PENSION PLANS

3 Months Ended

Apr. 03, 2020

The Company's defined benefit pension plans are the plans in the U.S., which consist of the Anixter Inc. Pension Plan, the Executive Benefit Plan and the Supplemental Executive Retirement Plan ("SERP") (together the "Domestic Plans") and various defined benefit pension plans covering employees of foreign subsidiaries in Canada and Europe (together the "Foreign Plans"). The majority of these defined benefit pension plans are non-contributory and, with the exception of the U.S. and Canada, cover substantially all full-time domestic employees and certain employees in other countries. Retirement benefits are provided based on compensation as defined in both the Domestic Plans and the Foreign Plans. The Company's policy is to fund all Domestic Plans as required by the Employee Retirement Income Security Act of 1974 ("ERISA") and the IRS and all Foreign Plans as required by applicable foreign laws. The Executive Benefit Plan and SERP are the only two plans that are unfunded. Assets in the various plans consist primarily of equity securities and debt securities.

Components of net periodic pension (benefit) cost were as follows:


	Three Months Ended
	Domestic Plans						Foreign Plans						Total
(In millions)	April 3, 2020		March 29, 2019		April 3, 2020		March 29, 2019		April 3, 2020		March 29, 2019
Recorded in operating expenses:
Service cost	$	0.8	$	0.8	$	1.5	$	1.4	$	2.3	$	2.2

Recorded in other, net:
Interest cost	2.4		2.8		1.5		1.7		3.9		4.5
Expected return on plan assets	(3.9)		(3.7)		(2.5)		(2.7)		(6.4)		(6.4)
Net amortization ^(a)	0.2		0.3		1.3		0.8		1.5		1.1
Total recorded in other, net	(1.3)		(0.6)		0.3		(0.2)		(1.0)		(0.8)

Total net periodic pension (benefit) cost	$	(0.5)	$	0.2	$	1.8	$	1.2	$	1.3	$	1.4

(a)Reclassified from AOCI