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v3.23.3

Pension Plans | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
Pension Plans | Pension Plans Snap-on’s net periodic pension benefit included the following components:
| Three Months Ended |  | Nine Months Ended
(Amounts in millions) | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Service cost | $ | 4.7 |  |  | $ | 6.7 |  |  | $ | 14.1 |  |  | $ | 20.1 |
Interest cost | 16.3 |  |  | 11.2 |  |  | 49.0 |  |  | 33.5 |
Expected return on plan assets | (26.1) |  |  | (25.0) |  |  | (78.4) |  |  | (74.9) |
Amortization of unrecognized loss | 0.4 |  |  | 4.6 |  |  | 1.1 |  |  | 13.8 |
Net periodic pension benefit | $ | (4.7) |  |  | $ | (2.5) |  |  | $ | (14.2) |  |  | $ | (7.5) |
The components of net periodic pension benefit, other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 15 for additional information on other income (expense) – net. Snap-on intends to make contributions of $6.9 million to its foreign pension plans and $2.4 million to its domestic pension plans in 2023, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2023.

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