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EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jul. 02, 2016
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS
In connection with the Spin-Off, participants in the SPX U.S. Pension Plan (the “U.S. Plan”) that were transferred to SPX FLOW became eligible to elect a lump-sum payment option in lieu of a future pension benefit under the U.S. Plan. During the second quarter of 2016, approximately 9%, or $25.2, of the projected benefit obligation of the U.S. Plan was settled as a result of lump-sum payments. In connection with these lump-sum payments, we remeasured the assets and liabilities of the U.S. Plan as of May 31, 2016, which resulted in a charge to net periodic pension benefit expense of $1.0 during the quarter.
During the second quarter of 2016, we made lump-sum payments to certain participants of the Supplemental Individual Account Retirement Plan (“SIARP”), settling approximately 22%, or $2.7, of the SIARP's projected benefit obligation. In connection with these lump-sum payments, we remeasured the liabilities of the SIARP as of June 30, 2016, which resulted in a charge to net periodic pension benefit expense of $0.8 during the quarter.
Net periodic benefit expense (income) for our pension and postretirement plans included the following components:
Domestic Pension Plans
 
Three months ended
 
Six months ended
 
July 2,
2016
 
June 27,
2015
 
July 2,
2016
 
June 27,
2015
Service cost
$
0.1

 
$
0.9

 
$
0.2

 
$
1.8

Interest cost
3.5

 
4.3

 
7.1

 
8.6

Expected return on plan assets
(3.2
)
 
(4.9
)
 
(6.4
)
 
(9.8
)
Recognized net actuarial loss
1.8

 
—

 
1.8

 
—

Total net periodic pension benefit expense
$
2.2

 
$
0.3

 
$
2.7

 
$
0.6


Foreign Pension Plans
 
Three months ended
 
Six months ended
 
July 2,
2016
 
June 27,
2015
 
July 2,
2016
 
June 27,
2015
Service cost
$
—

 
$
0.4

 
$
—

 
$
0.8

Interest cost
1.5

 
2.0

 
2.9

 
4.0

Expected return on plan assets
(1.8
)
 
(2.5
)
 
(3.5
)
 
(4.9
)
Total net periodic pension benefit income
(0.3
)
 
(0.1
)
 
(0.6
)
 
(0.1
)
Less: Net periodic pension benefit expense of discontinued operations
—

 
0.6

 
—

 
1.3

Net periodic pension benefit income of continuing operations
$
(0.3
)
 
$
(0.7
)
 
$
(0.6
)
 
$
(1.4
)

Postretirement Plans
 
Three months ended
 
Six months ended
 
July 2,
2016
 
June 27,
2015
 
July 2,
2016
 
June 27,
2015
Service cost
$
—

 
$
—

 
$
—

 
$
—

Interest cost
1.1

 
1.1

 
2.1

 
2.2

Amortization of unrecognized prior service credits
(0.2
)
 
(0.2
)
 
(0.4
)
 
(0.4
)
Net periodic postretirement benefit expense
$
0.9

 
$
0.9

 
$
1.7

 
$
1.8