EMPLOYEE BENEFIT PLANS |
9 Months Ended |
|---|---|
Oct. 01, 2016 | |
| Compensation and Retirement Disclosure [Abstract] | |
| EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Pension and postretirement expense includes net periodic benefit expense associated with defined benefit pension and postretirement plans we sponsor and, in 2015, an allocation of a portion of the net periodic benefit expense associated with defined benefit pension and postretirement plans sponsored by the former Parent. Components of Net Periodic Pension and Postretirement Benefit Expense In connection with the Spin-Off, we assumed certain domestic nonqualified pension obligations from the former Parent and formed a new nonqualified plan, resulting in the remeasurement of such obligations as of September 26, 2015 and recognition of an actuarial loss of $7.4. This actuarial loss was recorded as a component of "Selling, general, and administrative" expense during the three and nine months ended September 26, 2015 in the accompanying condensed consolidated and combined statements of operations. In addition to the actuarial loss recognized, we recorded $0.0 and $0.2 of net periodic benefit expense related to the domestic postretirement plan we sponsor for the three and nine months ended September 26, 2015, respectively. On July 8, 2016, we made direct benefit payments of $53.9 related to our domestic nonqualified pension plan to certain former officers of the Company, which resulted in a partial settlement and remeasurement of the plan’s remaining obligations during the third quarter of 2016. The settlement and remeasurement of this plan resulted in the recognition of a $0.8 actuarial gain during the three and nine months ended October 1, 2016. In addition to the actuarial gain recognized, we recorded net periodic benefit expense for the domestic pension and postretirement plans we sponsor of $0.3 and $1.4 for the three and nine months ended October 1, 2016, respectively, which was comprised of service and interest costs. The net periodic pension benefit expense for the foreign pension plans we sponsor was $0.5 and $0.8 for the three months ended October 1, 2016 and September 26, 2015, respectively, and $1.5 and $2.2, respectively, for the nine months then ended, and was comprised primarily of service and interest costs. Net periodic benefit cost allocated to the Company related to the plans sponsored by the former Parent was $0.8 and $1.2 for the three and nine months ended September 26, 2015, respectively. Employer Contributions During the nine months ended October 1, 2016, contributions to the foreign and domestic pension plans we sponsor were less than $0.1. |