Pension and Other Postretirement Benefit Plans

3 Months Ended

Apr. 01, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefit Plans

Pension and Other Postretirement Benefit Plans

The Company sponsors defined benefit pension plans covering certain eligible employees in the United States and certain foreign countries. The Company also sponsors postretirement benefit plans (primarily for the continuation of medical benefits) covering certain eligible retirees in the United States and Canada.

Net Periodic Pension and Other Postretirement Benefit (Credit) Cost

The components of the Company's net periodic pension benefit (credit) cost are shown below (in millions):

	Three Months Ended
	April 1, 2023				April 2, 2022
	U.S.		Foreign		U.S.		Foreign
Service cost	$	—	$	0.8	$	—	$	1.0
Interest cost	5.2		4.1		3.9		2.9
Expected return on plan assets	(5.0)		(4.0)		(6.0)		(4.4)
Amortization of actuarial loss	0.2		0.5		0.5		1.1
Settlement (gain) loss	(0.1)		—		0.4		—
Net periodic benefit (credit) cost	$	0.3	$	1.4	$	(1.2)	$	0.6

The components of the Company's net periodic other postretirement benefit (credit) cost are shown below (in millions):

	Three Months Ended
	April 1, 2023				April 2, 2022
	U.S.		Foreign		U.S.		Foreign
Interest cost	$	0.4	$	0.2	$	0.4	$	0.2
Amortization of actuarial gain	(0.9)		—		(0.3)		—
Net periodic benefit (credit) cost	$	(0.5)	$	0.2	$	0.1	$	0.2

Contributions

In the three months ended April 1, 2023, employer contributions to the Company's domestic and foreign defined benefit pension plans were $3.9 million. The Company expects contributions to its funded pension plans and benefit payments related to its unfunded pension plans to be $5 million to $10 million in 2023.