — |  |  | 2.1 |  |  | — |  |  | (6.4) |  |  | 3.2 |  |  | — |
Curtailments | — |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | — |
Plan amendment | — |  |  | — |  |  | — |  |  | — |  |  | (2.2) |  |  | — |
Ending benefit obligation | 11.2 |  |  | 40.6 |  |  | 11.4 |  |  | 36.2 |  |  | 70.2 |  |  | 66.7 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Beginning fair value | 11.1 |  |  | 37.9 |  |  | 14.3 |  |  | 72.5 |  |  | — |  |  | — |
Actual return on plan assets | 1.5 |  |  | 2.5 |  |  | (2.0) |  |  | (26.2) |  |  | — |  |  | — |
Company contributions | — |  |  | 1.8 |  |  | — |  |  | 1.8 |  |  | 6.0 |  |  | 6.1 |
Benefits paid | (1.2) |  |  | (2.1) |  |  | (1.2) |  |  | (3.0) |  |  | (6.0) |  |  | (6.1) |
Exchange rate changes(2) | — |  |  | 2.1 |  |  | — |  |  | (7.2) |  |  | — |  |  | — |
Ending fair value | 11.4 |  |  | 42.2 |  |  | 11.1 |  |  | 37.9 |  |  | — |  |  | — |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses (current liability) | — |  |  | — |  |  | — |  |  | — |  |  | (10.0) |  |  | (10.2) |
Retirement benefits liability (noncurrent liability) | — |  |  | — |  |  | (0.3) |  |  | — |  |  | (60.2) |  |  | (56.5) |
Other noncurrent assets | 0.2 |  |  | 1.6 |  |  | — |  |  | 1.7 |  |  | — |  |  | — |
Net asset (liability) recognized in the Consolidated Balance Sheets | $ | 0.2 |  |  | $ | 1.6 |  |  | $ | (0.3) |  |  | $ | 1.7 |  |  | $ | (70.2) |  |  | $ | (66.7) |
Amounts recognized in Accumulated other comprehensive loss:(3) |  |  |  |
Net actuarial (loss) gain | (6.9) |  |  | 10.7 |  |  | (7.5) |  |  | (8.4) |  |  | 8.1 |  |  | 2.8 |
Net amount recognized in accumulated other comprehensive loss | $ | (6.9) |  |  | $ | 10.7 |  |  | $ | (7.5) |  |  | $ | (8.4) |  |  | $ | 8.1 |  |  | $ | 2.8 |
(1)The accumulated benefit obligation is the same as the projected benefit obligation. (2)The exchange rate difference included in the reconciliation of the change in benefit obligation and the change in plan assets above results from currency fluctuations of the U.S. dollar relative to the British pound for the U.K. plan and the U.S. dollar versus Central American currencies such as the Costa Rican colon and Guatemalan quetzal for the Central American plans as of December 29, 2023 and December 30, 2022, when compared to the previous year. (3)We had accumulated other comprehensive income of $3.1 million as of December 29, 2023 and $3.1 million as of December 30, 2022 related to the tax effect of unamortized pension gains and losses.
