v3.22.2.2
Pension and Other Post-Retirement Benefits Defined Benefit Plan (Notes)
 9 Months Ended
Sep. 29, 2022
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block] Pension and Other Post-Retirement Benefits
 Defined Benefit Plans
 
For the Three
 Months Ended
For the Nine
Months Ended
Components of Net Periodic Pension Expense (Income)September 29,
2022		September 30,
2021		September 29,
2022		September 30,
2021
Service cost$0.5 $11.2 $1.7 $32.9 
Interest cost13.1 15.8 42.2 43.3 
Expected return on plan assets(28.9)(40.0)(99.2)(119.0)
Amortization of prior service cost(1)
71.7 — 73.8 — 
Curtailment loss (gain)(2)
— (61.0)— (61.0)
Settlement loss(3)
0.9 — (0.5)(0.1)
Net periodic pension expense (income)$57.3 $(74.0)$18.0 $(103.9)

 Other Benefits
 For the Three
Months Ended		For the Nine
Months Ended
Components of Other Benefit Expense (Income)September 29,
2022		September 30,
2021		September 29,
2022		September 30,
2021
Service cost$0.2 $0.3 $0.6 $0.7 
Interest cost0.1 0.1 0.4 0.3 
Amortization of prior service cost(0.2)(0.2)(0.6)(0.6)
Amortization of net gain (0.3)(0.2)(1.0)(1.0)
Net periodic other benefit expense (income)$(0.2)$— $(0.6)$(0.6)

(1)    In July 2022 the Company adopted and communicated to participants a plan to terminate the Company's Pension Value Plan A ("PVP A"). As further described in the Company's 2021 Form 10-K, the PVP A consists of pension plans which were frozen as of the date Holdings became a standalone company and commenced operations. During the three months ended September 29, 2022, the PVP A plan was amended, providing for an enhancement to benefits the Company is providing to certain U.S. employees in conjunction with the plan termination. The estimated liability impact of this plan amendment, $71.7, was recognized immediately as a non-cash, pre-tax non-operating charge for amortization of prior service costs.
(2)    As of July 15, 2021, the Company concluded its consultation and communication with employee and trade union representatives on the closure of the largest of the defined benefit plans acquired as part of the Bombardier Acquisition ("the Shorts Pension"). For the three and nine months ended September 30, 2021, the impact of the closure of the Shorts Pension resulted in a curtailment gain of $61.0.
(3)    Includes a $0.9 settlement charge for PVP A during the three months ended September 29, 2022, and a ($1.4) settlement credit for PVP B related to final asset distribution in the nine months ended September 29, 2022.

The components of net periodic pension expense (income) and other benefit expense, other than the service cost component, are included in other income (expense) in the Company's Condensed Consolidated Statements of Operations. See Note 21 Other Income (Expense), Net.

As disclosed in the Company's 2021 Form 10-K, effective October 1, 2021, the Company spun off a portion of the existing Pension Value Plan ("PVP A"), to a new plan called 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 September 29, 2022, a pension reversion asset of $70.7 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 seven 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 13 Fair Value Measurements.

Separately, during the nine months ended September 29, 2022, the Company withdrew $34.0 of cash from PVP B, which represented an excess plan assets reversion. This transaction was accounted for as a negative contribution, and is included on the Pension plans employer contributions line item on the Condensed Consolidated Statements of Cash Flows for the nine months ended September 29, 2022. Excise tax of $6.8 related to the reversion of excess plan assets was separately recorded to the Other income (expense), net line item on the Company's Condensed Consolidated Statements of Operations for the nine months ended September 29, 2022. See also Note 21 Other Income (Expense), Net.

In connection with the special accounting related to the termination of the PVP A plan, mentioned above, a subsequent interim measurement of the Company's U.S. pension and other postretirement plan assets and obligations was completed during the three months ended September 29, 2022. The interim measurement, including the estimated impact of the plan termination liability and enhanced benefits liability noted above, prior to the current period settlement loss and amortization of prior service cost impacts included in Net Periodic Pension Expense above, was recorded to the Accumulated other comprehensive loss line item in the Stockholders' Equity section of the Company's Condensed Consolidated Balance Sheet for the period ended September 29, 2022. See also Note 19 Equity.

Employer Contributions
 
Other than the reversion of excess plan assets noted above, which was accounted for as a negative contribution, the Company's expected contributions for the current year have not significantly changed from those described in the Company's 2021 Form 10-K.