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Post Retirement Plans
 6 Months Ended
Jul. 02, 2016
Pension and Other Postretirement Benefit Expense [Abstract]  
Post Retirement Plans
POST RETIREMENT PLANS
The Company’s net periodic benefit cost was comprised of the following components (in millions):
 
 
Three Months Ended
 
Six Months Ended
 
July 2,
2016
 
July 4,
2015
 
July 2,
2016
 
July 4,
2015
Service cost
$
2.0

 
$
4.0

 
$
4.1

 
$
4.7

Interest cost
2.7

 
1.1

 
5.1

 
5.4

Expected return on plan assets
(2.9
)
 
(3.0
)
 
(5.9
)
 
(5.2
)
Amortization of prior service cost and net actuarial loss
1.0

 
0.8

 
1.9

 
2.0

Net periodic benefit cost
$
2.8

 
$
2.9

 
$
5.2

 
$
6.9



The estimated net actuarial loss and prior service cost for post retirement plans that will be amortized from AOCI into net periodic benefit cost during the 2016 fiscal year is $3.1 million and $0.2 million, respectively.
For the three months ended July 2, 2016 and July 4, 2015, the Company contributed $1.1 million and $0.7 million, respectively, to post retirement plans. For the six months ended July 2, 2016 and July 4, 2015, the Company contributed $2.2 million and $1.5 million, respectively, to post retirement plans. The Company expects to make total contributions of $4.6 million in 2016. The Company contributed a total of $4.7 million in fiscal 2015. The assumptions used in the valuation of the Company’s post retirement plans and in the target investment allocation have remained the same as those disclosed in the Company’s 2015 Annual Report on Form 10-K filed on March 2, 2016.
Beginning in 2016, the Company changed the method used to estimate the service and interest cost components of the net periodic pension and other post retirement benefit costs. The new method uses the spot yield curve approach to estimate the service and interest costs by applying the specific spot rates along the yield curve used to determine the benefit obligations to relevant projected cash outflows. The change will not affect the measurement of the total benefit obligations as the change in service and interest costs is offset in the actuarial gains and losses recorded in other comprehensive income. The methodology of selecting a discount rate that matches each plan's cash flows to that of a theoretical bond portfolio yield curve will continue to be used to value the benefit obligation at the end of each year. The Company changed to the new method to provide a more precise measure of interest and service costs by improving the correlation between the projected benefit cash flows and the discrete spot yield curve rates. The Company has accounted for this change as a change in estimate prospectively and it is expected to result in a $2.9 million reduction in expense for fiscal 2016 as compared to the previous method.