Benefit Plans

9 Months Ended

Oct. 01, 2023

Benefit Plans [Abstract]

Benefit Plans

Note 11.  Benefit Plans

The Company and its subsidiaries have pension plans covering eligible employees on a contributory or non-contributory basis. The Company also provides postretirement health care and life insurance benefits for eligible 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 20% of our total benefit obligation.

Components of Net Periodic Benefit Cost

	Pension Benefits
	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022
Service cost	$	1.2		$	1.6		$	3.5		$	5.2
Interest cost		4.0			3.1			11.9			7.8
Expected return on plan assets		(4.7	)		(5.1	)		(13.8	)		(16.5	)
Amortization:
Prior service cost		—			—			0.1			0.1
Recognized net actuarial loss		0.7			1.0			1.9			4.1
Settlement loss		—			0.2			—			1.7
Net periodic benefit cost	$	1.2		$	0.8		$	3.6		$	2.4

	Post-Retirement Benefits
	Three Months Ended						Nine Months Ended
(in millions of dollars)	Oct. 1, 2023			Oct. 2, 2022			Oct. 1, 2023			Oct. 2, 2022
Service cost	$	—		$	—		$	—		$	—
Interest cost		0.1			—			0.1			—
Amortization:
Recognized net actuarial (gain) loss		(0.1	)		(0.1	)		(0.3	)		(0.3	)
Net periodic benefit cost	$	—		$	(0.1	)	$	(0.2	)	$	(0.3	)

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 $10.0 million to its pension plans and $0.5 million to its other postretirement benefit plans in 2023. As of October 1, 2023, $6.3 million has been contributed to the pension plans and no contributions have been made to the other postretirement benefit plans.