Employee and Agent Benefits

9 Months Ended

Sep. 30, 2023

Employee and Agent Benefits

Employee and Agent Benefits

13. 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
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions)
Service cost	$	13.9	$	19.7	$	—	$	—
Interest cost		40.0		28.2		0.8		0.6
Expected return on plan assets		(40.7)		(44.8)		(1.2)		(1.3)
Amortization of prior service benefit		(4.2)		(4.2)		(0.3)		(0.3)
Recognized net actuarial (gain) loss		10.2		13.9		(0.1)		(0.2)
Net periodic benefit cost (income)	$	19.2	$	12.8	$	(0.8)	$	(1.2)

					Other postretirement
	Pension benefits				benefits
	For the nine months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in millions)
Service cost	$	41.7	$	58.8	$	—	$	—
Interest cost		120.0		84.6		2.5		1.7
Expected return on plan assets		(122.3)		(134.2)		(3.5)		(3.7)
Amortization of prior service benefit		(12.6)		(12.6)		(0.8)		(0.8)
Recognized net actuarial (gain) loss		30.7		41.8		(0.5)		(0.8)
Net periodic benefit cost (income)	$	57.5	$	38.4	$	(2.3)	$	(3.6)

The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations.

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 U.S. federal income tax purposes. It is too early to determine, but we do not anticipate that we will be required to fund a minimum required contribution under ERISA. Regardless, it is possible that we may fund the qualified and nonqualified pension plans in 2023 for a combined total of up to $70.0 million. During the three and nine months ended September 30, 2023, we contributed $12.0 million and $54.0 million to these plans, respectively.