POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jul. 03, 2021

Retirement Benefits [Abstract]

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS

In the fourth quarter of 2020, the Company terminated its U.S. qualified pension plan by purchasing a group annuity contract from MassMutual Life Insurance Company (MassMutual), which fully assumed the responsibility for paying and administering pension benefits to approximately five thousand plan participants and their beneficiaries. In connection with the plan termination, the Company settled all future obligations under the plan by providing lump sum payments to eligible participants who elected to receive them, and by transferring the remaining projected benefit obligation to the insurance company. The termination was initially funded with plan assets of approximately $320 and cash of $8.4. During the second quarter of 2021, the funding was finalized, resulting in income of $3.4 presented within the interest and non-operating (income) expenses line in the Consolidated Statements of Operations.

The following table provides the components of net periodic benefit cost for pension plans and other employee-related benefit plans for the three and six months ended July 3, 2021 and June 27, 2020. 

	July 3, 2021									June 27, 2020
For the Three Months Ended	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	0.3		$	0.2		$	0.5		$	0.3		$	0.2		$	0.5
Interest cost		0.3			0.4			0.7			2.3			0.7			3.0
Expected return on plan assets		—			—			—			(2.1)			—			(2.1)
Amortization of prior service benefit		—			(1.2)			(1.2)			—			(1.3)			(1.3)
Amortization of net actuarial loss		0.5			0.6			1.1			1.7			0.8			2.5
Total net periodic benefit cost		$	1.1		$	—		$	1.1		$	2.2		$	0.4		$	2.6

	July 3, 2021									June 27, 2020
For the Six Months Ended	Pension			Other Benefits			Total			Pension			Other Benefits			Total
Service cost		$	0.7		$	0.4		$	1.1		$	0.6		$	0.4		$	1.0
Interest cost		0.5			0.9			1.4			4.6			1.4			6.0
Expected return on plan assets		—			—			—			(4.3)			—			(4.3)
Amortization of prior service benefit		—			(2.5)			(2.5)			—			(2.5)			(2.5)
Amortization of net actuarial loss		1.0			1.3			2.3			3.5			1.4			4.9
Total net periodic benefit cost		$	2.2		$	0.1		$	2.3		$	4.4		$	0.7		$	5.1

We made contributions to our global postretirement plans of $5.5 and $4.2 during the six months ended July 3, 2021 and June 27, 2020, respectively. We expect to make contributions of approximately $7 to $11 during the remainder of 2021, principally related to our other employee-related benefit plans.

Amortization from accumulated other comprehensive income into earnings related to prior service benefit and net actuarial loss was $0.0 and $0.9, and $0.0 and $1.8, net of tax, during the three and six months ended July 3, 2021 and June 27, 2020, respectively. No other reclassifications from accumulated other comprehensive income into earnings were recognized during any of the presented periods.