Pension Plans

3 Months Ended

Mar. 28, 2020

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

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

	Three Months Ended
(Amounts in millions)	March 28, 2020		March 30, 2019
Service cost	$	6.9	$	6.0
Interest cost	12.1		14.1
Expected return on plan assets	(23.7)		(22.4)
Amortization of unrecognized loss	8.4		6.2
Amortization of prior service credit	—		(0.2)
Net periodic pension cost	$	3.7	$	3.7

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 17 for additional information on other income (expense) - net.

Snap-on intends to make contributions of $8.7 million to its foreign pension plans and $2.9 million to its domestic pension plans in 2020, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2020.