Pension Plans

9 Months Ended

Sep. 26, 2020

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

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

	Three Months Ended				Nine Months Ended
(Amounts in millions)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Service cost	$	6.7	$	5.9	$	20.2	$	17.7
Interest cost	12.2		14.1		36.6		42.3
Expected return on plan assets	(23.7)		(22.8)		(71.1)		(68.3)
Amortization of unrecognized loss	8.7		6.3		25.9		18.8
Amortization of prior service credit	—		(0.2)		—		(0.6)
Net periodic pension cost	$	3.9	$	3.3	$	11.6	$	9.9

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.