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Benefit Plans | 6 Months Ended
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Jul. 01, 2018
Benefit Plans [Abstract] |
Benefit Plans |
Note 11. | Benefit Plans
The Company and its subsidiaries have pension plans covering the majority of eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for the majority of its U.S. retired employees. Disclosures for the U.S. plans have been combined with those outside of the U.S. as the international plans do not have significantly different assumptions, and together represent less than 25% of our total benefit obligation. Components of Net Periodic Benefit Cost
|  | Pension Benefits |
|  | Three Months Ended |  |  | Six Months Ended |
|  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 1, 2018 |  |  | July 2, 2017 |
|  | (millions of dollars) |
Service cost |  | $ | 2.0 |  |  | $ | 2.1 |  |  | $ | 3.9 |  |  | $ | 4.1 |
Interest cost |  |  | 3.0 |  |  |  | 3.1 |  |  |  | 6.1 |  |  |  | 6.2 |
Expected return on plan assets |  |  | (4.8 | ) |  |  | (4.6 | ) |  |  | (9.6 | ) |  |  | (9.1 | )
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 0.1 |  |  |  | 0.6 |  |  |  | 0.2 |  |  |  | 1.2 |
Recognized net actuarial loss |  |  | 2.7 |  |  |  | 2.1 |  |  |  | 5.5 |  |  |  | 4.2 |
Net periodic benefit cost |  | $ | 3.0 |  |  | $ | 3.3 |  |  | $ | 6.1 |  |  | $ | 6.6 |
|  | Other Benefits |
|  | Three Months Ended |  |  | Six Months Ended |
|  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 1, 2018 |  |  | July 2, 2017 |
|  | (millions of dollars) |
Service cost |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |
Interest cost |  |  | - |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | (0.2 | ) |  |  | (0.8 | ) |  |  | (0.4 | ) |  |  | (1.5 | )
Recognized net actuarial (gain) loss |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | (0.4 | ) |  |  | (0.2 | )
Net periodic benefit cost |  | $ | (0.3 | ) |  | $ | (0.7 | ) |  | $ | (0.6 | ) |  | $ | (1.4 | )
Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income. The Company expects to contribute approximately $20.0 million to its pension plans and $0.5 million to its other postretirement benefit plans in 2018. As of July 1, 2018, $12.2 million has been contributed to the pension plans and approximately $0.1 million has been contributed to the other postretirement benefit plans. On January 1, 2018, the Company retrospectively adopted the provisions of ASU 2017-07, “Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. Under the new guidance, the Company classifies all net periodic benefit costs within the “Other non-operating income (deductions), net” line item on the consolidated statement of income. The line item classification changes required by the guidance did not impact the Company’s pre-tax earnings or net income; however, “Income from operations” and “Other non-operating income (deductions), net” changed by immaterial offsetting amounts.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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