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Pension Plans

9 Months Ended

Sep. 29, 2012

Note 9: Pension Plans

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


		Three Months Ended								Nine Months Ended
(Amounts in millions)		September 29, 2012				October 1, 2011				September 29, 2012				October 1, 2011
Service cost		$	5.3			$	4.7			$	15.8			$	14.2
Interest cost			12.9				13.4				38.7				40.1
Expected return on plan assets			(16.6	)			(14.5	)			(49.6	)			(43.5	)
Amortization of unrecognized loss			10.4				7.7				31.2				23.2
Amortization of prior service cost			0.3				0.3				0.9				0.9
Settlement loss recognized			—				—				6.8				—

Net pension expense		$	12.3			$	11.6			$	43.8			$	34.9

Snap-on made discretionary cash contributions to its domestic pension plans of $16.0 million in the third quarter of 2012 and $20.0 million in the second quarter of 2012. Snap-on also made a $25.0 million cash contribution to its domestic pension plans in the first quarter of 2012 that included (i) an $18.3 million 2012 contribution required by law and (ii) a $6.7 million discretionary cash contribution. Snap-on intends to make contributions of $12.6 million to its foreign pension plans in 2012, as required by law. Depending on market and other conditions, Snap-on may elect to make additional discretionary cash contributions to its domestic pension plans in 2012.

The entire disclosure for pension and other postretirement benefits.

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