Pension Plans

6 Months Ended

Jul. 03, 2021

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

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

	Three Months Ended				Six Months Ended
(Amounts in millions)	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Service cost	$	6.9	$	6.6	$	14.4	$	13.5
Interest cost	10.5		12.3		21.1		24.4
Expected return on plan assets	(23.5)		(23.7)		(47.1)		(47.4)
Amortization of unrecognized loss	9.1		8.8		18.2		17.2
Net periodic pension cost	$	3.0	$	4.0	$	6.6	$	7.7

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 $9.2 million to its foreign pension plans and $2.2 million to its domestic pension plans in 2021, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2021.