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Pension and Other Postretirement Benefit Plans
 9 Months Ended
Oct. 03, 2020
Compensation And Retirement Disclosure [Abstract]  
Pension and Other Postretirement Benefit Plans

(10) Pension and Other Postretirement Benefit Plans

The Company sponsors defined benefit pension plans and other postretirement benefit plans (primarily for the continuation of medical benefits) for eligible employees in the United States and certain other countries.

Net Periodic Pension and Other Postretirement Benefit (Credit) Cost

The components of the Company’s net periodic pension benefit (credit) cost are shown below (in millions):

 

Three Months Ended

 

 

Nine Months Ended

 

 

October 3, 2020

 

 

September 28, 2019

 

 

October 3, 2020

 

 

September 28, 2019

 

 

U.S.

 

 

Foreign

 

 

U.S.

 

 

Foreign

 

 

U.S.

 

 

Foreign

 

 

U.S.

 

 

Foreign

 

Service cost

$

0.1

 

 

$

1.2

 

 

$

-

 

 

$

1.5

 

 

$

0.1

 

 

$

3.6

 

 

$

-

 

 

$

4.7

 

Interest cost

 

4.1

 

 

 

3.1

 

 

 

4.6

 

 

 

3.7

 

 

 

12.3

 

 

 

9.2

 

 

 

13.9

 

 

 

11.0

 

Expected return on plan assets

 

(5.4

)

 

 

(4.9

)

 

 

(5.0

)

 

 

(5.2

)

 

 

(16.0

)

 

 

(14.8

)

 

 

(15.1

)

 

 

(15.6

)

Amortization of actuarial loss

 

0.6

 

 

 

1.2

 

 

 

0.5

 

 

 

1.9

 

 

 

1.7

 

 

 

3.5

 

 

 

1.4

 

 

 

5.8

 

Settlement loss

 

-

 

 

 

10.2

 

 

 

-

 

 

 

-

 

 

 

0.3

 

 

 

10.2

 

 

 

0.1

 

 

 

-

 

Net periodic benefit (credit) cost

$

(0.6

)

 

$

10.8

 

 

$

0.1

 

 

$

1.9

 

 

$

(1.6

)

 

$

11.7

 

 

$

0.3

 

 

$

5.9

 

The components of the Company’s net periodic other postretirement benefit (credit) cost are shown below (in millions):

 

Three Months Ended

 

 

Nine Months Ended

 

 

October 3, 2020

 

 

September 28, 2019

 

 

October 3, 2020

 

 

September 28, 2019

 

 

U.S.

 

 

Foreign

 

 

U.S.

 

 

Foreign

 

 

U.S.

 

 

Foreign

 

 

U.S.

 

 

Foreign

 

Service cost

$

-

 

 

$

-

 

 

$

-

 

 

$

0.1

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

0.2

 

Interest cost

 

0.5

 

 

 

0.2

 

 

 

0.5

 

 

 

0.3

 

 

 

1.3

 

 

 

0.6

 

 

 

1.6

 

 

 

1.0

 

Amortization of actuarial gain

 

(0.4

)

 

 

-

 

 

 

(0.6

)

 

 

-

 

 

 

(1.2

)

 

 

-

 

 

 

(1.7

)

 

 

-

 

Amortization of prior service credit

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(0.1

)

 

 

-

 

 

 

(0.1

)

 

 

(0.1

)

Net periodic benefit (credit) cost

$

0.1

 

 

$

0.2

 

 

$

(0.1

)

 

$

0.4

 

 

$

0.0

 

 

$

0.6

 

 

$

(0.2

)

 

$

1.1

 

 

In the three and nine months ended October 3, 2020, the Company recognized a pension benefit plan settlement loss of $10.2 million related to its restructuring actions (Note 3, "Restructuring").

Contributions

In the nine months ended October 3, 2020, employer contributions to the Company’s domestic and foreign defined benefit pension plans were $10.7 million.

At this time, the Company has elected to defer its contributions to its U.S. defined benefit pension plans to the extent possible under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The Company expects contributions to its domestic and foreign defined benefit pension plans to be $10 million to $20 million in 2020.