EMPLOYEE BENEFIT PLANS

During a designated election period in the first quarter of 2014, we offered approximately 7,100 eligible former employees under the SPX U.S. Pension Plan (the “U.S. Plan”) a voluntary lump-sum payment option in lieu of a future pension benefit under the U.S. Plan. Approximately 38%, or $165.2, of the projected benefit obligation of the U.S. Plan was settled as a result of lump-sum payments made to those who accepted the offer. These payments were made during March 2014 and resulted in a settlement charge of $4.6 being reflected in net periodic pension benefit expense for the first quarter of 2014. In addition, in connection with this lump-sum payment action, we remeasured the assets and liabilities of the U.S. Plan as of March 29, 2014, which resulted in a charge to net periodic pension benefit expense of $14.8 for the three months then ended.

During the fourth quarter of 2014, we executed an agreement to transfer obligations for monthly pension payments to retirees under the SPX U.K. Pension Plan (the ‘‘U.K. Plan’’) to Just Retirement Limited (‘‘Just Retirement’’). Under the agreement, Just Retirement irrevocably assumed the obligation to make future pension payments to the approximately 900 retirees of the U.K. Plan beginning in the first quarter of 2015. The U.K. Plan paid Just Retirement 79.2 British Pounds (‘‘GBP’’) ($123.3 equivalent) in the fourth quarter of 2014 to assume obligations totaling approximately GBP 68.0 ($105.8 equivalent). The partial annuitization of the U.K. Plan resulted in a settlement loss of $15.0, which was included in net periodic pension benefit expense during the fourth quarter of 2014.

On July 14, 2015, we amended the U.S. Plan and the Supplemental Individual Account Retirement Plan (‘‘SIARP’’) to freeze all benefits for active non-union participants. The amendment resulted in a curtailment gain of $5.1. In connection with the amendment, we remeasured the assets and liabilities of the U.S. Plan and the SIARP as of June 30, 2015, which resulted in a charge to net periodic pension benefit expense of $11.4 during the third quarter of 2015.

Net periodic benefit expense for our pension and postretirement plans included the following components:

Domestic Pension Plans



	Three months ended						Nine months ended
	September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014
Service cost	$	0.4		$	1.8		$	2.2		$	5.4
Interest cost	4.3			4.5			12.9			15.7
Expected return on plan assets	(4.5		)	(4.7		)	(14.3		)	(14.9		)
Settlement charges, net ⁽¹⁾	—			(0.1		)	—			0.4
Curtailment gain ⁽²⁾	(5.1		)	—			(5.1		)	—
Recognized net actuarial loss ⁽³⁾	11.4			—			11.4			14.8
Total net periodic pension benefit expense	$	6.5		$	1.5		$	7.1		$	21.4

___________________________

⁽¹⁾

The nine months ended September 27, 2014 includes the settlement charge of $4.6 associated with the lump-sum payment action that took place during the first quarter of 2014 (see above), net of a $4.2 increase to the estimated settlement gain that was recorded in connection with the 2013 transfer of the pension obligation for the retirees of the U.S. Plan to Massachusetts Mutual Life Insurance Company.


⁽²⁾	Represents a curtailment gain recorded during the third quarter of 2015 in connection with the amendment of the U.S. Plan and SIARP noted above.


⁽³⁾	Represents actuarial losses resulting from the remeasurement of the assets and obligations of the U.S. Plan and the SIARP during the third quarter of 2015 and first quarter of 2014, which was required in connection with the actions noted above.

Foreign Pension Plans



	Three months ended						Nine months ended
	September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014
Service cost	$	0.4		$	0.7		$	1.2		$	2.1
Interest cost	2.0			3.5			6.0			10.5
Expected return on plan assets	(2.4		)	(4.3		)	(7.3		)	(12.8		)
Recognized net actuarial loss	0.7			—			0.7			—
Total net periodic pension benefit expense (income)	0.7			(0.1		)	0.6			(0.2		)
Less: Net periodic pension benefit expense of discontinued operations	0.7			0.5			2.0			2.0
Net periodic pension benefit income of continuing operations	$	—		$	(0.6	)	$	(1.4	)	$	(2.2	)

Postretirement Plans



	Three months ended						Nine months ended
	September 26, 2015			September 27, 2014			September 26, 2015			September 27, 2014
Service cost	$	—		$	0.1		$	—		$	0.4
Interest cost	1.1			1.3			3.3			3.9
Amortization of unrecognized prior service credits	(0.2		)	(0.1		)	(0.6		)	(0.2		)
Net periodic postretirement benefit expense	$	0.9		$	1.3		$	2.7		$	4.1

Employer Contributions

During the first nine months of 2015, we made contributions to our domestic and foreign pension plans of approximately $5.5, of which $5.0 related to discontinued operations.