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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Sep. 30, 2017
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | 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. In July 2014, we discontinued our sponsorship of post-65 age healthcare plans, effective January 1, 2015, which resulted in eligible retirees being transitioned to coverage in the individual healthcare insurance market that we subsidize through health reimbursement accounts. In November 2014, a lawsuit was filed challenging certain aspects of this action. In September 2017, we received a favorable ruling related to the lawsuit. During the third quarter of 2017, in connection with the favorable ruling, we reduced our unfunded liability related to postretirement benefits by $26.8. The offset for the reduction of the unfunded liability was recorded to accumulated other comprehensive income and represents unrecognized prior service credits. These unrecognized prior service credits will be recorded to net periodic postretirement benefit (income) expense over a period of approximately eight years, beginning in the fourth quarter of 2017. In addition, we remeasured our unfunded liability related to postretirement benefits, which resulted in a gain within net periodic postretirement benefit expense and a reduction of the unfunded liability of $2.6 during the third quarter of 2017. 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 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016
Service cost | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.3 |
Interest cost | 3.4 |  |  | 3.3 |  |  | 10.0 |  |  | 10.4 |
Expected return on plan assets | (2.5 | ) |  | (3.2 | ) |  | (7.5 | ) |  | (9.6 | )
Recognized net actuarial loss | — |  |  | — |  |  | — |  |  | 1.8 |
Amortization of unrecognized prior service credits | (0.1 | ) |  | (0.1 | ) |  | (0.1 | ) |  | (0.1 | )
Total net periodic pension benefit expense | $ | 0.9 |  |  | $ | 0.1 |  |  | $ | 2.7 |  |  | $ | 2.8 |
Foreign Pension Plans
| Three months ended |  | Nine months ended
| September 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 1.2 |  |  | 1.4 |  |  | 3.6 |  |  | 4.3 |
Expected return on plan assets | (1.6 | ) |  | (1.5 | ) |  | (4.7 | ) |  | (5.0 | )
Net periodic pension benefit income | $ | (0.4 | ) |  | $ | (0.1 | ) |  | $ | (1.1 | ) |  | $ | (0.7 | )
Less: Net periodic pension benefit expense of discontinued operations | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net periodic pension benefit income of continuing operations | $ | (0.4 | ) |  | $ | (0.2 | ) |  | $ | (1.1 | ) |  | $ | (0.8 | )
Postretirement Plans
| Three months ended |  | Nine months ended
| September 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 0.9 |  |  | 1.1 |  |  | 2.8 |  |  | 3.2 |
Recognized net actuarial gain | (2.6 | ) |  | — |  |  | (2.6 | ) |  | — |
Amortization of unrecognized prior service credits | (0.2 | ) |  | (0.2 | ) |  | (0.6 | ) |  | (0.6 | )
Net periodic postretirement benefit (income) expense | $ | (1.9 | ) |  | $ | 0.9 |  |  | $ | (0.4 | ) |  | $ | 2.6 |

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- References No definition available. + Details
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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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