Pension Plans

6 Months Ended

Jun. 27, 2020

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

Snap-on’s net periodic pension cost included the following components: 

	Three Months Ended				Six Months Ended
(Amounts in millions)	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Service cost	$	6.6	$	5.8	$	13.5	$	11.8
Interest cost	12.3		14.1		24.4		28.2
Expected return on plan assets	(23.7)		(23.1)		(47.4)		(45.5)
Amortization of unrecognized loss	8.8		6.3		17.2		12.5
Amortization of prior service credit	—		(0.2)		—		(0.4)
Net periodic pension cost	$	4.0	$	2.9	$	7.7	$	6.6

The components of net periodic pension cost, other than the service cost component, are included in “Other income (expense) - net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 17 for additional information on other income (expense) - net.

Snap-on intends to make contributions of $8.7 million to its foreign pension plans and $2.9 million to its domestic pension plans in 2020, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2020.