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NET PERIODIC BENEFIT COST - DEFINED BENEFIT PLANS (Tables) | 6 Months Ended
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Jun. 29, 2024
Retirement Benefits [Abstract] |
Components of Net Periodic Benefit Cost | Following are the components of net periodic pension expense for the three and six months ended June 29, 2024 and July 1, 2023:
| Second Quarter
| Pension Benefits |  | Other Benefits
| U.S. Plans |  | Non-U.S. Plans |  | All Plans
(Millions of Dollars) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 1.6 |  |  | $ | 2.1 |  |  | $ | 3.0 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | — |
Interest cost | 12.9 |  |  | 13.9 |  |  | 10.4 |  |  | 11.0 |  |  | 0.4 |  |  | 0.5 |
Expected return on plan assets | (15.2) |  |  | (15.6) |  |  | (10.8) |  |  | (10.5) |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 0.1 |  |  | 0.2 |  |  | (0.2) |  |  | (0.1) |  |  | — |  |  | — |
Amortization of net loss (gain) | 2.0 |  |  | 2.2 |  |  | 1.1 |  |  | 0.9 |  |  | (0.2) |  |  | (0.3) |
Settlement / curtailment loss | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Net periodic pension expense | $ | 1.4 |  |  | $ | 2.8 |  |  | $ | 3.6 |  |  | $ | 4.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |
| Year-to-Date
| Pension Benefits |  | Other Benefits
| U.S. Plans |  | Non-U.S. Plans |  | All Plans
(Millions of Dollars) | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 3.2 |  |  | $ | 4.1 |  |  | $ | 6.1 |  |  | $ | 5.6 |  |  | $ | 0.1 |  |  | $ | 0.1 |
Interest cost | 25.8 |  |  | 27.4 |  |  | 20.8 |  |  | 21.6 |  |  | 0.8 |  |  | 1.0 |
Expected return on plan assets | (30.4) |  |  | (31.1) |  |  | (21.7) |  |  | (20.6) |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 0.3 |  |  | 0.4 |  |  | (0.4) |  |  | (0.3) |  |  | — |  |  | — |
Amortization of net loss (gain) | 4.0 |  |  | 4.4 |  |  | 2.2 |  |  | 1.7 |  |  | (0.5) |  |  | (0.6) |
Settlement / curtailment loss | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | — |
Net periodic pension expense | $ | 2.9 |  |  | $ | 5.2 |  |  | $ | 7.1 |  |  | $ | 8.1 |  |  | $ | 0.4 |  |  | $ | 0.5 |

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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 + Details
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