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Net Periodic Benefit Cost - Defined Benefit Plans (Tables)
 9 Months Ended
Oct. 01, 2016
Components of Net Periodic Benefit Cost
Following are the components of net periodic pension (benefit) expense for the three and nine months ended October 1, 2016 and October 3, 2015:
 
Third Quarter
 
Pension Benefits
 
Other Benefits
 
U.S. Plans
 
Non-U.S. Plans
 
All Plans
(Millions of Dollars)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Service cost
$
2.3

 
$
1.7

 
$
3.1

 
$
3.6

 
$
0.2

 
$
0.1

Interest cost
11.3

 
13.5

 
9.0

 
11.4

 
0.4

 
0.6

Expected return on plan assets
(17.0
)
 
(18.7
)
 
(10.8
)
 
(14.3
)
 
—

 
—

Amortization of prior service cost (credit)
1.3

 
0.3

 
0.1

 
0.4

 
(0.3
)
 
(0.4
)
Amortization of net loss
1.8

 
1.9

 
1.4

 
1.5

 
—

 
—

Settlement / curtailment loss
—

 
—

 
0.3

 
0.4

 
—

 
—

Net periodic pension (benefit) expense
$
(0.3
)
 
$
(1.3
)
 
$
3.1

 
$
3.0

 
$
0.3

 
$
0.3

 
Year-to-Date
 
Pension Benefits
 
Other Benefits
 
U.S. Plans
 
Non-U.S. Plans
 
All Plans
(Millions of Dollars)
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Service cost
$
7.0

 
$
5.2

 
$
9.5

 
$
10.8

 
$
0.5

 
$
0.4

Interest cost
34.0

 
40.4

 
28.4

 
35.2

 
1.2

 
1.7

Expected return on plan assets
(50.9
)
 
(56.1
)
 
(34.3
)
 
(42.5
)
 
—

 
—

Amortization of prior service cost (credit)
3.9

 
0.7

 
0.2

 
0.6

 
(0.9
)
 
(1.0
)
Amortization of net loss
5.3

 
5.8

 
4.5

 
5.7

 
—

 
—

Settlement / curtailment loss
—

 
—

 
0.4

 
0.7

 
—

 
—

Net periodic pension (benefit) expense
$
(0.7
)
 
$
(4.0
)
 
$
8.7

 
$
10.5

 
$
0.8

 
$
1.1


In the first quarter of 2016, the Company changed the method used to estimate the service and interest cost components of net periodic pension (benefit) expense. The new estimation method uses a full yield curve approach by applying specific spot rates along the yield curve used in the determination of the pension benefit obligation, to their underlying projected cash flows, and provides a more precise measurement of the service and interest cost components. Previously, the Company used a single weighted average discount rate derived from the corresponding yield curve used to measure the pension benefit obligation. The change is applied prospectively as a change in estimate that is inseparable from a change in accounting principle and reduced service and interest cost for the three and nine months ended October 1, 2016 by approximately $3.4 million and $10.5 million, respectively.