Quarterly report pursuant to Section 13 or 15(d)

Postretirement Benefits

v3.20.2
Postretirement Benefits
 9 Months Ended
Sep. 26, 2020
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block] Postretirement Benefits
The Company has defined contribution plans, nonqualified defined benefit pension plans, and other postretirement benefit plans covering substantially all of its employees. The Company's contributions to its defined contribution plans include matching and annual discretionary contributions which are based on various percentages of compensation, and in some instances are based on the amount of the employees' contributions to the plans. Refer to Note 17 in the Notes to Consolidated Financial Statements in the 2019 Form 10-K for further details regarding these plans.

Pension Settlement. During 2019, total settlement payments of $672.9 million were made from the Brunswick Pension Plan for Salaried Employees (Salaried Plan) and the Brunswick Pension Plan for Hourly Bargaining Unit Employees (Bargaining Plan), consisting of lump-sum pension distributions of $77.1 million and the purchase of group annuity contracts totaling $595.8 million to cover future benefit payments. The annuity contracts unconditionally and irrevocably guarantee the full payment of all future annuity payments to the affected participants. The insurance company assumed all risk associated with the assets and obligations that were transferred. The Company recognized a pretax settlement loss of $294.1 million in the third quarter of 2019, related to these actions. During 2020, the Company recorded a $0.2 million charge and $1.1 million benefit in the three months and nine months ended September 26, 2020, respectively, associated with a final settlement true-up.
Pension and other postretirement benefit costs included the following components for the three months and nine months ended September 26, 2020 and September 28, 2019:
Pension Benefits Other Postretirement Benefits
Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended
(in millions) Sep 26,
2020		 Sep 28,
2019		 Sep 26,
2020		 Sep 28,
2019		 Sep 26,
2020		 Sep 28,
2019		 Sep 26,
2020		 Sep 28,
2019
Interest cost $ 0.2  $ 0.7  $ 0.5  $ 5.9  $ 0.2  $ 0.3  $ 0.6  $ 0.9 
Expected return on plan assets —  (0.6) —  (7.4) —  —  —  — 
Amortization of prior service credits —  —  —  —  (0.2) (0.1) (0.5) (0.5)
Amortization of net actuarial losses 0.1  0.6  0.4  5.7  —  —  —  — 
Settlement charge (benefit) 0.2  294.1  (1.1) 294.1  —  —  —  — 
Net pension and other benefit costs $ 0.5  $ 294.8  $ (0.2) $ 298.3  $ 0.0  $ 0.2  $ 0.1  $ 0.4