XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.2
Pension Plans
 6 Months Ended
Jun. 29, 2024
Retirement Benefits [Abstract]  
Pension Plans Pension Plans
Snap-on’s net periodic pension benefit included the following components:
Three Months EndedSix Months Ended
(Amounts in millions)June 29, 2024July 1, 2023June 29, 2024July 1, 2023
Service cost$5.0 $4.5 $10.0 $9.4 
Interest cost16.4 16.4 32.8 32.7 
Expected return on plan assets(25.3)(26.1)(50.8)(52.3)
Amortization of unrecognized loss2.5 0.4 4.6 0.7 
Net periodic pension benefit$(1.4)$(4.8)$(3.4)$(9.5)
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 16 for additional information on other income (expense) – net.
Snap-on intends to make contributions of $6.0 million to its foreign pension plans and $3.7 million to its domestic pension plans in 2024, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2024.