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Pension and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 28, 2024
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans The Company sponsors defined benefit pension plans covering certain eligible employees in the United States and certain foreign countries. The Company also sponsors postretirement benefit plans (primarily for the continuation of medical benefits) covering certain eligible retirees in the United States and Canada. 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
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
Service cost | $ | — |  |  | $ | 1.0 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 2.4 |
Interest cost | 5.1 |  |  | 3.9 |  |  | 5.2 |  |  | 4.3 |  |  | 15.3 |  |  | 11.7 |  |  | 15.6 |  |  | 12.6 |
Expected return on plan assets | (5.4) |  |  | (3.7) |  |  | (5.0) |  |  | (4.1) |  |  | (16.1) |  |  | (11.1) |  |  | (15.2) |  |  | (12.2) |
Amortization of actuarial loss | 0.3 |  |  | 0.5 |  |  | 0.2 |  |  | 0.4 |  |  | 0.7 |  |  | 1.5 |  |  | 0.7 |  |  | 1.4 |
Settlement gain | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | — |
Net periodic benefit (credit) cost | $ | — |  |  | $ | 1.7 |  |  | $ | 0.4 |  |  | $ | 1.4 |  |  | $ | (0.2) |  |  | $ | 5.1 |  |  | $ | 1.0 |  |  | $ | 4.2 |
The components of the Company's net periodic other postretirement benefit (credit) cost are shown below (in millions):
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign |  | U.S. |  | Foreign
Interest cost | $ | 0.4 |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 1.1 |  |  | $ | 0.5 |  |  | $ | 1.1 |  |  | $ | 0.7 |
Amortization of actuarial gain | (0.8) |  |  | — |  |  | (0.8) |  |  | — |  |  | (2.3) |  |  | (0.2) |  |  | (2.5) |  |  | (0.1) |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | — |
Net periodic benefit (credit) cost | $ | (0.4) |  |  | $ | 0.1 |  |  | $ | (0.5) |  |  | $ | 0.2 |  |  | $ | (1.3) |  |  | $ | 0.3 |  |  | $ | (1.5) |  |  | $ | 0.6 |
Subsequent Event In September 2024, the Company announced a limited lump-sum payout offer to certain terminated employees who are vested plan participants of its U.S. defined benefit pension plans. This offer provides participants with the option to receive their pension benefits early and reduces the Company's future administrative costs and risks related to its U.S. defined benefit pension plans. Under this offer, between September 18, 2024 and November 1, 2024, eligible plan participants may voluntarily elect an early payout of their pension benefits in the form of a lump-sum payment equal to the present value of the participant's pension benefits. Payments under this offer will be distributed in December 2024 from existing defined benefit pension plan assets. In connection with this offer, the Company expects to recognize a non-cash settlement charge in the fourth quarter of 2024. The amount of the charge will depend on, among other factors, the number of plan participants who accept the offer.

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