EMPLOYEE BENEFIT PLANS

In connection with the spin-off of SPX Flow, Inc. (“SPX Flow”) on September 26, 2015, 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 1, 2017			July 2, 2016			July 1, 2017			July 2, 2016
Service cost	$	0.1		$	0.1		$	0.2		$	0.2
Interest cost	3.3			3.5			6.6			7.1
Expected return on plan assets	(2.5		)	(3.2		)	(5.0		)	(6.4		)
Recognized net actuarial loss	—			1.8			—			1.8
Total net periodic pension benefit expense	$	0.9		$	2.2		$	1.8		$	2.7

Foreign Pension Plans



	Three months ended						Six months ended
	July 1, 2017			July 2, 2016			July 1, 2017			July 2, 2016
Service cost	$	—		$	—		$	—		$	—
Interest cost	1.2			1.5			2.4			2.9
Expected return on plan assets	(1.6		)	(1.8		)	(3.1		)	(3.5		)
Net periodic pension benefit income	$	(0.4	)	$	(0.3	)	$	(0.7	)	$	(0.6	)

Postretirement Plans



	Three months ended						Six months ended
	July 1, 2017			July 2, 2016			July 1, 2017			July 2, 2016
Service cost	$	—		$	—		$	—		$	—
Interest cost	0.9			1.1			1.9			2.1
Amortization of unrecognized prior service credits	(0.2		)	(0.2		)	(0.4		)	(0.4		)
Net periodic postretirement benefit expense	$	0.7		$	0.9		$	1.5		$	1.7