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v3.23.2

Employee and Agent Benefits | 6 Months Ended
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Jun. 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
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Service cost | ​ | $ | 13.8 | ​ | $ | 18.9 | ​ | $ | — | ​ | $ | —
Interest cost | ​ | ​ | 40.3 | ​ |  | 28.3 | ​ |  | 0.9 | ​ |  | 0.5
Expected return on plan assets | ​ | ​ | (40.9) | ​ |  | (44.7) | ​ |  | (1.2) | ​ |  | (1.2)
Amortization of prior service benefit | ​ | ​ | (4.2) | ​ |  | (4.2) | ​ |  | (0.2) | ​ |  | (0.2)
Recognized net actuarial (gain) loss | ​ | ​ | 10.7 | ​ |  | 14.1 | ​ |  | (0.2) | ​ |  | (0.3)
Net periodic benefit cost (income) | ​ | $ | 19.7 | ​ | $ | 12.4 | ​ | $ | (0.7) | ​ | $ | (1.2)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other postretirement
​ | ​ | Pension benefits | ​ | benefits
​ | ​ | For the six months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
​ | ​ | (in millions)
Service cost | ​ | $ | 27.8 | ​ | $ | 39.1 | ​ | $ | — | ​ | $ | —
Interest cost | ​ |  | 80.0 | ​ |  | 56.4 | ​ |  | 1.7 | ​ |  | 1.1
Expected return on plan assets | ​ |  | (81.6) | ​ |  | (89.4) | ​ |  | (2.3) | ​ |  | (2.4)
Amortization of prior service benefit | ​ |  | (8.4) | ​ |  | (8.4) | ​ |  | (0.5) | ​ |  | (0.5)
Recognized net actuarial (gain) loss | ​ |  | 20.5 | ​ |  | 27.9 | ​ |  | (0.4) | ​ |  | (0.6)
Net periodic benefit cost (income) | ​ | $ | 38.3 | ​ | $ | 25.6 | ​ | $ | (1.5) | ​ | $ | (2.4)
​ 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 six months ended June 30, 2023, we contributed $12.0 million and $42.0 million to these plans, respectively.

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