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EMPLOYEE BENEFIT PLANS
 6 Months Ended
Jul. 01, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
On February 17, 2022, we transferred our existing liability under the SPX Postretirement Benefit Plans (the “Plans”) for a group of participants with retiree life insurance benefits to an insurance carrier for consideration payable to the insurance carrier of approximately $10.0. Of this consideration, $9.0 was paid during the first quarter ended April 2, 2022, with the remainder paid in the second quarter of 2022. This transaction resulted in a settlement charge of $0.7 recorded to “Other income (expense), net” during the first quarter of 2022. In addition, and in connection with this transfer, we remeasured the assets and liabilities of the Plans as of the transfer date, which resulted in a benefit of $0.4 recorded to “Other income (expense), net” for the three months ended April 2, 2022.

Participants in the SPX U.S. Pension Plan (the “U.S. Plan”) are eligible to elect a lump-sum payment option in lieu of a future pension benefit. During the first half of 2022, $10.0 was paid to participants who elected lump-sum payments. This triggered a plan settlement which resulted in a charge to “Other income (expense), net” of $2.3 during the quarter ended July 2, 2022. In addition, we remeasured assets and liabilities of the U.S. Plan at July 2, 2022, which resulted in an actuarial loss of $1.5 recorded to “Other income (expense), net” during the quarter.
Net periodic benefit (income) expense for our pension and postretirement plans includes the following components:

Domestic Pension Plans
Three months endedSix months ended
July 1,
2023		July 2,
2022		July 1,
2023		July 2,
2022
Interest cost$3.3 $2.3 $6.6 $4.6 
Expected return on plan assets(2.2)(2.1)(4.4)(4.2)
Settlement and actuarial losses (1)
— 3.8 — 3.8 
Net periodic pension benefit expense$1.1 $4.0 $2.2 $4.2 
__________________________
(1)     Consists of an actuarial loss of $1.5 and a settlement loss of $2.3 for the three and six months ended July 2, 2022.

Foreign Pension Plans
Three months endedSix months ended
July 1,
2023		July 2,
2022		July 1,
2023		July 2,
2022
Interest cost$1.4 $1.0 $2.8 $2.0 
Expected return on plan assets(1.6)(1.5)(3.2)(3.0)
Net periodic pension benefit income$(0.2)$(0.5)$(0.4)$(1.0)

Postretirement Plans
Three months endedSix months ended
July 1,
2023		July 2,
2022		July 1,
2023		July 2,
2022
Interest cost$0.3 $0.3 $0.6 $0.6 
Amortization of unrecognized prior service credits(1.0)(1.1)(2.0)(2.2)
Recognized net actuarial losses (1)
— — — 0.3 
Net periodic postretirement benefit income$(0.7)$(0.8)$(1.4)$(1.3)
__________________________ 
(1)     The six months ended July 2, 2022 includes the impact of the transfer of the retiree life insurance benefits obligation.