Pension and Other Postretirement Benefit Plans

6 Months Ended

Jul. 02, 2016

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Pension and Other Postretirement Benefit Plans [Text Block]

Note 6. Pension and Other Postretirement Benefit Plans

Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The costs of the postretirement healthcare programs are generally funded on a self-insured and insured-premium basis.

The net periodic benefit cost for the company's defined benefit pension plans includes the following components:

	Three Months Ended						Six Months Ended
	July 2,			June 27,			July 2,			June 27,
(In millions)	2016			2015			2016			2015
Components of Net Benefit Cost
Service cost-benefits earned	$	5.3		$	6.1		$	10.5		$	12.3
Interest cost on benefit obligation	19.5			19.3			39.0			38.7
Expected return on plan assets	(19.8		)	(23.3		)	(39.5		)	(46.6		)
Amortization of actuarial net loss	1.9			2.4			3.7			4.7
Amortization of prior service benefit	—			(0.1		)	(0.1		)	(0.1		)
Settlement/curtailment loss	—			0.1			—			0.1
Net periodic benefit cost	$	6.9		$	4.5		$	13.6		$	9.1