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NET PERIODIC BENEFIT COST - DEFINED BENEFIT PLANS (Tables)

6 Months Ended

Jul. 01, 2023

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

Following are the components of net periodic pension expense (benefit) for the three and six months ended July 1, 2023 and July 2, 2022:

			Second Quarter
			Pension Benefits																								Other Benefits
			U.S. Plans												Non-U.S. Plans												All Plans
(Millions of Dollars)			2023						2022						2023						2022						2023						2022
Service cost			$	2.1					$	1.2					$	2.8					$	3.6					$	—					$	—
Interest cost			13.9						8.7						11.0						5.7						0.5						0.6
Expected return on plan assets			(15.6)						(15.1)						(10.5)						(9.5)						—						—
Amortization of prior service cost (credit)			0.2						0.2						(0.1)						(0.2)						—						—
Amortization of net loss (gain)			2.2						1.8						0.9						2.0						(0.3)						(0.1)
Settlement / curtailment loss			—						—						0.1						0.2						—						—
Special termination benefit			—						—						—						—						—						6.9
Net periodic pension expense (benefit)			$	2.8					$	(3.2)					$	4.2					$	1.8					$	0.2					$	7.4

			Year-to-Date
			Pension Benefits																								Other Benefits
			U.S. Plans												Non-U.S. Plans												All Plans
(Millions of Dollars)			2023						2022						2023						2022						2023						2022
Service cost			$	4.1					$	2.8					$	5.6					$	7.5					$	0.1					$	0.1
Interest cost			27.4						16.7						21.6						11.7						1.0						0.8
Expected return on plan assets			(31.1)						(30.2)						(20.6)						(19.7)						—						—
Amortization of prior service cost (credit)			0.4						0.4						(0.3)						(0.4)						—						—
Amortization of net loss (gain)			4.4						3.3						1.7						4.1						(0.6)						(0.2)
Settlement / curtailment loss			—						—						0.1						0.2						—						—
Special termination benefit			—						—						—						—						—						6.9
Net periodic pension expense (benefit)			$	5.2					$	(7.0)					$	8.1					$	3.4					$	0.5					$	7.6

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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