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Employee and Agent Benefits
 9 Months Ended
Sep. 30, 2025
Employee and Agent Benefits  
Employee and Agent Benefits

14. Employee and Agent Benefits

Components of Net Periodic Benefit Cost

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Other postretirement

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Pension benefits

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benefits

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​

For the three months ended

​

For the three months ended

​

​

September 30, 

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September 30, 

​

    

2025

    

2024

    

2025

    

2024

​

​

(in millions)

Service cost

​

$

14.8

​

$

14.8

​

$

—

​

$

—

Interest cost

​

​

43.4

​

 

40.3

​

 

0.8

​

 

0.8

Expected return on plan assets

​

​

(43.0)

​

 

(42.6)

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(1.2)

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(1.0)

Amortization of prior service benefit

​

​

(3.9)

​

 

(4.2)

​

 

(0.2)

​

 

(0.3)

Recognized net actuarial (gain) loss

​

​

8.7

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9.8

​

 

(0.4)

​

 

(0.3)

Net periodic benefit cost (income)

​

$

20.0

​

$

18.1

​

$

(1.0)

​

$

(0.8)

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other postretirement

​

​

Pension benefits

​

benefits

​

​

For the nine months ended

​

For the nine months ended

​

​

September 30, 

​

September 30, 

​

    

2025

    

2024

    

2025

    

2024

​

​

(in millions)

Service cost

​

$

44.5

​

$

44.4

​

$

—

​

$

—

Interest cost

​

 

130.2

​

 

121.1

​

 

2.3

​

 

2.3

Expected return on plan assets

​

 

(129.0)

​

 

(127.8)

​

 

(3.5)

​

 

(3.3)

Amortization of prior service benefit

​

 

(11.4)

​

 

(12.5)

​

 

(0.8)

​

 

(0.8)

Recognized net actuarial (gain) loss

​

 

26.1

​

 

29.2

​

 

(1.1)

​

 

(0.8)

Net periodic benefit cost (income)

​

$

60.4

​

$

54.4

​

$

(3.1)

​

$

(2.6)

​

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. We do not anticipate contributions will be needed to satisfy the minimum funding requirements of ERISA for our qualified plan in 2025; however, it is possible that we may fund both the qualified and nonqualified pension plans in 2025 for a combined total of up to $70.0 million. During the three and nine months ended September 30, 2025, we contributed $25.6 million and $58.6 million, respectively, to these plans.