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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Sep. 27, 2014
EMPLOYEE BENEFIT PLANS |
EMPLOYEE BENEFIT PLANS | (9) EMPLOYEE BENEFIT PLANS During a designated election period in the first quarter of 2014, we offered approximately 7,100 eligible former employees under the SPX U.S. Pension Plan (the “Plan”) a voluntary lump-sum payment option in lieu of a future pension benefit under the Plan. Approximately 38%, or $165.2, of the projected benefit obligation of the Plan was settled as a result of lump-sum payments made to those who accepted the offer. These payments were made during March 2014 and resulted in a settlement charge of $4.6 being reflected in net periodic pension benefit expense for the first quarter of 2014. In addition, in connection with this lump-sum payment action, we remeasured the assets and liabilities of the Plan as of March 29, 2014, which resulted in a charge to net periodic pension benefit expense of $14.8 for the three months then ended. Net periodic benefit expense (income) for our pension and postretirement plans included the following components: Domestic Pension Plans
|  | Three months ended |  | Nine months ended |
|  | September 27, |  | September 28, |  | September 27, |  | September 28, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Service cost |  | $ | 1.8 |  | $ | 1.9 |  | $ | 5.4 |  | $ | 5.6 |
Interest cost |  | 4.5 |  | 12.0 |  | 15.7 |  | 36.0 |
Expected return on plan assets |  | (4.7 | ) | (18.8 | ) | (14.9 | ) | (56.3 | )
Settlement charges (credits), net (1) |  | (0.1 | ) | — |  | 0.4 |  | — |
Recognized net actuarial loss (2) |  | — |  | — |  | 14.8 |  | — |
Total net periodic pension benefit expense (income) |  | $ | 1.5 |  | $ | (4.9 | ) | $ | 21.4 |  | $ | (14.7 | )
(1) For the nine months ended September 27, 2014, includes the settlement charge of $4.6 associated with the lump-sum payment action that took place during the first quarter of 2014 (see above), net of a $4.2 reduction to the estimated settlement charge that was recorded during the fourth quarter of 2013 in connection with the transfer of the pension obligation for the retirees of the Plan to Massachusetts Mutual Life Insurance Company. (2) For the nine months ended September 27, 2014, includes the actuarial loss resulting from the remeasurement of the assets and obligations of the Plan in the first quarter of 2014, which was required in connection with the lump-sum payment action noted above. Foreign Pension Plans
|  | Three months ended |  | Nine months ended |
|  | September 27, |  | September 28, |  | September 27, |  | September 28, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Service cost |  | $ | 0.7 |  | $ | 0.6 |  | $ | 2.1 |  | $ | 2.0 |
Interest cost |  | 3.5 |  | 3.4 |  | 10.5 |  | 10.0 |
Expected return on plan assets |  | (4.3 | ) | (4.4 | ) | (12.8 | ) | (13.1 | )
Total net periodic pension benefit income |  | (0.1 | ) | (0.4 | ) | (0.2 | ) | (1.1 | )
Less: Net periodic pension benefit income of discontinued operations |  | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.2 | )
Net periodic pension benefit expense (income) of continuing operations |  | $ | — |  | $ | (0.2 | ) | $ | 0.1 |  | $ | (0.9 | )
Postretirement Plans
|  | Three months ended |  | Nine months ended |
|  | September 27, |  | September 28, |  | September 27, |  | September 28, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Service cost |  | $ | 0.1 |  | $ | 0.1 |  | $ | 0.4 |  | $ | 0.3 |
Interest cost |  | 1.3 |  | 1.2 |  | 3.9 |  | 3.6 |
Amortization of unrecognized prior service credits |  | (0.1 | ) | (0.4 | ) | (0.2 | ) | (1.0 | )
Net periodic postretirement benefit expense |  | $ | 1.3 |  | $ | 0.9 |  | $ | 4.1 |  | $ | 2.9 |
Employer Contributions During the first nine months of 2014, we made contributions to our domestic and foreign pension plans of approximately $9.7, of which $2.0 related to businesses that have been disposed of and had been classified as discontinued operations.

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