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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANSOn 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 $10.0. Of this consideration, $9.0 was paid during the first quarter of 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 second quarter of 2022. In addition, we remeasured assets and liabilities of the U.S. Plan at the settlement date, which resulted in an actuarial loss of $1.5 recorded to “Other income (expense), net” for the three months ended July 2, 2022. Additional settlements by the U.S. Plan during the quarter ended October 1, 2022 resulted in a charge to “Other income (expense), net” of $2.0. We also remeasured the assets and liabilities of the U.S. Plan as of October 1, 2022, which resulted in an actuarial loss of $0.4 recorded to “Other income (expense), net” during the three months ended October 1, 2022. Net periodic benefit (income) expense for our pension and postretirement plans include the following components: Domestic Pension Plans
| Three months ended |  | Nine months ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Interest cost | $ | 3.3 |  |  | $ | 2.9 |  |  | $ | 9.9 |  |  | $ | 7.5 |
Expected return on plan assets | (2.2) |  |  | (2.0) |  |  | (6.6) |  |  | (6.2) |
Settlement and actuarial losses (1) | — |  |  | 2.4 |  |  | — |  |  | 6.2 |
Net periodic pension benefit expense | $ | 1.1 |  |  | $ | 3.3 |  |  | $ | 3.3 |  |  | $ | 7.5 |
___________________________ (1) For the three months ended October 1, 2022, consists of a settlement loss of $2.0 and an actuarial loss of $0.4. For the nine months ended October 1, 2022, consists of settlement losses of $4.3 and actuarial losses of $1.9. Foreign Pension Plans
| Three months ended |  | Nine months ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Interest cost | $ | 1.4 |  |  | $ | 1.0 |  |  | $ | 4.2 |  |  | $ | 3.0 |
Expected return on plan assets | (1.6) |  |  | (1.5) |  |  | (4.8) |  |  | (4.5) |
Net periodic pension benefit income | $ | (0.2) |  |  | $ | (0.5) |  |  | $ | (0.6) |  |  | $ | (1.5) |
Postretirement Plans
| Three months ended |  | Nine months ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Interest cost | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.9 |  |  | $ | 0.9 |
Amortization of unrecognized prior service credits | (1.0) |  |  | (1.1) |  |  | (3.0) |  |  | (3.3) |
Settlement loss, net (1) | — |  |  | — |  |  | — |  |  | 0.3 |
Net periodic postretirement benefit income | $ | (0.7) |  |  | $ | (0.8) |  |  | $ | (2.1) |  |  | $ | (2.1) |
___________________________ (1) For t he nine months ended October 1, 2022, includes the impact of the transfer of the retiree life insurance benefits obligation.

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