Pension Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Pension Plans

Pension Plans

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

	Three Months Ended				Nine Months Ended
(Amounts in millions)	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Service cost	$	4.7	$	6.7	$	14.1	$	20.1
Interest cost	16.3		11.2		49.0		33.5
Expected return on plan assets	(26.1)		(25.0)		(78.4)		(74.9)
Amortization of unrecognized loss	0.4		4.6		1.1		13.8
Net periodic pension benefit	$	(4.7)	$	(2.5)	$	(14.2)	$	(7.5)

The components of net periodic pension benefit, other than the service cost component, are included in “Other income (expense) – net” on the accompanying Condensed Consolidated Statements of Earnings. See Note 15 for additional information on other income (expense) – net.

Snap-on intends to make contributions of $6.9 million to its foreign pension plans and $2.4 million to its domestic pension plans in 2023, as required by law. Depending on market and other conditions, Snap-on may make discretionary cash contributions to its pension plans in 2023.