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Employee and Agent Benefits
 6 Months Ended
Jun. 30, 2017
Employee and Agent Benefits  
Employee and Agent Benefits

 

7. Employee and Agent Benefits

 

Components of Net Periodic Benefit Cost

 

 

 

 

 

 

 

Other postretirement

 

 

 

Pension benefits

 

benefits

 

 

 

For the three months ended

 

For the three months ended

 

 

 

June 30,

 

June 30,

 

 

 

2017

 

2016

 

2017

 

2016

 

 

 

(in millions)

 

Service cost

 

$
16.8

 

$
16.3

 

$
0.1

 

$
0.6

 

Interest cost

 
31.1

 
33.7

 
1.0

 
1.6

 

Expected return on plan assets

 
(36.1)

 
(38.8)

 
(6.8)

 
(8.2)

 

Amortization of prior service benefit

 
(0.5)

 
(0.5)

 
(8.7)

 
(5.0)

 

Recognized net actuarial loss

 
17.0

 
19.2

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost (income)

 

$
28.3

 

$
29.9

 

$
(14.4)

 

$
(11.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other postretirement

 

 

 

Pension benefits

 

benefits

 

 

 

 

 

 

 

 

 

For the six months ended

 

For the six months ended

 

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

 

 

2017

 

2016

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Service cost

 

$
33.6

 

$
32.5

 

$
0.1

 

$
1.2

 

Interest cost

 
62.2

 
67.4

 
2.0

 
3.3

 

Expected return on plan assets

 
(72.1)

 
(77.5)

 
(13.7)

 
(16.3)

 

Amortization of prior service benefit

 
(1.1)

 
(1.1)

 
(17.3)

 
(10.1)

 

Recognized net actuarial loss

 
34.0

 
38.5

 

—

 
0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost (income)

 

$
56.6

 

$
59.8

 

$
(28.9)

 

$
(21.8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions

 

Our funding policy for our qualified pension plan is to fund the plan annually in an amount at least equal to the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”) and, generally, not greater than the maximum amount that can be deducted for federal income tax purposes. The minimum annual contribution for 2017 will be zero so we will not be required to fund our qualified pension plan during 2017. However, it is possible that we may fund the qualified and nonqualified pension plans in 2017 for a combined total of up to $125.0 million. During the three and six months ended June 30, 2017, we contributed $35.1 million and $70.3 million to these plans, respectively.