Employee and Agent Benefits

6 Months Ended

Jun. 30, 2026

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,
	2026		2025		2026		2025
	(in millions)
Service cost	$	15.2	$	15.0	$	—	$	—
Interest cost		43.0		43.7		0.7		0.7
Expected return on plan assets		(45.9)		(43.1)		(1.3)		(1.2)
Amortization of prior service benefit		(3.8)		(3.7)		(0.2)		(0.3)
Recognized net actuarial (gain) loss		6.6		9.1		(0.5)		(0.3)
Net periodic benefit cost (income)	$	15.1	$	21.0	$	(1.3)	$	(1.1)

					Other postretirement
	Pension benefits				benefits
	For the six months ended				For the six months ended
	June 30,				June 30,
	2026		2025		2026		2025
	(in millions)
Service cost	$	31.5	$	29.7	$	—	$	—
Interest cost		86.3		86.8		1.4		1.5
Expected return on plan assets		(91.8)		(86.0)		(2.5)		(2.3)
Amortization of prior service benefit		(7.5)		(7.5)		(0.5)		(0.6)
Recognized net actuarial (gain) loss		13.3		17.4		(1.0)		(0.7)
Settlement		2.6		—		—		—
Net periodic benefit cost (income)	$	34.4	$	40.4	$	(2.6)	$	(2.1)

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 2026; however, it is possible that we may fund both the qualified and nonqualified pension plans in 2026 for a combined total of up to $70.0 million. During both the three and six months ended June 30, 2026, we contributed $33.0 million to these plans.