Roll Forward of AOCI Balances | The following table provides a rollforward of the accumulated other comprehensive loss balances (U.S. dollars in millions):
| Pension plans |  | Post-retirement plans
| Year ended |  | Year ended
| December 29, 2023 |  | December 30, 2022 |  | December 29, 2023 |  | December 30, 2022
Reconciliation of accumulated other comprehensive loss | U.S. |  | U.K. |  | U.S. |  | U.K. |  | Central America |  | Central America
Accumulated other comprehensive (loss) gain at beginning of plan year | $ | (7.5) |  |  | $ | (8.4) |  |  | $ | (7.8) |  |  | $ | 0.8 |  |  | $ | 2.8 |  |  | $ | (1.0) |
Amortization of net losses recognized during the year | 0.3 |  |  | 0.1 |  |  | 0.5 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Prior service cost credit recognized during the year | — |  |  | — |  |  | — |  |  | — |  |  | 2.2 |  |  | — |
Net gain (loss) during the year | 0.3 |  |  | (2.5) |  |  | (0.2) |  |  | (9.1) |  |  | 2.5 |  |  | 3.7 |
Currency exchange rate changes | — |  |  | 0.1 |  |  | — |  |  | (0.2) |  |  | 0.5 |  |  | — |
Accumulated other comprehensive (loss) gain at end of plan year | $ | (6.9) |  |  | $ | (10.7) |  |  | $ | (7.5) |  |  | $ | (8.4) |  |  | $ | 8.1 |  |  | $ | 2.8 |
Net Periodic Pension Cost of Defined Benefit Pension and Post-Retirement Benefit Plans | The following table sets forth the net periodic pension cost of our defined benefit pension and post-retirement benefit plans (U.S. dollars in millions):
| Pension plans |  | Post-retirement plans
| Year ended |  | Year ended
| December 29, 2023 |  | December 30, 2022 |  | December 31, 2021 |  | December 29, 2023 |  | December 30, 2022 |  | December 31, 2021
| U.S. |  | U.K. |  | U.S. |  | U.K. |  | U.S. |  | U.K. |  | Central America |  | Central America |  | Central America
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6.0 |  |  | $ | 5.7 |  |  | $ | 6.0 |
Interest cost | 0.6 |  |  | 1.8 |  |  | 0.4 |  |  | 1.0 |  |  | 0.3 |  |  | 1.0 |  |  | 5.2 |  |  | 3.9 |  |  | 4.0 |
Expected return on assets | (0.8) |  |  | (2.4) |  |  | (0.8) |  |  | (1.8) |  |  | (0.8) |  |  | (1.4) |  |  | — |  |  | — |  |  | — |
Net amortization | 0.3 |  |  | 0.1 |  |  | 0.5 |  |  | 0.1 |  |  | 0.5 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | — |
Net periodic cost (income) | $ | 0.1 |  |  | $ | (0.5) |  |  | $ | 0.1 |  |  | $ | (0.7) |  |  | $ | — |  |  | $ | (0.3) |  |  | $ | 11.3 |  |  | $ | 9.7 |  |  | $ | 10.0 |
Assumptions Used in the Calculation of Benefit Obligations and Net Periodic Pension Costs of U.S. and U.K. Defined Benefit Pension Plans and Central American Plans | The assumptions used in the calculation of the benefit obligations of our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following:
| December 29, 2023 |  |  |  | December 30, 2022 |  |  |  | December 31, 2021
| Pension plans |  | Post-retirement plans |  |  |  | Pension plans |  | Post-retirement plans |  |  |  | Pension plans |  | Post-retirement plans
| U.S. |  | U.K. |  | Central America |  |  |  | U.S. |  | U.K. |  | Central America |  |  |  | U.S. |  | U.K. |  | Central America
Weighted average discount rate | 4.90 | % |  | 4.80 | % |  | 7.79 | % |  |  |  | 5.15 | % |  | 5.00 | % |  | 8.26 | % |  |  |  | 2.65 | % |  | 1.80 | % |  | 6.39 | %
Rate of increase in compensation levels | — |  |  | — |  |  | 4.78 | % |  |  |  | — |  |  | — |  |  | 4.80 | % |  |  |  | — |  |  | — |  |  | 4.82 | %
The assumptions used in the calculation of the net periodic pension costs for our U.S. and U.K. defined benefit pension plans and Central American plans consisted of the following:
| December 29, 2023 |  | December 30, 2022 |  | December 31, 2021 |
| Pension plans |  | Post-retirement plans |  | Pension plans |  | Post-retirement plans |  | Pension plans |  | Post-retirement plans |
