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Retirement Plans
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The Company maintains certain defined contribution (“DC”) retirement plans covering qualifying employees. The total expense with respect to these DC plans was $7.4 million, $6.4 million, and $5.7 million for the fiscal years ended December 30, 2023, December 31, 2022, and January 1, 2022, respectively.
The Company also maintained defined benefit (“DB”) plans acquired as a part of acquisitions covering certain U.S. employees (the " U.S. Plan"). Retirement benefits are based on years of service multiplied by a monthly benefit factor. Pension costs are funded in accordance with the provisions of the applicable law.
Effective as of December 31, 2021, the U.S. Plan was terminated. In accordance with the amended plan documents, we made distributions for all plan participants and distributed all plan assets during the fiscal year ended December 30, 2023.
Obligations and Funded Status
The following table summarizes the change in the projected benefit obligation, change in plan assets and unfunded status of the U.S. Plan as of December 30, 2023 and December 31, 2022:
(in millions of U.S. dollars)December 30, 2023December 31, 2022
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year$7.3 $9.4 
Interest cost0.2 0.1 
Benefit payments(7.4)(0.6)
Actuarial gains— (1.6)
Settlement gains(0.1)— 
Projected benefit obligation at end of year$— $7.3 
Change in Plan Assets
Plan assets beginning of year$7.1 $9.2 
Employer contributions0.3 — 
Benefit payments(7.4)(0.6)
Actual return on plan assets— (1.5)
Fair value at end of year$— $7.1 
Funded Status of Plan
Projected benefit obligation$— $(7.3)
Fair value of plan assets— 7.1 
Unfunded status$— $(0.2)
The accumulated benefit obligation for the U.S. Plan was nil and $7.3 million as of December 30, 2023 and December 31, 2022, respectively.
The components of net periodic pension cost were as follows:
(in millions of U.S. dollars)December 30, 2023December 31, 2022January 1, 2022
Interest cost$0.2 $0.1 $0.2 
Expected return on plan assets(0.1)(0.1)(0.2)
Recognized net loss due to settlement0.5 — — 
Net periodic pension cost$0.6 $— $— 
Accumulated Other Comprehensive (Loss) Income
Amounts included in accumulated other comprehensive (loss) income, net of tax, as of the periods presented which have not yet been recognized in net periodic benefit cost were as follows:
(in millions of U.S. dollars)December 30, 2023December 31, 2022January 1, 2022
Unrecognized net actuarial loss$— $(0.6)$(0.6)
Total accumulated other comprehensive loss$— $(0.6)$(0.6)
Actuarial Assumptions
The following table summarizes the weighted-average actuarial assumptions used to determine the projected benefit obligation:
For the Fiscal Year Ended
December 30, 2023December 31, 2022January 1, 2022
U.S. Plans
Discount rate— %4.9 %2.5 %
Expected long-term rate of return on plan assets— %1.0 %2.0 %
The following table summarizes the weighted-average actuarial assumptions used to determine net periodic benefit cost:
For the Fiscal Year Ended
December 30, 2023December 31, 2022January 1, 2022
U.S. Plans
Discount rate5.1 %1.0 %2.0 %
Expected long-term rate of return on plan assets1.0 %1.0 %2.0 %
The Company utilizes a yield curve analysis to determine the discount rates for its DB plan obligations. The yield curve considers pricing and yield information for high quality corporate bonds with maturities matched to estimated payouts of future pension benefits. The Company evaluates its assumption regarding the estimated long-term rate of return on plan assets based on historical experience, future expectations of investment returns, asset allocations, and its investment strategy. The Company’s long-term rate of return on plan assets reflect expectations of projected weighted-average market returns of plan assets. Changes in expected returns on plan assets also reflect any adjustments to the Company’s targeted asset allocation.
Plan Assets and Asset Mix
Our investment policy is that plan assets will be managed utilizing an investment philosophy and approach characterized by all of the following, listed in priority order: (1) emphasis on total return, (2) emphasis on high-quality securities, (3) sufficient income and stability of income, (4) safety of principal with limited volatility of capital through proper diversification and (5) sufficient liquidity.
In connection with termination of the U.S. Plan and the distribution of all plan assets in the fiscal year ended December 30, 2023, there were no plan assets as of December 30, 2023. The U.S. Plan assets were 100% allocated to cash and cash equivalents as of December 31, 2022.