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Pension and Other Post-Retirement Benefits Defined Benefit Plan (Notes)
 3 Months Ended
Mar. 28, 2024
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block] Pension and Other Post-Retirement Benefits
 Defined Benefit Plans
 For the Three
Months Ended
Components of Net Periodic Pension Expense (Income)March 28,
2024		March 30,
2023
Service cost$0.6 $0.8 
Interest cost17.7 20.1 
Expected return on plan assets(21.6)(21.8)
Amortization of net loss— 0.1 
Settlement loss (gain)(1)
— 64.6 
Net periodic pension expense (income)$(3.3)$63.8 

 Other Benefits
 For the Three
Months Ended
Components of Other Benefit Expense (Income)March 28,
2024		March 30,
2023
Service cost$0.2 $0.2 
Interest cost0.4 0.4 
Amortization of prior service cost0.3 (0.2)
Amortization of net gain (0.4)(0.5)
Net periodic other benefit income$0.5 $(0.1)
(1) Includes a $64.6 settlement charge for PVP A during the three months ended March 30, 2023.

The components of net periodic pension expense (income) and other benefit income, other than the service cost component, are included in Other income (expense), net in the Company’s Condensed Consolidated Statements of Operations. See Note 20 Other Income (Expense), Net.

Effective October 1, 2021, the Company spun off a portion of the existing PVP A, to a new plan called PVP B (“PVP B”). As part of the PVP B plan termination process, a lump sum offering was provided during 2021 for PVP B participants and the final asset distribution was completed in the first quarter of 2022. At March 28, 2024, a pension reversion asset of $50.0 is recorded on the Restricted plan assets line item on the Company’s Condensed Consolidated Balance Sheets. Restricted plan assets are expected to be reduced over the next five years as they are distributed to employees under a qualified compensation and benefit program. Restricted plan assets are valued at fair value with gain or loss on fair value adjustments recognized within other income. The underlying investments’ fair value measurement levels under the FASB’s authoritative guidance on fair value measurements are Level 2, see Note 12 Fair Value Measurements.

Separately, during the three months ended March 30, 2023, the Company received an excess plan asset reversion of $179.5 of cash from PVP A. This transaction was accounted for as a negative contribution, and is included on the Pension plans employer contributions line item on the Company’s Condensed Consolidated Statement of Cash Flows for the three months ended March 30, 2023. Excise tax of $35.9 related to the reversion of excess plan assets was separately recorded to the Other (expense) income, net line item on the Company’s Condensed Consolidated Statements of Operations for the three months ended March 30, 2023. See also Note 20 Other Income (Expense), Net.

In July 2022, the Company adopted and communicated to participants a plan to terminate the PVP A. During the three months ended March 30, 2023, the Company recognized non-cash, pre-tax non-operating accounting charges of $64.6 related to
the plan termination, primarily reflecting the accounting for a group annuity purchase made in the first quarter of 2023, which resulted in a settlement charge related to the accelerated recognition of the actuarial losses for the PVP A plan that were previously included in the Accumulated other comprehensive loss line item in the Stockholders’ Equity section of the Company’s Condensed Consolidated Balance Sheets.

Employer Contributions
 
The Company’s expected contributions for the current year have not significantly changed from those described in the Company’s 2023 Form 10-K.