| U.S. |  | U.K. |  | Central America |  | U.S. |  | U.K. |  | Central America |  | U.S. |  | U.K. |  | Central America |
Weighted average discount rate | 5.15 | % |  | 5.00 | % |  | 8.21 | % |  | 2.65 | % |  | 1.80 | % |  | 6.39 | % |  | 2.15 | % |  | 1.40 | % |  | 6.34 | % |
Rate of increase in compensation levels | — |  |  | — |  |  | 3.22 | % |  | — |  |  | — |  |  | 4.69 | % |  | — |  |  | — |  |  | 4.70 | % |
Expected long-term rate of return on assets | 7.00 | % |  | 6.16 | % |  | — |  |  | 6.50 | % |  | 2.77 | % |  | — |  |  | 6.50 | % |  | 1.98 | % |  | — |  |
Cash Flows
| Pension plans |  | Post-retirement plans
| U.S. |  | U.K. |  | Central America
Expected benefit payments for: |  |  |  |  |
2024 | $ | 1.2 |  |  | $ | 2.6 |  |  | $ | 9.9 |
2025 | 1.1 |  |  | 2.5 |  |  | 9.1 |
2026 | 1.0 |  |  | 2.3 |  |  | 8.4 |
2027 | 1.0 |  |  | 2.2 |  |  | 8.4 |
2028 | 1.0 |  |  | 2.3 |  |  | 9.0 |
Next 5 years | 4.1 |  |  | 12.5 |  |  | 40.6 |
Expected benefit payments over the next 10 years | $ | 9.4 |  |  | $ | 24.4 |  |  | $ | 85.4 |
For 2024, expected contributions are $0.2 million for the U.S. pension plan and $1.8 million for the U.K. pension plan. Contributions for the U.S. and U.K. pension plans are actuarially determined based on funding regulations.
Fair Values of Plan Assets by Asset Category | The fair values of our U.S. plan assets by asset category were as follows as of the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions):
|  |  | Fair Value Measurements at December 29, 2023
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs
Asset Category | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Mutual Funds: |  |  |  |  |  |  |
Fixed income securities | $ | 5.2 |  |  | $ | 5.2 |  |  | $ | — |  |  | $ | — |
Value securities | 2.3 |  |  | 2.3 |  |  | — |  |  | — |
Growth securities | 3.9 |  |  | 3.9 |  |  | — |  |  | — |
Total | $ | 11.4 |  |  | $ | 11.4 |  |  | $ | — |  |  | $ | — |
|  |  | Fair Value Measurements at December 30, 2022
|  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs
Asset Category | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Mutual Funds: |  |  |  |  |  |  |
Fixed income securities | $ | 4.7 |  |  | $ | 4.7 |  |  | $ | — |  |  | $ | — |
Value securities | 2.3 |  |  | 2.3 |  |  | — |  |  | — |
Growth securities | 4.1 |  |  | 4.1 |  |  | — |  |  | — |
Total | $ | 11.1 |  |  | $ | 11.1 |  |  | $ | — |  |  | $ | — |
The fair values of our U.K. plan assets by asset category were as follows as of the years ended December 29, 2023 and December 30, 2022 (U.S. dollars in millions):
|  |  | Fair Value Measurements at December 29, 2023
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
Diversified growth funds | 7.1 |  |  | — |  |  | 7.1 |  |  | — |
Other international companies | 0.7 |  |  | — |  |  | 0.7 |  |  | — |
Real estate investment trusts | 1.7 |  |  | — |  |  | 1.7 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
Government and corporate bonds | 20.3 |  |  | — |  |  | 20.3 |  |  | — |
Liability-driven investments | 11.9 |  |  | — |  |  | 11.9 |  |  | — |
Total | $ | 42.2 |  |  | $ | 0.5 |  |  | $ | 41.7 |  |  | $ | — |
|  |  | Fair Value Measurements at December 30, 2022
Asset Category | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
Diversified growth funds | 8.4 |  |  | — |  |  | 8.4 |  |  | — |
Other international companies | 0.8 |  |  | — |  |  | 0.8 |  |  | — |
Real estate investment trusts | 1.2 |  | — |  |  | 1.2 |  | — |
Fixed income securities: |  |  |  |  |  |  |
Government and corporate bonds | 19.5 |  |  | — |  |  | 19.5 |  |  | — |
Liability-driven investments | 7.7 |  |  | — |  |  | 7.7 |  |  | — |
Total | $ | 37.9 |  |  | $ | 0.3 |  |  | $ | 37.6 |  |  | $ | — |

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