Pension Plans

9 Months Ended

Sep. 28, 2019

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

Snap-on’s net periodic pension cost included the following components: 

	Three Months Ended				Nine Months Ended
(Amounts in millions)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Service cost	$	5.9	$	6.3	$	17.7	$	18.9
Interest cost	14.1		13.2		42.3		39.6
Expected return on plan assets	(22.8)		(22.6)		(68.3)		(66.5)
Amortization of unrecognized loss	6.3		8.2		18.8		24.6
Amortization of prior service credit	(0.2)		(0.3)		(0.6)		(0.9)
Net periodic pension cost	$	3.3	$	4.8	$	9.9	$	15.7

The components of net periodic pension cost, other than the service cost component, are included in “Other income (expense) - net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 16 for additional information on other income (expense) - net.

Snap-on intends to make contributions of $9.4 million to its foreign pension plans and $2.0 million to its domestic pension plans in 2019, as required by law. In the first nine months of 2019, Snap-on made $40.0 million of discretionary cash contributions to its domestic pension plans. Depending on market and other conditions, Snap-on may make additional discretionary cash contributions to its pension plans in the remainder of 2019.