Pension and Other Post-Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]


	Defined Benefit Plans
	For the Three Months Ended				For the Six Months Ended
Components of Net Periodic Pension Expense (Income)	June 30, 2022		July 1, 2021		June 30, 2022		July 1, 2021
Service cost	$	0.8	$	10.9	$	1.2	$	21.7
Interest cost	13.9		13.8		29.1		27.5
Expected return on plan assets	(33.5)		(39.6)		(70.3)		(79.0)
Amortization of net loss	2.1		—		2.1		—

Settlement loss	—		(0.1)		(1.4)		(0.1)

Net periodic pension expense (income)	$	(16.7)	$	(15.0)	$	(39.3)	$	(29.9)


	Other Benefits
	For the Three Months Ended				For the Six Months Ended
Components of Other Benefit Expense (Income)	June 30, 2022		July 1, 2021		June 30, 2022		July 1, 2021
Service cost	$	0.2	$	0.2	$	0.4	$	0.4
Interest cost	0.2		0.1		0.3		0.2
Amortization of prior service cost	(0.2)		(0.2)		(0.4)		(0.4)
Amortization of net gain	(0.4)		(0.4)		(0.7)		(0.8)


Net periodic other benefit expense (income)	$	(0.2)	$	(0.3)	$	(0.4)	$	(0.6)

The components of net periodic pension expense (income) and other benefit expense, other than the service cost component, are included in other income (expense) in the Company's Condensed Consolidated Statements of Operations.

As disclosed in the Company's 2021 Form 10-K, effective October 1, 2021, the Company spun off a portion of the existing Pension Value Plan ("PVP A"), called PVP B. As part of the PVP B plan termination process, a lump sum offering was provided during 2021 for PVP B participants and the final asset distribution was completed in the first quarter of 2022. At June 30, 2022, a pension reversion asset of $70.3 is recorded on the Restricted plan assets line item on the Company’s Condensed Consolidated Balance Sheets. Restricted plan assets are expected to be reduced over the next seven years as they are distributed to employees under a qualified compensation and benefit program. Restricted plan assets are valued at fair value with gain or loss on fair value adjustments recognized within other income. The underlying investments' fair value measurement levels under the FASB's authoritative guidance on fair value measurements are Level 2, see Note 13 Fair Value Measurements.

Separately, during the three and six months ended June 30, 2022, the Company withdrew $34.0 of cash from PVP B, which represented an excess plan assets reversion. This transaction was accounted for as a negative contribution, and is included on the Pension plans employer contributions line item on the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022. Excise tax of $6.8 related to the reversion of excess plan assets was separately recorded to the Other income (expense), net line item on the Company's Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022. See also Note 21 Other Income (Expense), Net.